Gold miner Resolute Mining has lowered its production expectations for 2024, citing an expected more conservative contribution from the Syama operation, in Mali.
The company’s guidance for the year is now 345 000 oz to 365 000 oz of gold at an all-in sustaining cost of $1 300/oz to $1 400/oz, down from the previously guided range of 355 000 oz to 375 000 oz.
Resolute explains that it will also pause the oxide and sulphide plants for engineering tie-ins with the Phase 1 expansion, also referred to as the Syama Sulphide Conversion Project, which remains on track for commissioning in the first half of 2025.
The company is forecasting production of between 205 000 oz and 215 000 oz from Syama in 2024, which will be consistent with the production achieved in 2023. This includes an 11-day shutdown in the first quarter for scheduled roaster and mill maintenance, as well as shutdowns required for the construction of the Phase 1 expansion project, which will be at full capacity in the second half of next year.
At the Mako mine, which in 2023 exceeded its 117 000 oz guidance, gold production will be between 140 000 oz and 150 000 oz.
Resolute’s overall production for 2023 decreased to 330 994 oz, from 353 069 oz in the previous year at an AISC of $1 470/oz.
Reflecting on the year, CEO and MD Terry Holohan says the company has achieved several milestones in its business turnaround.
“During the year we became cash positive, declared a maiden ore reserve at Syama North and approved the first phase of expansion at Syama funded out of free cash flow. In addition, we discovered potentially economic gold mineralisation in both Senegal and Guinea,” he comments.