PERTH (miningweekly.com) – Gold miner Resolute Mining has reported a slight increase in gold production for the first half of 2022, with revenues rising.

Gold production reached 170 903 oz in the interim period, compared with the 163 118 oz produced in the previous corresponding period, with Resolute announcing revenues of A$317.7-million for the same period, up from the A$261.3-million in the first half of 2021.

Ounces of gold sold in the first half reached 173 717 oz, up from the 151 503 oz previously reported.

Resolute reported an all-in sustaining cost (AISC) of A$1 463/oz for the interim period under review, which was up 15% on the previous corresponding period, owing to higher fuel and consumables costs, increased waste material moved, higher sustaining capital spend on tailings facilities, and adverse non-cash adjustments.

Underlying net profits reached A$3.6-million in the first half, while the statutory net loss was reported at A$24.1-million, having been narrowed from A$219.8-million in the previous corresponding period.

“I am pleased with the ongoing continuous improvement of the Syama sulphide operation, which achieved 4% more gold produced on the comparable period including the planned major maintenance shutdown in the first half of 2022,” said CEO Terry Holohan.

“Resolute remains focused on further improvements to the group’s production profile over the balance of 2022. Together with ongoing cost control efforts, this should offset some of the inflationary pressures being felt.”

Holohan said that Resolute’s exploration programme had been active with some very promising drill results at Syama that had the potential to add significant sulphide resources below the historic oxide openpits at Syama North.

An updated mineral resource is expected to be announced in the September quarter, while drilling will continue throughout 2022.

“We have also recently commenced a prefeasibility study into low capital expansion options for the sulphide operations with the results expected in early 2023,” he added.

Looking ahead at the full year, Resolute has maintained its production guidance of 345 000 oz, and an AISC of A$1 425/oz, however, this could be affected if input costs continue to rise.