Resolute's profit rises on higher output and gold price
PERTH (miningweekly.com) – Gold miner Resolute Mining has reported an increase in gross profit from operations for the first half of 2016, from the A$28.9-million reported in the previous corresponding period to A$67.1-million in the six months ended December.
Its net profit increased to A$106.9-million, from a loss of A$323.8-million in the first half of 2015.
Revenue for gold sales during the period was up 19% on the first half of 2015, from A$209-million to A$249-million, on the back of higher gold production and sales, combined with a higher gold selling price.
Gold production during the interim period under review reached 153 191 oz, an increase of 11% over the previous corresponding period, while gold sales reached 158 540 oz, at an average gold price of A$1 561/oz.
“Positive operation performance from Syama and Ravenswood has allowed Resolute to increase liquidity and aggressively pay down debt while we prepare for investments in our exciting growth developments,” said Resolute MD and CEO John Welborn.
“The focus for the period has been strengthening the balance sheet, commencing our continuous improvement programme, and advancing feasibility studies for the future of our Syama, Ravenswood and Bibiani operations.”
Welborn noted on Monday that Resolute’s transformation would continue in the second half of the financial year, with the delivery of the Syama underground definitive feasibility study, in Mali, and the completion of an updated feasibility study for the Ravenswood extension project, in Australia, and the Bibiani gold mine, in Ghana.
Resolute, meanwhile, maintained its full 2016 production guidance at 315 000 oz of gold, at an all-in sustaining cost of A$1 280/oz.
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