Resolute profits soar as production increases
PERTH (miningweekly.com) - Gold miner Resolute Mining has reported an 86% increase in net profits after tax for the interim six-month period ending December, as revenue for the period also increased by 14%.
Net profit after tax for the period was reported at A$96.1-million, while revenue was recorded at A$334-million.
The increase in revenue was as a result of a 20% increase in gold production during the first half of the financial year, Resolute said on Friday, with the miner producing some 222 943 oz during the half year.
The Syama gold mine, in Mali, produced 91 460 oz during the period under review, a 50% increase in gold production compared with the previous corresponding period, while the Ravenswood mine, in Queensland, also increased production to 66 151 oz.
The Tanzanian Golden Pride operation produced 62 412 oz during the interim period, compared with the 57 821 oz produced in the first half of 2012.
Resolute said on Friday that it expected to produce some 415 000 oz during the full 2013, with further progress expected at its flagship Syama operation, as plant throughput and head grades improved during the second half of the year.
Production rates at Ravenswood would be maintained in the second half, with gold production expected to be slightly lower, owing to lower gold grades.
At the Golden Pride operation, Resolute was expected to produce gold until the end of June by processing the remaining low-grade ore stockpiles, as the project approached its end of mine life.
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