Resolute ponders acqusition vs expansion opportunities
PERTH (miningweekly.com) – Gold miner Resolute Mining on Wednesday reported that it was reviewing its expansion plans in light of the current market conditions, to determine if the funds would not be better spent on emerging opportunities.
In its production report for the three months to March, Resolute noted that while the company was committed to the expansion of its high-value Syama mine, in Mali, current market conditions warranted a review of the capital expenditure programme.
“The company’s strong financial position with limited gearing affords it the opportunity to aggressively evaluate emerging opportunities following the fall in value of gold development assets globally,” Resolute said.
Meanwhile, the miner noted that work on the Syama expansion project was continuing on schedule to establish a one-million-ton-a-year oxide processing circuit and to increase production to 270 000 oz/y, over the first nine years of operations.
The expansion project would cost some A$271-million, with Resolute in January revealing that the price for the sulphide expansion had increased from A$55-million to A$85-million to meet the high crushing-work index.
Resolute reported on Wednesday that gold production for the quarter had increased to 110 227 oz, compared with the 107 399 oz produced in the previous quarter, with the Syama mine accounting for some 53 340 oz of production.
The Ravenswood project, in Australia, delivered a further 38 280 oz during the quarter under review, with the Golden Pride operation, in Tanzania, producing 18 607 oz.
For the full year, Resolute said that it expected to produce some 415 000 oz of gold, at an average cash cost of A$830/oz.
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