Resolute's costs fall in March quarter

30th April 2019 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Gold miner Resolute Mining has reported a near quarter drop in all-in sustaining costs (AISC) for the period ending March, on the back of a record quarter at its Syama operation, in Mali.

The ASX-listed miner previously reported 98 105 oz of production for the three months to March, with the Syama project delivering a record quarterly output of 84 552 oz, with the Ravenswood operation, in Australia, delivering the balance.

Gold production at Syama was driven by high gold grades and above-budget recoveries from the new Tabakoroni mine, while the decision to accelerate mining at the Syama satellite operations also resulted in above-budget mining rates to the oxide mill, which allowed for the creation of a significant oxide ore stockpile.

The Syama oxide operation produced a record 71 186 oz of gold in the March quarter.

The miner on Tuesday noted that AISC for the period under review had fallen by 24% on the previous quarter, to A$1 039/oz.

“The quarterly production and costs from Syama is very pleasing and represents a site production record of 84 552 oz. The performance of Tabakoroni was exceptional with high-grade ore and strong recoveries enabling us to also achieve record quarterly production of 71 186 oz from the Syama oxide circuit,” said Resolute MD and CEO John Welborn.

He noted that the strong performance supported the company’s decision to prioritise infrastructure, development and the automation implementation programme at the Syama underground mine.

“Syama is becoming a robust, high production, low cost gold complex we have envisaged. Syama will be a powerhouse of gold production for Resolute for many years to come, and the commissioning work undertaken at the Syama underground mine during the quarter provides an important foundation for future success.”

For the full year, Resolute is on track to produce some 300 000 oz of gold at an AISC of A$1 280/oz.