Proactiveinvestors Australia Resolute Mining Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Resolute Mining Ltd RSS feed en Sun, 24 Feb 2019 12:10:54 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Resolute Mining maintains gold reserves and resources across broad portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/214502/resolute-mining-maintains-gold-reserves-and-resources-across-broad-portfolio-214502.html Resolute Mining Limited (ASX:RSG) has maintained its ore reserve at 5.8 million ounces of gold and resources at 16.6 million ounces after accounting for mining depletion and additions due to exploration.

The balances from the West African and Australian operations are consistent with the previously published position on June 30, 2018.

Investment in exploration creating value

Resolute managing director John Wellborn said: “Resolute's ore reserves and mineral resources at Syama, Bibiani and Ravenswood underpin our focus on long-life mines and support our ambition to produce more than 500,000 ounces of gold annually.

“Our investment in exploration continues to create value by increasing the range and quality of our mineral resources.”

 

Class-leading gold inventory

Global ore reserves of 5.8 million ounces are attributed to a 21% increase at Ravenswood in Queensland with open pit reserves at Buck Reef West up to 636,000 ounces as well as a small increase at Bibiana in Ghana.

The Ravenswood result follows an extensive infill drilling program, and an updated resource estimation which resulted in an increase in overall resources and upgrading of inferred resources to the indicated category. 

Wellborn said: “Resolute controls six million ounces of gold in ore reserves that are located immediately beneath existing mills and processing plants that we own and operate with strong recoveries."

 

 

The global mineral resources of 16.6 million ounces corresponded to incremental resource increases at Buck Reef West and Syama, managed mineral resources at Syama, Ravenswood and Bibiani of 15.2 million ounces of gold, and attributable mineral resources from equity investments of 1.4 million ounces.

 

Growth in production

Welborn said: “The company is commissioning the worlds first, purpose-built fully automated sublevel cave gold mine at Syama, which will be powered by the world’s largest site-based hybrid power plant.

“The ongoing expansion of our gold reserves and resources, coupled with successful implementation of industry-leading technologies will provide opportunities for growth in production and greater gold value per Resolute share.

“Our currently budgeted investment in exploration in Mali at Tabakoroni and Nafolo is expected to result in further growth in Resolute’s gold reserves and resources.”

READ: Resolute Mining locks in more forward gold sales at high gold prices

The company also forward sold an additional 30,000 ounces of gold at an average price of A$1,887 per ounce in order to secure price certainty for a portion of the revenues from Resolute’s Ravenwood mine.

This adds to the existing 142,000 forward sold ounces through to December 31, 2019, taking the total to 172,000 ounces in month delivers to June 2020.

The move represents 30% of expected gold production over this period and only 3% of the company’s gold reserves.

READ: Resolute increases quarterly gold production by 33%

Resolute produced 73,691 ounces of gold in the December quarter, up 33% on the prior September quarter with the Syama Underground Mine ramp-up on track with production up more than 50% to 56,207 ounces.

The company produced a consistent 17,484 ounces of gold.  

 

 

- Jessica Cummins

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Tue, 12 Feb 2019 20:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214502/resolute-mining-maintains-gold-reserves-and-resources-across-broad-portfolio-214502.html
<![CDATA[News - Resolute Mining notes no material impact from recent extreme weather ]]> https://www.proactiveinvestors.com.au/companies/news/214314/resolute-mining-notes-no-material-impact-from-recent-extreme-weather-214314.html Resolute Mining Ltd (ASX:RSG) has revealed that the recent extreme weather events in north Queensland will have no material impact on current production and cost guidance for the Ravenswood Gold Mine.

Operations are running as normal and the unprecedented extreme rainfall has not caused any damage to site infrastructure.

Ravenswood operated on a partial shutdown basis during the monsoon but access to site has now been re-established and all critical supply lines are intact with operations back to normal.

The estimated impact of the partial shutdown is the delay of several days of gold production which the site team will now attempt to make up during the remainder of the quarter.

READ: Resolute Mining locks in more forward gold sales at high gold prices

Resolute’s managing director and CEO John Welborn said: “The safety and wellbeing of employees, contractors, and their families is Resolute’s first operational priority.

“I greatly appreciate the considerable efforts of staff during this period and particularly the on-site team who worked extra hours and did a remarkable job in managing this ‘once-in-a-century’ monsoon rain event.

“While the Ravenswood Gold Mine has survived unscathed, Resolute recognises the widespread devastation caused by flooding in the region.

“The company has made a donation to the Australian Red Cross Disaster Relief and Recovery Fund to provide support and assistance in the recovery work required in the Ravenswood region.”

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Mon, 11 Feb 2019 12:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214314/resolute-mining-notes-no-material-impact-from-recent-extreme-weather-214314.html
<![CDATA[News - Resolute Mining locks in more forward gold sales at high gold prices ]]> https://www.proactiveinvestors.com.au/companies/news/214305/resolute-mining-locks-in-more-forward-gold-sales-at-high-gold-prices-214305.html Resolute Mining Ltd (ASX:RSG) has forward sold an additional 30,000 ounces of gold at an average price of A$1,887 per ounce.

The forward sales will be in scheduled monthly deliveries of 5,000 ounces between January 2020 and June 2020.

The objective is to secure price certainty for a portion of the revenues from Resolute’s Ravenswood Gold Mine in Queensland, Australia.

This adds to the existing 142,000 forward sold ounces through to 31 December 2019 taking the total to 172,000 ounces in monthly delivers out to June 2020.

This represents 30% of expected gold production over this period and only 3% of the company’s gold Ore Reserves.

READ: Resolute Mining locks in high gold price and increases stake in Manas Resources

Resolute’s managing director and CEO John Welborn said: “The Ravenswood Expansion Project will generate significant and ongoing value for Resolute with a long mine life, low risk, and low costs.

“The current Australian dollar gold price environment further supports the company’s development plans and investments.

“We continue to actively manage our gold sales and establish modest near term hedging to secure revenues and protect the company’s balance sheet.

“Establishing hedging at levels significantly above our budgeted gold price protects and supports Resolute’s revenue and cash flow.

“Resolute remains strongly leveraged to further upside in gold prices as we deliver on our strong organic growth agenda at Syama, Ravenswood, and Bibiani.”

READ: Resolute Mining increases quarterly gold production by 33%

Resolute produced 73,691 ounces of gold in the December quarter, up 33% on the prior September quarter.

The Syama Underground Mine ramp-up continues on plan with production up more than 50% to 56,207 ounces.

Ravenswood produced a consistent 17,484 ounces of gold.

The company is in a strong financial position with cash, bullion and listed investments as at 31 December 2018 of A$111 million.

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Mon, 11 Feb 2019 09:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214305/resolute-mining-locks-in-more-forward-gold-sales-at-high-gold-prices-214305.html
<![CDATA[News - Resolute Mining locks in high gold price and increases stake in Manas Resources ]]> https://www.proactiveinvestors.com.au/companies/news/213658/resolute-mining-locks-in-high-gold-price-and-increases-stake-in-manas-resources-213658.html Resolute Mining Ltd (ASX:RSG) has forward sold an additional 30,000 ounces of gold at an average price of US$1,335 per ounce.

The hedge is in the form of scheduled monthly deliveries of 5,000 ounces between July 2019 and December 2019.

Resolute’s total gold hedge book as at 31 January 2019, including today’s new US dollar gold hedges, consists of 146,000 ounces in monthly deliveries out to December 2019.

This represents less than half of Resolute’s expected gold production over this period.

READ: Resolute Mining increases quarterly gold production by 33%

Resolute’s managing director and CEO John Welborn said: “We continue to actively manage our gold sales and undertake near term hedging to take advantage of gold price volatility, maximise revenues, and protect the company’s balance sheet.

“Incremental expansion of our current year US dollar hedging position at levels significantly above our budgeted gold price protects and supports Resolute’s revenue and cash flow in 2019.

“With long mine lives, large gold inventories, and an industry-leading production growth profile, Resolute remains strongly leveraged to further upside in gold prices.

“The company’s current hedge book represents approximately 2% of our current Ore Reserves.”

Stake increased to 25.82% in Manas Resources

Resolute has also revealed that it has increased its substantial shareholding in Manas Resources Ltd (ASX:MSR) by 79.2 million shares to 25.82%.

Manas has an earn-in agreement with Perseus Mining Ltd (ASX:PRU) to acquire up to 70% of the Mbengué Gold Project in Côte d’Ivoire.

A maiden drill program of 13 diamond holes for 1,312 metres was completed during the December quarter.

Highlights included 7 metres at 7.54 g/t gold, 9 metres at 5.05 g/t gold, 21 metres at 2.11g/t gold and 9 metres at 2.6 g/t gold.

 

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Thu, 31 Jan 2019 11:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213658/resolute-mining-locks-in-high-gold-price-and-increases-stake-in-manas-resources-213658.html
<![CDATA[News - Resolute Mining shows ongoing commitment to community by building new school ]]> https://www.proactiveinvestors.com.au/companies/news/213299/resolute-mining-shows-ongoing-commitment-to-community-by-building-new-school-213299.html Resolute Mining Ltd (ASX:RSG) has entered into an agreement with the Queensland Department of Education to fund the relocation and construction of a new State School at Ravenswood.

The agreement represents a key milestone in enabling Resolute to progress development activities at Buck Reef West as part of the Ravenswood Expansion Project which will extend mining at the Ravenswood Gold Mine to at least 2032.

The cost of the relocation and construction to is slightly less than the capital budget allocated within the Ravenswood Expansion Project Study.

READ: Resolute Mining increases quarterly gold production by 33%

Resolute’s managing director and CEO John Welborn said “Resolute has worked closely with the Queensland Government and local community at Ravenswood for more than 15 years.

“The construction of a new State School is consistent with our commitment to the local community and to local heritage.

“The relocation and renovation of the currently uninhabitable heritage-listed residence will enable this historic building to be both preserved and utilised.

“We have a commitment to continual improvement of our assets through exploration, adopting available technologies and disciplined investment in operational expansions and improvements.

“In July 2018, when we published the updated Ravenswood Expansion Plan, we advised that we planned to intensify our efforts to identify further cost saving and revenue enhancements as our plans at Ravenswood develop.

“We are now ready to incorporate additional advantages and opportunities into our development plan. I am excited by our work to date and look forward to updating the market once our review is completed.

“Resolute is proud to support the local communities where we work and build partnerships with governments in large scale projects to ensure optimal long term social and economic outcomes.”

Ravenswood strategic review commenced

Earlier this month Resolute commenced a strategic review of the Ravenswood Expansion Project.

The initial focus of the review is to enhance project economics by pursuing reductions in capital and operating costs.

The review will also assess the potential for further growth through processing expansions, mine life extensions, and increased production capacity.

Updated life-of-mine plan being compiled

Ongoing work at Ravenswood has identified new exploration targets along with opportunities for plant expansions and improved environmental outcomes.

Resolute intends for the strategic review to capture these enhancements and incorporate them into an updated life-of-mine plan expected to be finalised during 2019.

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Fri, 25 Jan 2019 11:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213299/resolute-mining-shows-ongoing-commitment-to-community-by-building-new-school-213299.html
<![CDATA[News - Resolute Mining increases quarterly gold production by 33% ]]> https://www.proactiveinvestors.com.au/companies/news/212000/resolute-mining-increases-quarterly-gold-production-by-33-212000.html Resolute Mining Ltd (ASX:RSG) produced 73,691 ounces of gold in the December quarter, up 33% on the prior September quarter.

The Syama Underground Mine ramp-up continues on plan with production up more than 50% to 56,207 ounces.

Ravenswood produced a consistent 17,484 ounces of gold.

READ: Resolute Mining strengthens Australian dollar gold hedge with a further 30,000 ounces

Resolute’s managing director and CEO John Welborn said: “Production from Syama and Ravenswood is now on track and the commencement of sublevel caving at our Syama Underground Mine will provide further improvements as we commission the world’s first fully automated underground mine.

“Resolute is now ready to prioritise growth and take bold steps in 2019 including listing on the London Stock Exchange”.

Turning point for the company

In what is considered a turning point for the company, further future production increases are expected from the Syama mine with the commencement of sublevel cave ore production.

Additionally, the first quarter of oxide ore production from the Syama operation’s new Tabakoroni satellite open pit mine has provided high grades and recoveries.

Further production details will be revealed in the December quarterly report expected to be released on 31 January 2019.

The company is in a strong financial position with cash, bullion and listed investments as at 31 December 2018 of A$111 million.

Syama is the world’s first, purpose-built, fully automated sub-level cave gold mine

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Mon, 07 Jan 2019 10:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212000/resolute-mining-increases-quarterly-gold-production-by-33-212000.html
<![CDATA[News - Resolute Mining strengthens Australian dollar gold hedge with a further 30,000 ounces ]]> https://www.proactiveinvestors.com.au/companies/news/211623/resolute-mining-strengthens-australian-dollar-gold-hedge-with-a-further-30000-ounces-211623.html Resolute Mining Limited (ASX:RSG) has strengthened its Australian dollar gold hedge book by forward selling an additional 30,000 ounces of gold at an average price of $1,783 per ounce.

Monthly deliveries of 5,000 ounces have been scheduled between July and December 2019.

The move has been made to take advantage of strength in the gold price in order to extend the company’s Australian dollar-denominated gold hedge position.

“Responsible hedging strategies”

Managing director and CEO John Welborn said it was pleasing to continue Resolute’s success in maximising gold sales revenue through responsible hedging strategies.

“We continue to actively manage our gold sales and undertake hedging to take advantage of gold price volatility, maximise revenues, and protect the company’s balance sheet.

“A small increase in our Australian dollar hedging position at levels significantly above our budgeted gold price will further protect the company’s revenue and cash flow generation in 2019.”

Shares were up more than 6% intra-day to a high of $1.16.5 on strong volume of more than 7 million.

The objective of this Australian dollar hedging is to protect projected returns from the Ravenswood mine in Queensland during the staged development phase of the Ravenswood Expansion Project.

This phase will see the operation transition back to large-scale open pit mining and will deliver a new 14-year mine life.

Additional hedging extends Resolute’s forward gold sales program of 85,000 ounces.

This consists of 30,000 ounces of gold forward sold at an average price of US$1,250 per ounce and 55,000 ounces of gold forward sold at prices between A$1,715 per ounce and A$1,736 per ounce.

Total hedge book stands at 115,000 ounces

The total gold hedge book as at December 21, 2018, including the new Australian dollar gold hedges, is 115,000 ounces in monthly deliveries out to December 2019.

This represents about 30% of Resolute’s expected gold production over this period.

Welborn added: “Resolute remains strongly leveraged to future upside in gold prices. The company’s current hedge book represents less than 2% of our current ore reserves.”

READ: Resolute Mining delivering Syama gold mine on time and on budget

The company has this month started sublevel cave ore production from the new Syama Underground Gold Mine in Mali.

Syama will be the world’s first, purpose-built, fully automated sublevel cave gold mine.

“It is a world-class, long-life, low-cost asset that will deliver long-term benefits to our shareholders, stakeholders, and local Mali communities for years to come,” Welborn stated.

READ: Resolute Mining discovers more gold at Tabakoroni

Further gold mineralisation has also recently discovered at the Tabakoroni project in southern Mali after drilling intersected wide zones of high-grade gold sulphide mineralisation.

This has extended the strike length to 1.5 kilometres in length at Tabakoroni, at which Resolute is developing a compelling case for a future standalone underground operation.

READ: Resolute Mining's Ravenswood expansion receives prescribed project status extension

The company has also had the prescribed project status of its Ravenswood Expansion Project extended until November 30, 2020, by the Queensland State Government.

The company has undertaken a streamlined approval process to ensure it receives the regulatory approvals required for Ravenswood and to provide opportunities for further project enhancements.

All major approvals for the updated Ravenswood expansion have been received, including environmental and heritage approvals for mining at the Sarsfield and Buck Reef West open pits.

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Fri, 21 Dec 2018 13:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211623/resolute-mining-strengthens-australian-dollar-gold-hedge-with-a-further-30000-ounces-211623.html
<![CDATA[News - Resolute Mining discovers more gold at Tabakoroni ]]> https://www.proactiveinvestors.com.au/companies/news/211355/resolute-mining-discovers-more-gold-at-tabakoroni-211355.html Resolute Mining Ltd (ASX:RSG) has received further diamond drill results from the ongoing exploration program at the Tabakoroni Project in southern Mali.

Drilling has intersected wide zones of high-grade gold sulphide mineralisation extending the strike length to 1.5 kilometres in length.

Results include 12 metres at 15.3 g/t gold from 182 metres, 15 metres at 4.8 g/t gold from 101 metres and 4 metres at 15.5 g/t gold from 113 metres.

A compelling case is developing for a future standalone underground operation at Tabakoroni.

READ: Resolute Mining delivering Syama gold mine on time and on budget

Resolute’s managing director and CEO John Wellborn said: “These new results have extended the strike length of the high grade zones at Tabakoroni.

“We are identifying new mineralisation in the hanging wall of the Tabakoroni shear zone which further expand the potential for underground mining.

“We continue to receive exceptional high grade intersections which reinforce the value of the ongoing investment in exploration in Resolute’s extensive Syama tenure.”

“Tabakoroni is an important growth opportunity for Resolute which will allow the company to exploit the extensive processing infrastructure at Syama.

“Open pit mining at Tabakoroni has commenced with oxide ore being delivered to Syama on a newly constructed haul road.

“Future underground ore will provide higher grade material and has the potential to further enhance Syama’s future production and cost profile.”

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Tue, 18 Dec 2018 09:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211355/resolute-mining-discovers-more-gold-at-tabakoroni-211355.html
<![CDATA[Media files - Resolute Mining has commenced ore production from Syama Underground Gold Mine ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11634/resolute-mining-has-commenced-ore-production-from-syama-underground-gold-mine-11634.html Mon, 17 Dec 2018 13:48:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11634/resolute-mining-has-commenced-ore-production-from-syama-underground-gold-mine-11634.html <![CDATA[News - Resolute Mining delivering Syama gold mine on time and on budget ]]> https://www.proactiveinvestors.com.au/companies/news/211188/resolute-mining-delivering-syama-gold-mine-on-time-and-on-budget-211188.html Resolute Mining Ltd (ASX:RSG) has successfully commenced sublevel cave ore production from the new Syama Underground Gold Mine in Mali, West Africa.

Sub-level cave ore production is another achievement in what has been a timeline of success in Syama’s underground development.

READ: Resolute Mining seeks listing on Main Market of the London Stock Exchange

Resolute’s managing director and CEO John Welborn said: “The successful development of the Syama Underground Mine represents a pivotal moment in the long history of Resolute.

“Syama will be the world’s first, purpose-built, fully automated sublevel cave gold mine.

“It is a world class, long life, low-cost asset that will deliver long-term benefits to our shareholders, stakeholders, and local Mali communities for years to come.”

READ: Resolute Mining Limited expects 40% Syama power cost savings with new solar hybrid plant

Welborn added: “Resolute has an ambition to be a leader in sustainable and responsible economic growth in Africa.

“We recently announced plans to build a new 40 MW Syama Solar Hybrid Power Plant which will deliver an expected 40% savings on power costs and is expected to be the world’s largest mine based, off-grid fully integrated independent solar hybrid power plant.

Increasing production and lowering costs

“The commissioning of Project 85, a series of sulphide processing plant upgrades, will enable us to achieve improved recoveries from high-grade ore sourced from the new sublevel cave.

“The combination of mine automation, improved recoveries, and lower cost power has the potential to increase Syama site production to 300,000 ounces of gold per annum and reduce life-of-mine all-in sustaining costs to below US$750 per ounce.

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Fri, 14 Dec 2018 09:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211188/resolute-mining-delivering-syama-gold-mine-on-time-and-on-budget-211188.html
<![CDATA[News - Resolute Mining's Ravenswood expansion receives prescribed project status extension ]]> https://www.proactiveinvestors.com.au/companies/news/210913/resolute-mining-s-ravenswood-expansion-receives-prescribed-project-status-extension-210913.html Resolute Mining Limited (ASX:RSG) has had the prescribed project status of its Ravenswood Expansion Project extended until November 30, 2020, by the Queensland State Government.

The company has undertaken a streamlined approval process to ensure it receives the regulatory approvals required for Ravenswood and to provide opportunities for further project enhancements.

All major approvals for the updated Ravenswood expansion have been received, including environmental and heritage approvals for mining at the Sarsfield and Buck Reef West open pits.

 

Resolute managing director & CEO John Welbon said: “The Queensland Government shares our view that the economic and social benefits of continuing gold mining in Ravenswood are significant for the region and for Queensland.

“The prolonged life of Mt Wright, and the collaborative and proactive approach to receiving regulatory approvals for our extension plans, is allowing further enhancement opportunities to be identified and progressed.”

READ: Resolute Mining seeks listing on Main Market of the London Stock Exchange

Under Queensland legislation, a prescribed project declaration is designed to facilitate the approval process for projects deemed to be of economic or social significance to Queensland or a region within the state.

This is achieved by empowering the state’s Coordinator-General to actively assist in the planning, delivery and coordination of all required regulatory approvals as well ensuring environmental impacts are properly managed.

READ: Resolute Mining expects 40% Syama power cost savings with new solar hybrid plant

Average annual gold production under the expansion is anticipated to be 115,000 ounces per year and life-of-mine all-in sustaining costs reduced to $1,097 per ounce.

The updated expansion plan for Ravenswood follows a staged development pathway, completing mining at the Mt Wright underground and Nolans East open cut mines.

Mining then will shift to the Buck Reef West and Sarsfield open pits from July 2019 and financial year 2025, respectively.

Resolute plans to upgrade the 2.8-million-tonne per annum Nolans processing plant to 3.2 million tonnes by the start of 2020 and to 5 million tonnes in financial year 2024.

READ: Resolute Mining adds 30,000 ounces from Syama to gold hedge book

Since July this year, potential enhancements have been identified include: the probable extension of mining at Mt Wright; and the potential for a single-stage processing plant expansion directly to 5-million-tonnes per annum.

Initial assessments of this single-stage processing expansion indicate materially better financial outcomes would be generated from the resulting increase in average gold production to about 130,000 ounces per year.

Should the fast-track plan be adopted, mining and processing of ore from Buck Reef West through the expanded processing plant would be deferred by 3-6 months.

Remaining approvals to be requested include:

Approval of submitted applications for additional mining leases to cover the Buck Reef West open pit’s operational footprint;

An application for a mining lease extension to accommodate the expansion of the Noloans tailings storage facility (NTSF); and

An application for an environmental authority amendment to permit the NTSF extension and allow for in-pit tailings storage at Buck Reef West.

All applications will be submitted by January 2019 and are expected to be approved by June.

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Mon, 10 Dec 2018 20:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210913/resolute-mining-s-ravenswood-expansion-receives-prescribed-project-status-extension-210913.html
<![CDATA[Media files - Resolute Mining CEO discusses plans to list on London's Main Market ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11359/resolute-mining-ceo-discusses-plans-to-list-on-london-s-main-market-11359.html Wed, 28 Nov 2018 22:14:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11359/resolute-mining-ceo-discusses-plans-to-list-on-london-s-main-market-11359.html <![CDATA[News - Resolute Mining seeks listing on Main Market of the London Stock Exchange ]]> https://www.proactiveinvestors.com.au/companies/news/209974/resolute-mining-seeks-listing-on-main-market-of-the-london-stock-exchange-209974.html Resolute Mining Limited (ASX:RSG) is seeking a listing on the Main Market of the London Stock Exchange to enhance its growth pathway to becoming a long-life, low-cost, 500,000-ounce per annum gold producer.

The proposed dual-listing is expected to raise Resolute’s profile in global markets and facilitate improved access to gold and African-focused institutional investors.

READ: Resolute Mining begins first stope production at Syama Underground, maintains FY19 guidance

Preparatory work is underway for an application for admission to the standard listing segment of the Official List of the FCA and to the London Stock Exchange for trading on its Main Market.

LSE Admission sought in first half of 2019

Managing director and CEO John Welborn said after completing all regulatory requirements, the company intended to seek LSE Admission during the first half of 2019.

“The London Stock Exchange is a natural home for large mining companies with African exposure,” he said.

“Compelling investment opportunity”

“Resolute presents a compelling investment opportunity to investors in London and internationally who appreciate the scale of operations and our ambition to be a low-cost, multi-mine African-focused gold producer.

“With sub-level caving due to commence at the Syama Underground Mine in Mali in coming weeks, and the associated increasing market relevance of the world’s first fully automated underground mine, we believe now is the perfect time to seek a listing on the Main Market of the London Stock Exchange.”

The automated decline at Syama.

READ: Resolute Mining adds 30,000 ounces from Syama to gold hedge book

To facilitate the listing, the company is changing its reporting financial year end to December 31.

The London Stock Exchange was established in 1698 and has long been home to some of the world’s largest and best-known companies.

There are more than 1,400 companies on the Main Market with a combined market capitalisation of more than $6 trillion.

Strong gold investment culture

Welborn said the investor base of the LSE had demonstrated a strong appetite for mining stocks and a deep understanding of the African operating environment.

He told Proactive Investors that as well as the African investment link there was a strong gold investment culture in the UK.

This culture was much stronger than in Australia, he said, despite the fact Australia was one of the world’s leading gold producers and had a history of gold mining stretching back to the 1850s.

Fill void to be left by Randgold

Another positive for Resolute’s London listing would be the departure of Randgold Resources Limited (LSE:RRS) from the LSE after its merger with Barrick Gold Corporation.

Welborn said this would create a void in the London market for investors seeking exposure to gold miners, a void that Resolute could fill.

The application for listing the company’s shares and LSE Admission is not expected to affect Resolute’s Australian Securities Exchange listing.

Resolute’s MD said the listing application was another step forward in exciting times for the company.

Topping the list of upcoming news flow is the start of sub-level caving at Syama next month.

Syama on schedule and on budget

He said it was pleasing that the underground development at Syama had progressed on schedule and on budget since the plans were first announced around two years ago.

Resolute is developing the world’s first custom-built, fully automated underground gold mine, which will deliver a low-cost, large-scale operation with a mine life beyond 2032 and life-of-mine AISC of US$746 per ounce.

Once in production, Syama will be capable of annually delivering in excess of 300,000 ounces of gold and will underpin Resolute’s growth pathway to a low-cost 500,000-ounce producer.

1,500 people employed at Syama

Welborn said the automation at Syama would not mean fewer jobs. “We employ 1,500 people and this will not change with the automation.

“Automation means operating in a different way with people trained to carry out different tasks to the traditional mining roles.”

He said this had been well received by the locals while the global mining industry was taking notice of Resolute’s progress in adopting technology at Syama.

Technology combined

“This is not new technology, but it is the first time that it has all been put together at the one project.

“The mining industry has not been that successful in adopting new technology across the mine site and we are fortunate that we have a greenfield site that can accommodate the technology and deliver improved production and economics.”

READ: Resolute Mining Limited expects 40% Syama power cost savings with new solar hybrid plant

This week the company revealed that it has signed an agreement for the development of a 40-megawatt independent solar hybrid power plant at Syama.

The plant will combine solar, battery, and heavy fuel oil (HFO) technologies and is expected to result in power cost savings of around 40%.

Resolute’s growth is supported by the operational expertise developed from mining more than eight million ounces of gold from nine gold mines in Australia and Africa over more than 25 years.

The company’s portfolio now hosts global mineral resources of 16.5 million ounces inclusive of 5.9 million ounces of global ore reserves.

Syama to underpin future strategy

Welborn explained that the increased scale at Syama would underpin the company’s future strategy.

This included the development of the Bibiana mine in Ghana, from which the company is targeting annual production of 100,000 ounces over a 10-year LOM at an AISC of around US$750 per ounce.

The strategy also includes benefiting from recent investments in a number of junior gold companies, including Loncor Resources Inc (TSE:LN), Orca Gold Inc (CVE:ORG) and Manas Resources Limited (ASX:MSR).

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Tue, 27 Nov 2018 10:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209974/resolute-mining-seeks-listing-on-main-market-of-the-london-stock-exchange-209974.html
<![CDATA[News - Resolute Mining Limited expects 40% Syama power cost savings with new solar hybrid plant ]]> https://www.proactiveinvestors.com.au/companies/news/209871/resolute-mining-limited-expects-40-syama-power-cost-savings-with-new-solar-hybrid-plant-209871.html Resolute Mining Limited (ASX:RSG) (FRA:RSM) expects to save around 40% in power costs at its Syama Gold Project in Mali after executing an agreement for the development of a 40-megawatt independent solar hybrid power plant.

A Joint Development Agreement (JDA) has been signed with Ignite Energy Projects Pty Ltd, a leading financier, developer and operator of power projects in Africa.

Combination of technologies

The Syama Solar Hybrid Power Plant will combine solar, battery, and heavy fuel oil (HFO) technologies.

When constructed, this innovative project is expected to be the world’s largest off-grid, fully integrated hybrid power plant for a standalone mining operation.

Resolute’s managing director and CEO John Welborn said the company was pleased to announce the JDA, which followed a comprehensive global evaluation process seeking the most cost-effective, environmentally-friendly power solution.

READ: Resolute Mining adds 30,000 ounces from Syama to gold hedge book

“Resolute aims to be a leader in mining innovation and to promote responsible and sustainable positive economic growth in Africa,” he said.

“The partnership with Ignite Energy to develop a low-cost solar hybrid power solution for Syama will establish the company as a global leader in energy solutions for the mining sector.

“The project is entirely consistent with our ongoing efforts to use innovation and technology to optimise and enhance our Syama operations and deliver exceptional outcomes for our shareholders.”

Syama’s new power plant will replace the existing historical 28MW diesel-fired power station and is expected to be fully operational by the end of 2020.

The power solution will be funded and constructed under an Independent Power Producer (IPP) model.

This will see Ignite Energy, under the terms of an exclusive Power Purchase Agreement, being responsible for design, construction, ownership, funding, and operation of the new facility on an exclusive basis.

Power will be supplied to Resolute on a guaranteed basis subject to a maximum tariff over a term of between 12 and 20 years.

Reduced reliance on diesel

In addition to higher efficiencies of the solar hybrid solution, the replacement of Resolute’s existing diesel generated power plant will reduce reliance on, and exposure to, diesel prices.

The facility will also provide significant environmental benefits including lower carbon emissions as a result of solar power generation and the greater efficiencies of integrated battery storage hybrid technology and improved engine technologies.

READ: Resolute Mining begins first stope production at Syama Underground, maintains FY19 guidance

Welborn said: “The scale of this project will be a world-first – a unique combination of solar, battery, and HFO storage and generation capacity which will provide Syama with long-term low-cost electricity with minimal capital requirements.

“The Syama Solar Hybrid Power Plant will deliver long-term electricity cost savings of up to 40% at Syama while reducing carbon emissions and providing tangible benefits to local Mali communities.

“The project is a key component of delivering the expected sub-US$750 per ounce all-in-sustaining-cost for Syama Underground Gold Mine.”

Syama’s Solar Hybrid Power Plant will comprise an advanced combination of modern Solar PhotoVoltaic (PV) generation, HFO based generation and battery-based energy management system.

HFO fuel costs can be up to 50% lower than diesel with larger modern generating units substantially more efficient than Resolute’s current engines.

Substantial cost reduction

The addition of a component of sustainable environmentally friendly low-cost power from Solar PV and the use of batteries to provide spinning reserve and manage loads more efficiently are projected to result in a substantial reduction in power costs.

The addition of a new lower-cost power solution was incorporated into an updated definitive feasibility study for Syama.

It was a key component in the reduction of life of mine all-in sustaining cost for Syama Underground Gold Mine.

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Mon, 26 Nov 2018 12:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209871/resolute-mining-limited-expects-40-syama-power-cost-savings-with-new-solar-hybrid-plant-209871.html
<![CDATA[News - Resolute Mining adds 30,000 ounces from Syama to gold hedge book ]]> https://www.proactiveinvestors.com.au/companies/news/207975/resolute-mining-adds-30000-ounces-from-syama-to-gold-hedge-book-207975.html Resolute Mining Limited (ASX:RSG) has forward sold an additional 30,000 ounces of gold at an average price of US$1,250 per ounce with scheduled monthly deliveries of 5,000 ounces in the first six months  of 2019.

The company has taken advantage of the strength of recent US$ gold price volatility to extend its US$ gold hedge position.

READ: Resolute Mining begins first stope production at Syama Underground, maintains FY19 guidance

Through this hedging position, Resolute aims to secure US$ revenues from its Syama Gold Project in Mali during the ramp-up phase of the Syama underground mine.

The automated decline at Syama.

Resolute’s managing director and CEO John Welborn said he was pleased to continue Resolute’s success in maximising gold sales revenue through responsible hedging strategies.

“Establishing some US$ gold price certainty at these levels is a prudent economic decision as we enter the ramp-up phase of the Syama underground mine,” he said.

“Syama provides exposure to US$ capital and operational expenditure and our hedging program provides a level of certainty to the company’s future cashflows and project returns.”

The additional 30,000 ounces of forward sales extend the existing US$ hedge positions established in September 2017 of monthly deliveries of 6,000 ounces at US$1,330 per ounce which run to December 2018.

READ: Resolute Mining adds to its gold hedge book as production increases

Resolute’s total gold hedge book as at 29 October 2018, including the new US$ gold hedges, consists of 115,000 ounces of gold out to December 2019 representing around 26% of expected gold production over this period.

Welborn said, “Resolute remains strongly leveraged to gold prices with our current hedge position representing less than 2% of our gold ore reserves.

“Resolute’s gold hedge book now stands at 115,000 ounces of gold forward sold at an average price of approximately A$1,756 per ounce (US$1,247 per ounce).”

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Mon, 29 Oct 2018 11:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207975/resolute-mining-adds-30000-ounces-from-syama-to-gold-hedge-book-207975.html
<![CDATA[News - Resolute Mining’s John Welborn adds to shareholding, brings total to 4.5 million shares ]]> https://www.proactiveinvestors.com.au/companies/news/207804/resolute-minings-john-welborn-adds-to-shareholding-brings-total-to-45-million-shares-207804.html Resolute Mining Ltd (ASX:RSG) managing director & CEO John Welborn has purchased 52,417 fully paid shares worth $55,033 in on-market trades.

The purchase increases Welborn’s overall holding to 4.5 million shares worth over $4.8 million.

READ: Resolute Mining begins first stope production at Syama Underground, maintains FY19 guidance

The Africa-focused gold producer began first stope ore production last quarter at its new Syama Underground Mine in Mali as it prepares for sub-level caving in December.

Resolute is transforming both its Syama and Ravenwood gold mines into long-life, low-cost operations over 3 years, with Syama poised to be the world’s first fully-automated underground mine.

Welborn said Syama at full production will deliver more than 300,000 ounces of gold per year and will underpin Resolute’s growth pathway to a low-cost 500,000-ounce producer.

READ: Resolute Mining adds to its gold hedge book as production increases

The company recently achieved a milestone at its Ravenswood Gold Mine in Queensland, where the site's new beneficiation plant has become operational.

Beneficiation is being introduced to the mine as part of the Ravenswood Expansion Project which will see the Ravenswood produce an average of about 115,000 ounces at an all-in sustaining cost of $1,097 per ounce over a 14-year mine life.

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Thu, 25 Oct 2018 00:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207804/resolute-minings-john-welborn-adds-to-shareholding-brings-total-to-45-million-shares-207804.html
<![CDATA[News - Resolute Mining begins first stope production at Syama Underground, maintains FY19 guidance ]]> https://www.proactiveinvestors.com.au/companies/news/207620/resolute-mining-begins-first-stope-production-at-syama-underground-maintains-fy19-guidance-207620.html Resolute Mining Ltd (ASX:RSG) has begun first stope ore production during the September quarter at its new Syama Underground Mine as the Africa-focused gold producer prepares for sub-level caving in December.

Total production for the quarter was 55,508 ounces at an all-in sustaining cost (AISC) of $1,560 an ounce and the company has reaffirmed its financial year 2019 guidance of 300,000 ounces at an AISC of $1,280 an ounce.

The Perth-based company's cash, bullion and listed investments totalled $115 million at the end of September with 68,210 ounces of gold in circuit worth an additional $112 million.

 

Resolute managing director & CEO John Welborn said the company was poised to enter a new era which will be defined by the success of Syama, the world's first customised, fully-automated underground mine.

He said: "The highlight of the September quarter was the delivery of first stoping ore from the Syama Underground Mine, a crucial milestone in the path towards full production.

"Significant progress was made towards installing critical ventilation and pumping infrastructure which will support production until at least 2032.

"We will commence sub-level cave production in December 2018 and then implement full automation as we ramp-up to steady-state production by June 2019."

READ: Resolute Mining adds to its gold hedge book as production increases

Welborn commented that production and cost performance for the quarter was reduced due to a scheduled biennial roaster shutdown at Syama.

He said: "The roaster maintenance was successfully completed over a 7-week period during the quarter which resulted in significantly lower production from the Syama sulphide circuit than we would typically achieve.

"Similar to our regional peers, Syama experienced significantly higher than average rainfall during the quarter, about 500 millimetres above average year-to-date, which presented challenges from a materials handling perspective.

"Excess rainfall at Syama limited our ability to process transitional ore through the sulphide circuit to supplement production during the roaster shutdown."

Syama automated decline

  READ: Resolute Mining asks investors to ratify shares-for-investment in Manas Resources, Orca Gold, Loncor Resources

The company reported that it had also achieved a milestone at its Ravenswood Gold Mine in Queensland, where the site's new beneficiation plant has become operational.

Work towards bringing the new plant online reduced milling time and resulted in lower production as well as higher-than-normal costs on a quarterly basis.

Beneficiation is being introduced to the mine as part of the Ravenswood Expansion Project which will see the Ravenswood produce an average of about 115,000 ounces at an AISC of $1,097 per ounce over a 14-year mine life.

READ: Resolute Mining managing director and CEO buys more shares

Welborn noted that the quarter's performance was broadly consistent with Resolute's overall operating plan from a production and cost perspective.

He said: "We are building new long-life, low-cost mines at both operations and remain on track.

"At Syama, access to the higher-grade sulphide ore will accelerate in the second half of FY19 and provide an immediate and material improvement in production.

"The new Syama Underground Mine has a mine life to at least 2032 with life-of-mine AISC of US$746 per ounce.

"Once in production, Syama will be capable of delivering in excess of 300,000 ounces gold per annum and underpin Resolute's growth pathway to a low-cost 500,000-ounce producer."

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Tue, 23 Oct 2018 00:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207620/resolute-mining-begins-first-stope-production-at-syama-underground-maintains-fy19-guidance-207620.html
<![CDATA[News - Resolute Mining adds to its gold hedge book as production increases ]]> https://www.proactiveinvestors.com.au/companies/news/206440/resolute-mining-adds-to-its-gold-hedge-book-as-production-increases-206440.html Resolute Mining Limited (ASX:RSG) has forward sold an additional 35,000 ounces of gold at an average price of A$1,728 per ounce with scheduled monthly deliveries of 5,000 ounces between June 2019 and December 2019.

The company has taken advantage of strength in the A$ gold price to extend its gold hedge position supporting the Ravenswood Expansion Project in Queensland.

READ: Resolute Mining generates solid cash flow in FY18 on road to 500,000 ounces per annum

The average gold price received in the forward sales contracts of A$1,728 per ounce is at a premium to Resolute’s budgeted gold price for Ravenswood Gold Mine of A$1,700 per ounce.

The objective of this hedging is to protect project returns during the staged development phase of the new 14-year mine life of Ravenswood.

Resolute’s development phase at Ravenswood will see underground mining at Mt Wright come to an end during the current financial year and the operation transition back to large scale open pit mining.

 

The new A$ hedging is in addition to the company’s remaining forward gold sales program of 50,000 ounces.

Resolute’s total gold hedge book as at October 5, 2018, including today’s new A$ gold hedges, consists of 85,000 ounces in monthly deliveries out to December 2019 representing less than 20% of its expected gold production over this period.

Resolute managing director and chief executive officer John Welborn said: “We actively manage our gold sales and hedging strategies to take advantage of gold price volatility, maximise revenues, and protect the company’s balance sheet.

READ: Resolute Mining managing director and CEO buys more shares

“Establishing forward gold price certainty for a limited portion of our near-term production during periods of capital intensive development at levels above our budgeted gold price protects and supports the company’s future cash flows and project returns.

“With long mine lives, large gold inventories, and an industry leading production growth profile, Resolute remains strongly leveraged to future upside in gold prices.”

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Fri, 05 Oct 2018 12:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206440/resolute-mining-adds-to-its-gold-hedge-book-as-production-increases-206440.html
<![CDATA[News - Resolute Mining asks investors to ratify shares-for-investment in Manas Resources, Orca Gold, Loncor Resources ]]> https://www.proactiveinvestors.com.au/companies/news/205705/resolute-mining-asks-investors-to-ratify-shares-for-investment-in-manas-resources-orca-gold-loncor-resources-205705.html Resolute Mining Limited (ASX:RSG) (FRA:RSM) will hold its annual meeting on October 26 and ask shareholders to ratify the issue of shares to Arnold Kondrat, Orca Gold Inc (CVE:ORG) (FRA:HJ6A) (OTCMKTS:CANWF) and Global Iron Ore HK as payments for investments.

Investors will also be asked to pass a resolution to re-elect directors and elect new director Sabina Shugg to the company board after she was elected on September 7 after a retirement.

READ: Resolute Mining managing director and CEO buys more shares

The shareholder issue resolutions follow a series of transactions announced on July 13 which involved Resolute snapping up stakes in junior gold companies.

Resolute acquired 25 million Loncor Resources Inc (TSE:LN) (OTCMKTS:LONCF) shares from Kondrat as consideration for the issue of the 2,012,466 shares its investors are being asked to approve with a resolution at their upcoming meeting.

The transaction put Resolute’s stake in Loncor at 27%.

Kondrat’s resulting stake in Resolute would be valued at $2.13 million, using yesterday’s $1.06 closing price, while Resolute’s Loncor buy-in would be valued at $2.45 million (A$2.9 million) using the Canadian market’s 11 cent closing price yesterday.

READ: Resolute Mining generates solid cash flow in FY18 on road to 500,000 ounces a year​

Resolute subscribed for 16,182,480 Orca shares in exchange for the 8,953,421 shares its asking investors to approve for issue at the company’s upcoming AGM.

The July transaction put Resolute’s holding in Orca at an undiluted 17%.

Orca’s stake in Resolute would be worth $9.49 million, using yesterday’s closing price, while the Australian-listed company’s buy-in to Orca would have been worth C$7.77 million (A$8.25 million) using the investor’s Canadian Venture Exchange closing price of 48 cents yesterday.

READ: Resolute Mining completes investments in gold juniors​

Resolute Investors will also be asked to approve the issue of 317,160 shares to Global Iron Ore HK as consideration for the 79,290,000 shares Resolute picked up in Manas Resources Limited (ASX:MSR).

The July share-swap agreement upped Resolute’s stake in Manas from 3% to 23%.

Global Iron’s stake in Resolute would be worth $336,189.60 using yesterday’s closing price, while Resolute’s upped stake in Manas would be valued at $317,160 using its 0.4-cent closing value on Monday.

Manas’ shares have gained 25% to 0.5 cents during intraday trading today, putting the value of Resolute’s snap-up stake at $396,450.

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Tue, 25 Sep 2018 23:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205705/resolute-mining-asks-investors-to-ratify-shares-for-investment-in-manas-resources-orca-gold-loncor-resources-205705.html
<![CDATA[News - Resolute Mining managing director and CEO buys more shares ]]> https://www.proactiveinvestors.com.au/companies/news/204880/resolute-mining-managing-director-and-ceo-buys-more-shares-204880.html Resolute Mining Ltd (ASX:RSG) has had its managing director and CEO John Welborn purchase 50,000 shares for $54,250 through on-market trades.

The purchase increases Welborn’s overall holding to 4.44 million shares making him one of the company’s largest shareholders.

Resolute is in the process of developing its third operating gold mine Bibiani in Ghana alongside the Syama mine in Mali and Ravenswood mine in Queensland.

Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.

READ: Resolute Mining generates solid cash flow in FY18 on road to 500,000 ounces per annum

READ: Resolute Mining appoints mining engineer to board

Resolute recently strengthened the technical expertise of its board through the appointment of non-executive director Sabina Shugg AM.

Shugg is a mining engineer with over 30 years’ experience involving senior operational roles with leading mining and consulting organisations including Normandy, Newcrest Mining Ltd (ASX:NCM), and KPMG.

She serves on a number of boards and committees committed to gender diversity, education, and resources.

Shugg replaces Bill Price who will retire from the board in October after 15 years of service.

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Fri, 14 Sep 2018 09:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204880/resolute-mining-managing-director-and-ceo-buys-more-shares-204880.html
<![CDATA[News - Resolute Mining appoints mining engineer to board ]]> https://www.proactiveinvestors.com.au/companies/news/204388/resolute-mining-appoints-mining-engineer-to-board-204388.html Resolute Mining Ltd (ASX:RSG) has strengthened the technical expertise of its board through the appointment of non-executive director Sabina Shugg AM.

Shugg is a mining engineer with over 30 years’ experience involving senior operational roles with leading mining and consulting organisations including Normandy, Newcrest Mining Ltd (ASX:NCM), and KPMG.

She serves on a number of boards and committees committed to gender diversity, education, and resources.

Shugg replaces Bill Price who will retire from the board in October after 15 years of service.

READ: Resolute Mining generates solid cash flow in FY18 on road to 500,000 ounces per annum

Resolute’s chairman Martin Botha said: “Sabina brings additional highly relevant skills and experience to our board.

“Her position as a respected industry champion for technology, innovation, and diversity in mining, together with her experience in complex technical and operational mining projects, will allow Sabina to make an enormous contribution to Resolute as a board member.”

 

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Fri, 07 Sep 2018 08:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204388/resolute-mining-appoints-mining-engineer-to-board-204388.html
<![CDATA[Media files - Resolute Mining announces FY18 results and dividends claimable as gold bullion ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10234/resolute-mining-announces-fy18-results-and-dividends-claimable-as-gold-bullion-10234.html Fri, 24 Aug 2018 13:21:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10234/resolute-mining-announces-fy18-results-and-dividends-claimable-as-gold-bullion-10234.html <![CDATA[News - Resolute Mining generates solid cash flow in FY18 on road to 500,000 ounces per annum ]]> https://www.proactiveinvestors.com.au/companies/news/203521/resolute-mining-generates-solid-cash-flow-in-fy18-on-road-to-500000-ounces-per-annum-203521.html Resolute Mining Ltd (ASX:RSG) had a solid FY18 producing 284,185 ounces of gold at an all-in sustaining cost (AISC) of US$1,052 per ounce from its two operating gold mines.

Total gold sales of 262,381 ounces generated sales revenue of A$446 million and net operating cash flows of A$28 million.

The company has guided to FY19 production of 300,000 ounces of gold at an AISC of US$960 per ounce.

READ: Resolute Mining grows gold inventory substantially

Resolute’s managing director and CEO John Welborn said: “Resolute continues to generate positive cash flows and returns to shareholders while we make significant investments in major development activity across our asset base.

“During the 2018 financial year, Resolute delivered major updates which confirmed a clear pathway to 500,000 ounces of gold production per annum from long-life, low-cost operations at the Syama Gold Mine in Mali, the Ravenwswood Gold Mine in Australia, and the Bibiani Gold Mine in Ghana.
 

Welborn added: “At Syama we are on-schedule to commence sub-level caving in December 2018 and to commission the world’s first purpose build fully automated underground gold mine by the end of the current financial year.

“At Ravenswood, our operations team has again exceeded our expectations from both a production and cost perspective. I congratulate the Resolute team for this high level of performance.

“FY18 has been a year of investment in development and with A$250 million of available liquidity we are in a strong position to deliver further growth which will generate greater gold production at an increasing margin resulting in increasing cash flows, larger profits, and bigger dividends for our shareholders.”

Developing its third gold mine

Resolute is in the process of developing its third operating gold mine Bibiani in Ghana alongside the Syama mine in Mali and Ravenswood mine in Queensland.

Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.

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Fri, 24 Aug 2018 09:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203521/resolute-mining-generates-solid-cash-flow-in-fy18-on-road-to-500000-ounces-per-annum-203521.html
<![CDATA[Media files - Resolute Mining on track to lift gold production to 500,000 ounces per annum ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10144/resolute-mining-on-track-to-lift-gold-production-to-500000-ounces-per-annum-10144.html Thu, 16 Aug 2018 14:50:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10144/resolute-mining-on-track-to-lift-gold-production-to-500000-ounces-per-annum-10144.html <![CDATA[News - Resolute Mining grows gold inventory substantially ]]> https://www.proactiveinvestors.com.au/companies/news/203012/resolute-mining-grows-gold-inventory-substantially-203012.html Resolute Mining Ltd (ASX:RSG) has made material increases to its resources and reserves across its three projects as at 30 June 2018 thanks to exploration success.

Its global Ore Reserves increased 17% on last year to 5.9 million ounces of gold and its Mineral Resources increased 35% to 16.5 million ounces of gold.

Notably, the increases were net of mining and stockpile depletion of 309,000 ounces of gold during FY18.

  Profitable dividend paying gold miner

Resolute’s managing director and CEO John Welborn said: “Resolute is a profitable dividend paying gold miner.

“Our updated Mineral Resource and Reserve Statement underpins the company’s portfolio of long life mines and our ability to achieve targeted production growth.

“Exploration success is driving genuine value creation by enabling the development of more efficient lower cost longer life gold mines.

“We will continue to make focused investments to discover and define gold resources that we can efficiently mine, process, and market for the benefit of our shareholders.”

READ: Resolute Mining has shares purchased by renowned gold ETFs

Welborn added: “Resolute now controls 6 million ounces of gold in Ore Reserves which are located immediately beneath existing mills and processing plants which we own and operate with strong recoveries.

“The company is undergoing a transformation that aims to expand the quantity and quality of gold inventories to enable growth in production and the delivery of lower costs.

Exploration continues in Mali

“Our investment in exploration will continue with active programs currently underway in Mali at Tabakoroni, Nafolo, and Syama.

“I remain confident that the continued expansion of the size and scale of our Mineral Resources, and the improvement in our operating model and cost structures, will continue to drive a revaluation of Resolute.”

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Thu, 16 Aug 2018 13:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203012/resolute-mining-grows-gold-inventory-substantially-203012.html
<![CDATA[News - Resolute Mining has shares purchased by renowned gold ETFs ]]> https://www.proactiveinvestors.com.au/companies/news/202536/resolute-mining-has-shares-purchased-by-renowned-gold-etfs-202536.html Resolute Mining Ltd (ASX:RSG) has had substantial shareholder, Van Eck Associates Corporation, increase its stake in the company to 12.04% from 11.01%.

Notably, Van Eck Associates Corporation represents VanEck, a global investment manager based in New York City that runs exchange traded funds (ETFs).

VanEck ETFs include the well-known VanEck Vectors Junior Gold Miners ETF and the VanEck Vectors Gold Miners ETF.

The increase to 12.04% takes the total amount of Resolute shares held by Van Eck to 90.66 million.

ETFs also known as the GDX and GDXJ

Of this 12.04% stake, 6.1% is dedicated to the VanEck Vectors Junior Gold Miners ETF (GDXJ) and 5.73% is dedicated to the VanEck Vectors Gold Miners ETF (GDX).

READ: Resolute Mining completes investments in gold juniors

Resolute is in the process of developing its third operating gold mine Bibiani in Ghana alongside the Syama mine in Mali and Ravenswood mine in Queensland.

Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.

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Thu, 09 Aug 2018 11:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202536/resolute-mining-has-shares-purchased-by-renowned-gold-etfs-202536.html
<![CDATA[News - Resolute Mining completes investments in gold juniors ]]> https://www.proactiveinvestors.com.au/companies/news/200797/resolute-mining-completes-investments-in-gold-juniors-200797.html Resolute Mining Ltd (ASX:RSG) has updated its investment in three junior gold companies, Orca Gold Inc (CVE:ORG), Loncor Resources Inc (TSE:LN) and Manas Resources Ltd (ASX:MSR).

The previously outlined strategic investments in Canadian-listed Orca and Loncor are now complete with Resolute holding a 17% undiluted interest in Orca and 27% interest in Loncor.

Resolute also increased its holding in Manas by 3% to a total 23% interest via a share swap agreement.

READ: Resolute Mining receives environmental permit for Bibiani recommissioning

Last week, Resolute achieved a milestone in receiving environmental permit authorisation (EPA) to recommission the Bibiani underground gold mine and plant in Ghana.

The company intends for Bibiani to be its third operating gold mine alongside the Syama mine in Mali and Ravenswood mine in Queensland.

Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.

Manas Resources is also based in West Africa

Manas has a large exploration landholding assembled in Cote d’Ivoire over prospective greenstone belts.

The recent Mbengué project acquisition provides the company with a significant opportunity for near-term success.

Manas has a zero entry cost for 70% earn-in rights following US$2 million worth of exploration expenditure.

The Mbengué project hosts a large gold anomaly adjacent to the world-class Tongon 4.9 million ounce gold deposit.

High-grade historical drilling results include 28 metres at 8.1 g/t gold and 25 metres at 4.0g/t gold ending in mineralisation.

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Mon, 16 Jul 2018 08:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200797/resolute-mining-completes-investments-in-gold-juniors-200797.html
<![CDATA[News - Resolute Mining secures US$100 million revolving loan facility from Investec ]]> https://www.proactiveinvestors.com.au/companies/news/200727/resolute-mining-secures-us100-million-revolving-loan-facility-from-investec-200727.html Resolute Mining Limited (ASX:RSG) has secured a US$100 million revolving loan facility from Investec Australia Limited.

The new facility provides Resolute with flexible access to low cost funding for new growth initiatives.

Resolute has previously operated senior secured credit facilities with a banking syndicate which has included Citi, Barclays, Societe Generale, Macquarie, and Investec.

READ: Resolute Mining achieves guidance and forecasts 300,000 ounces in FY19

The most recent secured debt facility was a US$50 million cash advance facility jointly provided by Barclays and Investec which was fully repaid in June 2016.

The new facility is fully underwritten by Investec, has an initial three-year term, and ranks pari passu with the existing banking syndicate security trust deed.

READ: Resolute Mining hits 493 g/t gold over 5 metres at Syama Gold Project in Mali

The rates, fees and terms agreed for the new facility are highly competitive and provide Resolute with access to flexible growth capital at an attractively low cost.

Resolute managing director and chief executive officer John Welborn said: “This revolving credit facility ensures Resolute has the financial flexibility to pursue our growth agenda and act on opportunities as they arise.

“We maintain a strong balance sheet and ensuring a modest level of gearing is available to the company is a sound and appropriate strategic decision given our ambitions and outlook.”

READ: Resolute Mining’s updated study cuts underground gold mine costs by US$135 per ounce

Welborn added: “Resolute has always maintained strong relationships with our banking syndicate and I thank Investec for their support and vote of confidence.”

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Fri, 13 Jul 2018 14:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200727/resolute-mining-secures-us100-million-revolving-loan-facility-from-investec-200727.html
<![CDATA[News - Resolute Mining receives environmental permit for Bibiani recommissioning ]]> https://www.proactiveinvestors.com.au/companies/news/200717/resolute-mining-receives-environmental-permit-for-bibiani-recommissioning-200717.html Resolute Mining Ltd (ASX:RSG) has achieved a milestone in receiving environmental permit authorisation (EPA) to recommission the Bibiani underground gold mine and plant in Ghana.

The company intends for Bibiani to be its third operating gold mine alongside the Syama mine in Mali and Ravenswood mine in Queensland.

Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.

Resolute’s managing director John Welborn said: “Receipt of our environmental permitting is a significant step in the pathway towards turning the mine back on.

“Bibiani has produced approximately four million ounces of gold over a long history and is a regionally important gold mine providing important economic and social benefits to the local population.”

100,000 ounces per year over 10-year life

Welborn added: “Our Study Update demonstrates that the mine can meet our thresholds of producing 100,000 ounces of gold a year over a ten year mine life at an all-in sustaining cost in the region of US$750 per ounce.

“We will now focus on an operational readiness program with the intention of making a final investment decision during 2019.

“A positive decision will only be made on the basis of a complete and compelling recommissioning plan supported by a functional operational readiness plan, all required approvals, a clear funding strategy, and the availability of Resolute’s project team.

“Bibiani is a key contributor to our goal of establishing Resolute as a 500,000 ounces per annum producer.”

Feasibility study update confirms robust economics

The feasibility study update of the original 2016 study demonstrates the potential for a long life, high margin project.

A final investment decision is expected to be made in 2019 post completion of Resolute’s Syama underground mine in Mali.

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Fri, 13 Jul 2018 09:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200717/resolute-mining-receives-environmental-permit-for-bibiani-recommissioning-200717.html
<![CDATA[News - Resolute Mining achieves guidance and forecasts 300,000 ounces in FY19 ]]> https://www.proactiveinvestors.com.au/companies/news/200626/resolute-mining-achieves-guidance-and-forecasts-300000-ounces-in-fy19-200626.html Resolute Mining Ltd (ASX:RSG) produced 284,127 ounces of gold at an all-in sustaining cost (AISC) of A$1,355 per ounce in FY18 achieving its guidance of 284,000 ounces at A$1,360 per ounce.

Gold production came from Resolute’s Syama Gold Mine in Mali and the Ravenswood Gold Mine in Queensland, Australia.

Gold production in FY19 is forecast to be 300,000 ounces at an AISC of A$1,280 per ounce.

READ: Resolute Mining delivers shareholder value through updated Ravenswood expansion

Resolute’s managing director and CEO John Welborn said: “We have demonstrated industry leading discipline in our efforts to transform our mines at Syama and Ravenswood for long life, lower cost futures.

“Resolute has continued to generate strong operational cash flow during a period of transition at both of our operating mines.

“The coming financial year will see us deliver on these ambitions at Syama and Ravenswood and earn the right to focus on new production horizons which will generate exceptional returns for shareholders.

“Production expansions will lead to revenue growth and greater cash flows which in turn will flow to shareholders in increasing dividends and capital growth.

“We intend to continue to invest in exploration and the adoption of new technologies to increase efficiencies and drive improved operational performance.”

Pathway to 500,000 ounces per annum

Resolute has an industry-leading organic growth profile underpinned by the expansion projects underway at Syama and Ravenswood and extended by a future decision to commission the Bibiani Gold Mine in Ghana.

The four-year pathway illustrated below will lead to production of around 500,000 ounces of gold per annum by FY22.

The Syama mine is on track for over 300,000 ounces per annum with sub-level caving at the new underground mine on track for December 2018.

The Ravenswood mine aims to deliver steady state annual production of around 115,000 ounces per annum with open pit mining from mid-2019.

Finally, Bibiani represents a growth opportunity for production of 100,000 ounces per annum.

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Thu, 12 Jul 2018 09:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200626/resolute-mining-achieves-guidance-and-forecasts-300000-ounces-in-fy19-200626.html
<![CDATA[News - Resolute Mining delivers shareholder value through updated Ravenswood expansion ]]> https://www.proactiveinvestors.com.au/companies/news/200523/resolute-mining-delivers-shareholder-value-through-updated-ravenswood-expansion-200523.html Resolute Mining Ltd (ASX:RSG) has outlined significant improvements to the Ravenswood Expansion Project in Queensland including lowers costs and an extended mine life.

The successful receipt of all required government approvals has allowed for an optimised mining and processing schedule, revised processing and tailings management strategy, and the incorporation of new technologies to improve efficiency.

1.5 million ounces of gold over 13 years

The updated expansion is expected to deliver 1.5 million ounces of gold production over 13 years.

The mine life has been extended by three years to 2031 from the original September 2016 expansion study.

All-in sustaining costs (AISC) have reduced to A$1,097 per ounce from A$1,166 per ounce with associated LOM project capital of A$327 million.

Average production will be about 115,000 ounces of gold per year.

READ: Resolute Mining’s updated study cuts underground gold mine costs by US$135 per ounce

Resolute’s managing director and CEO John Welborn said: “Ravenswood has been an integral part of Resolute’s business for more than a decade.

“Our performance at Ravenswood over this period has been exceptional.

“We have a strong history of operational experience based on open pit and underground mining.”

Welborn added: “The REP Update represents an enhanced development plan for Ravenswood which maximises shareholder value.”

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Wed, 11 Jul 2018 09:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200523/resolute-mining-delivers-shareholder-value-through-updated-ravenswood-expansion-200523.html
<![CDATA[News - Resolute Mining hits 493 g/t gold over 5 metres at Syama Gold Project in Mali ]]> https://www.proactiveinvestors.com.au/companies/news/200148/resolute-mining-hits-493-gt-gold-over-5-metres-at-syama-gold-project-in-mali-200148.html Resolute Mining Limited (ASX:RSG) has hit a 5-metre intersection grading 493 g/t gold, the highest grade intercept reported from the Syama Gold Project in Mali in more than 30 years of exploration.

The intersection came from 167 metres depth in the Tabakoroni Main Zone with the same hole also returning 17 metres at 3.6 g/t from 188 metres and 15 metres at 3.3 g/t from 227 metres.

READ: Resolute Mining’s updated study cuts underground gold mine costs by US$135 per ounce

There were also strong results returned from ongoing diamond drilling at the Syama Deeps and Nafolo deposits while a new mineralised zone has been identified at Tabakoroni Nord.

Resolute’s managing director and CEO John Welborn is convinced the successful exploration programs at Syama will create a new growth story for Resolute.

“The excellent high-grade intersections we are receiving from new zones at Syama are extremely significant and very exciting," he said.

 

"Today we announce the highest grade intersection ever reported from Syama in more than 30 years of exploration by ourselves, Randgold, and BHP.

"Diamond drilling is consistently delivering wide and strongly mineralised intercepts.

"Syama is already a 10 million ounce ore position and these results confirm our resource base will continue to grow."

These results increase Resolute’s confidence for an enlarged mining inventory and a future underground mine at Tabakoroni, which is 35 kilometres south of the Syama mine.

The company expects to release an expanded and upgraded resource for Tabakoroni in late 2018.

Open pit operations imminent

Open pit mining operations are scheduled to begin at Tabakoroni at the Namakan Pit during this quarter.

During the rest of 2018, the main source of oxide ore for Syama’s oxide processing circuit will be ore sourced from mining operations at Tabakoroni.

The current Tabakoroni mine plan is based on the existing defined mineral resource of 778,000 ounces of gold.

At Syama Deeps and Nafolo the best results are 31 metres at 2.3 g/t from 655 metres, 50 metres at 2.3 g/t from 738 metres and 15 metres at 4.3 g/t from 637 metres.

Nafolo deposit extended

The Nafolo deposit, which is adjacent to the Syama Underground mine, now extends over 700 metres of strike length and remains open to the south.

Syama Underground indicated and inferred resources stand at 5.7 million ounces and includes the Nafolo maiden inferred resource of 400,000 ounces.

A program of infill drilling is planned at Nafolo to reduce drill spacing to 50-metre centres, which is the density required to upgrade the resource to the indicated status.

An updated resource will form the basis for further underground studies at Nafolo.

READ: Resolute Mining acquires 27% stake in gold explorer focused on DRC

This work will be incorporated into the broader Syama optimisation studies which are examining the potential for an expansion in mining and processing.

Multi-rig exploration drilling continues at Syama, Nafolo and Tabakoroni aimed at further extending existing oxide and sulphide resources.

Welborn said: "Resolute has two independent processing plants at Syama and we continue to investigate the optimal production scale of the mine.

"Our journey at Syama has been revitalised by recent exploration success which has created the opportunity to expand our production base and deliver our ambition of a world-class, large-scale, low-cost gold mine.”

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Thu, 05 Jul 2018 10:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200148/resolute-mining-hits-493-gt-gold-over-5-metres-at-syama-gold-project-in-mali-200148.html
<![CDATA[News - Resolute Mining’s updated study cuts underground gold mine costs by US$135 per ounce ]]> https://www.proactiveinvestors.com.au/companies/news/199989/resolute-minings-updated-study-cuts-underground-gold-mine-costs-by-us135-per-ounce-199989.html Resolute Mining Limited (ASX:RSG) has reduced life of mine all-in-sustaining costs for the Syama underground gold mine in Mali to US$746 per ounce from US$881.

The significant 18% reduction is outlined in the updated definitive feasibility study (DFS) for the Syama underground project, with mine life also increased by four years to 2032.

Probable reserve up 38%

Another positive outcome from the DFS was a 38% increase in the Syama underground probable reserve to 35.2 million tonnes at 2.7 g/t gold for 3 million ounces.

Managing director and CEO John Welborn said the company’s investment in technology and exploration had resulted in a substantial expansion to Syama’s scale, operating margins and value.

“Our ambition at Syama is to transform this world gold class deposit into a world-class gold mine,” he said.

 

“The updated DFS numbers capture the progress we have made in exploration, automation, and power, and confirm Resolute is transforming Syama into a robust, long-life, low-cost mine.

“We are developing a new underground mine and are on track to commence sub-level caving in December 2018.”

READ: Resolute Mining acquires 27% stake in gold explorer focused on DRC

Shares were up 4% in early trade to $1.33.

The DFS update presents the results of an ongoing effort by Resolute to critically examine and pursue improvements in all aspects of its flagship operation in Mali’s south.

A focus has been the redesign and rescheduling of the underground mine following a 39% increase in mineral resources, which was announced in October 2017.

That resource is 55.9 million tonnes at 3.2 g/t gold for 5.7 million ounces.

Key drivers of the cost savings achieved are the automation of underground mining equipment and a power upgrade.

READ: Resolute Mining has global investment manager increase stake

Welborn said: “The sub-level cave mine plan at Syama lends itself to automation.

“Our partnership with Sandvik to deliver autonomous haulage and trucking enables major productivity and cost improvements over the original DFS.

Autonomous Sandvik TH663 trucks will be used for the haulage of ore and waste.

“An upgrade of the Syama power station supports a further cost reduction in sulphide processing.

“Reducing operating costs and increasing production at Syama is consistent with our journey to build an operation that utilises best-in-class technology while maintaining flexibility to incorporate further advances in mining and processing.

“We aim to make Syama the best mine of its type in the world and to ensure we unlock the full potential of this outstanding ore body,” he said.

Ongoing drilling

Resolute is continuing drilling at Syama with a further resource and reserve expansion expected.

The pursuit of world-class mining and processing had been accompanied by a renewed commitment to, and investment in, exploration, according to Welborn.

He said: “The exceptional drill results achieved over the past two years have been followed by a sophisticated and rigorous mine design and evaluation process.

“This has resulted in an increase of nearly 1 million ounces in contained gold in the Syama underground probable reserve.

“In addition, we have discovered and commenced the delineation of a new ore zone at Nafolo.

“This is a breakthrough in our understanding of the size and potential of the Syama mineralised system, and we are very confident of further growth in the resource base.

“The growing reserves at Syama, and our commitment to new technologies, offer significant opportunities for further optimisation, expansion and unit cost reduction.”

Studies for future expansion

Optimisation studies for future expansion confirm that increased processing throughput may be achievable.

A comparison of the typical design level from the original DFS and the DFS update.

The updated DFS is based on maintaining the planned mining rate of 2.4 million tonnes per annum.

This mining rate was originally programmed in the original DFS on the basis of the 2015 assessment of the available sulphide processing capacity at Syama.

Welborn said: “Our study focus at Syama will now turn to identifying the optimal future mining rate based on the improved automated infrastructure we have developed and the significant progress being made on our processing capabilities.

“There is obvious scope to increase the current planned mining rate of 2.4 million tonnes per annum to as much as 4 million tonnes.”

He added that there was an exciting and highly value creative pathway ahead for Resolute at Syama.

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Tue, 03 Jul 2018 10:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199989/resolute-minings-updated-study-cuts-underground-gold-mine-costs-by-us135-per-ounce-199989.html
<![CDATA[Media files - Resolute Mining's Syama Gold Mine DFS Update shows substantially reduced costs ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9760/resolute-mining-s-syama-gold-mine-dfs-update-shows-substantially-reduced-costs-9760.html Tue, 03 Jul 2018 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9760/resolute-mining-s-syama-gold-mine-dfs-update-shows-substantially-reduced-costs-9760.html <![CDATA[News - Resolute Mining acquires 27% stake in gold explorer focused on DRC ]]> https://www.proactiveinvestors.com.au/companies/news/199650/resolute-mining-acquires-27-stake-in-gold-explorer-focused-on-drc-199650.html Resolute Mining Limited (ASX:RSG) has completed the acquisition of a 27% interest in Loncor Resources Inc (TSX:LN) which holds gold prospects and resources in the Democratic Republic of Congo (DRC).

Finalising the acquisition follows Resolute completing due diligence and it now owns 51 million shares in Loncor.

These were acquired via a CAD$2.6 million subscription for 26 million shares in a placement and a share swap of CAD$2.5 million of Resolute shares for 25 million existing Loncor shares.

READ: Resolute Mining has global investment manager increase stake

Loncor’s DRC properties include exclusive gold rights to an area covering 1,696 square kilometres along the Ngayu Archaean greenstone belt in the country’s northeast.

This belt is the north-western extension of the Lake Victoria greenstone belt terrain which hosts a number of world-class gold deposits, including Geita, North Mara and Bulyanhulu.

It also contains the Golden Pride mine which was developed, owned and operated by Resolute and produced more than 2 million ounces of gold between 1998 and 2014.

Makapela and Yindi are key interests

Loncor’s key interests include the 100%-owned Makapela and Yindi prospects.

Makapela hosts an NI 43-101-compliant indicated resource of 2.2 million tonnes at 8.7 g/t for 614,200 ounces and an inferred resource of 3.2 million tonnes at 5.3 g/t for 549,600 ounces.

Loncor also has a joint venture with Randgold Resources (DRC) Limited covering all exploration permit areas comprising Loncor’s Ngayu project, other than certain parcels of land surrounding and including Makapela and Yindi.

Randgold manages and funds all exploration of the permit areas and has the right to earn up to 65% of the joint venture vehicle.

Two gold operations

Resolute operates two mines, the Syama Gold Mine in Mali and the Ravenswood Gold Mine in Queensland, Australia.

In Ghana, the company has completed a feasibility study on the Bibiani Gold Mine focused on the development of an underground operation requiring modest capital and using existing plant infrastructure.

Resolute is also exploring more than 6,600 square kilometres of potential world-class tenure in West Africa and Australia with active drilling programs in Mali, Ghana, Cote d’Ivoire and Queensland.

It is one of the largest ASX-listed gold producers with FY18 guidance of 280,000 ounces of gold production at an All-In Sustaining Cost of A$1,360/ounce.

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Wed, 27 Jun 2018 17:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199650/resolute-mining-acquires-27-stake-in-gold-explorer-focused-on-drc-199650.html
<![CDATA[News - Resolute Mining has global investment manager increase stake ]]> https://www.proactiveinvestors.com.au/companies/news/198221/resolute-mining-has-global-investment-manager-increase-stake-198221.html Resolute Mining Ltd (ASX:RSG) has had major shareholder Dimensional Entities increase its stake in the company to 7.02% from 6.02%.

Dimensional Entities encompasses Dimensional Fund Advisors, a US-headquartered investment firm that applies academic research to practical investing on a global scale.

Resolute recently acquired a 15% interest in Orca Gold (CVE:ORG) by participating in a share placement.

Orca is a first mover in the emerging gold industry in Sudan with a JORC resource of 3.8 million ounces of gold.

The investment in Orca represents a strategic stake in an exciting development opportunity and expands Resolute’s potential project pipeline.

Resolute and Orca will collaborate on opportunities in Sudan, Côte D’Ivoire, and elsewhere in Africa.

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Tue, 05 Jun 2018 08:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198221/resolute-mining-has-global-investment-manager-increase-stake-198221.html
<![CDATA[Media files - Resolute Mining gains first mover advantages in Sudan through Orca Gold Investment ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9382/resolute-mining-gains-first-mover-advantages-in-sudan-through-orca-gold-investment-9382.html Mon, 28 May 2018 11:01:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9382/resolute-mining-gains-first-mover-advantages-in-sudan-through-orca-gold-investment-9382.html <![CDATA[Media files - Tabakoroni results show "rapidly unfolding major discovery" for Resolute Mining ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9375/tabakoroni-results-show-rapidly-unfolding-major-discovery-for-resolute-mining-9375.html Fri, 25 May 2018 11:29:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9375/tabakoroni-results-show-rapidly-unfolding-major-discovery-for-resolute-mining-9375.html <![CDATA[Media files - Resolute Mining resolute in becoming a multi-mine global gold producer ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9305/resolute-mining-resolute-in-becoming-a-multi-mine-global-gold-producer-9305.html Thu, 17 May 2018 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9305/resolute-mining-resolute-in-becoming-a-multi-mine-global-gold-producer-9305.html <![CDATA[News - Resolute Mining Ltd to outline bookbuild ]]> https://www.proactiveinvestors.com.au/companies/news/166482/resolute-mining-ltd-to-outline-bookbuild-71220.html Gold producer Resolute Mining Ltd (ASX:RSG) has been granted a trading halt by the ASX this morning, pending details of a capital raising - which will be in the form of a bookbuild.

Resolute's shares have increased seven-fold over the past 12 months to $2.19.

The halt will last until the opening of trade on Thursday 29th September 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 Sep 2016 09:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166482/resolute-mining-ltd-to-outline-bookbuild-71220.html
<![CDATA[News - Resolute Mining hits 40m at 20.62g/t gold in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/156702/resolute-mining-hits-40m-at-2062gt-gold-in-ghana-59079.html Resolute Mining (ASX:RSG) should trade higher after revealing a series of significant high grade gold intercepts from its Bibiani Gold Project in Ghana.

Assays from surface and underground diamond drilling included 30.9 metres at 13.32g/t gold from 276.7 metres, 40 metres at 20.62g/t gold from 431 metres, 22 metres at 11.81g/t gold from 109 metres, and 24 metres at 6.52g/t gold from 118 metres.

Results to date confirm and potentially build on the existing 1.7 million ounce resource at Bibiani.

The 25,000 metre drill campaign, which is due to complete in early 2015, will be followed by new resource modelling for inclusion in a Feasibility Study on underground mining at Bibiani.

Resolute is an unhedged gold miner with two operating mines in Africa and Australia and is one of the largest gold producers by volume listed on the ASX.

Resolute’s flagship Syama project in Mali is on track for an increase in production to 270,000 ounces of gold a year following an approved expansion to be undertaken through FY2016.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 20 Nov 2014 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156702/resolute-mining-hits-40m-at-2062gt-gold-in-ghana-59079.html
<![CDATA[News - Resolute Mining raising $25 million for West African gold operations ]]> https://www.proactiveinvestors.com.au/companies/news/156701/resolute-mining-raising-25-million-for-west-african-gold-operations-58783.html Resolute Mining (ASX:RSG) is raising up to $25 million via a convertible note offer for drilling programs and feasibility studies on its Bibiani gold project in Ghana and its Syama gold project in Mali.

The offer will comprise the issue of 15,000,000 convertible unsecured notes with a face value of $1 per note to raise up to $15 million before costs, with the ability to accept oversubscriptions of up to $10 million.

This provides flexibility for Resolute’s current project development opportunities and is also a prudent capital management initiative in light of prevailing market challenges in the gold sector.

The offer has been underwritten by major shareholder ICM Limited for $15 million.

Last month, RSG intersected broad, high grade gold mineralisation in deep drilling at Syama which has advanced the potential for an increase in underground reserves beneath the open pit.

An intercept of 88 metres at 2.73g/t gold highlighted the robust and consistent nature of the Syama orebody at depth.

An underground feasibility study is due to commence in early 2015 following completion of current drilling program and block modelling.

Resolute is an unhedged gold miner with two operating mines in Africa and Australia, and is one of the largest gold producers by volume listed on the ASX.

Resolute’s flagship Syama project in Mali is on track for an increase in production to 270,000 ounces of gold per year following an approved expansion to be undertaken through FY2016.

At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs.

In Ghana, the company operates the advanced Bibiani gold project where work is being undertaken on an underground feasibility study including a 20,000 metre drill program.

Resolute has also identified a number of exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its now completed Golden Pride mine.

The company is capped at $166 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 07 Nov 2014 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156701/resolute-mining-raising-25-million-for-west-african-gold-operations-58783.html
<![CDATA[News - Resolute Mining reduces capital cost for Mali gold project expansion ]]> https://www.proactiveinvestors.com.au/companies/news/156700/resolute-mining-reduces-capital-cost-for-mali-gold-project-expansion-51290.html Resolute Mining’s (ASX: RSG) ongoing optimisation of its Syama Expansion Project in Mali, which will increase gold production to 270,000 ounces per annum, has reduced capital expenditure to US$235 million from US$266 million.

This is due mostly to a US$28 million reduction from the company no longer having to relocate the sulphide crushing circuit.

Further Syama open pit mine plan refinement has also delivered a 13 million tonne reduction in material handling and improved economics with minimal ounces lost.

In addition, the parallel oxide circuit remains on schedule for commissioning in January 2015.

A pre-feasibility study is underway for Syama underground operation with positive geotechnical investigations confirming underground cavability.

Deep infill diamond drilling will begin immediately to upgrade resources below Syama pit.

Syama had produced 196,182 ounces of gold at cash costs of A$796 per ounce in the 2012-13 financial year.

It has Ore Reserves of 2.4 million ounces at a grade of 2.6 grams per tonne gold and Resources of 4.7 million ounces of gold at 2.4g/t.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 19 Dec 2013 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156700/resolute-mining-reduces-capital-cost-for-mali-gold-project-expansion-51290.html
<![CDATA[News - Resolute Mining signs deal to acquire full control of Ghana gold project ]]> https://www.proactiveinvestors.com.au/companies/news/156699/resolute-mining-signs-deal-to-acquire-full-control-of-ghana-gold-project-50706.html Resolute Mining (ASX: RSG) has signed a deed of company arrangement with Noble Mineral Resources (ASX: NMG) that will see Resolute move forward to become the 100% owner of the Bibiani gold project in Ghana.

This follows the approval of Noble’s creditors on 26 November for the deal.

Resolute has also entered into a US$7 million interim funding agreement with the Deed Administrator in order to support the Scheme of Arrangement process with respect to Noble’s Ghanaian subsidiaries.

The deal removes any uncertainty regarding future ownership and operation of Bibiani following Noble entering into Voluntary Administration in September 2013.

Bibiani has a Resource of 2.8 million ounces and includes a 3 million tonne per annum CIL processing facility. It has produced 4 million ounces of gold to date.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 29 Nov 2013 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156699/resolute-mining-signs-deal-to-acquire-full-control-of-ghana-gold-project-50706.html
<![CDATA[News - Resolute Mining sweetens offer to Noble Mineral Resources ]]> https://www.proactiveinvestors.com.au/companies/news/156698/resolute-mining-sweetens-offer-to-noble-mineral-resources-35396.html Resolute Mining (ASX: RSG) has improved the financing offered to Noble Mineral Resources (ASX:NMG) as it seeks to trump the placement financing offered by Zhongrun.

It extended the period for acceptance of the proposed US$15 million unsecured short term debt facility until Friday, 9 November 2012.

It also made the Financing Offer irrevocable until Friday, 9 November 2012.

By comparison, the offer from Zhongrun has a major portion of its proposed placement remains subject to shareholder approval and various Chinese regulatory approvals, which are no guarantee of being obtained.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Mon, 05 Nov 2012 08:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156698/resolute-mining-sweetens-offer-to-noble-mineral-resources-35396.html
<![CDATA[News - Resolute Mining fine tunes financing offer to Noble ]]> https://www.proactiveinvestors.com.au/companies/news/156697/resolute-mining-fine-tunes-financing-offer-to-noble--35152.html Resolute Mining (ASX: RSG) has made changes to its alternative A$85 million financing offer to Noble Mineral Resources (ASX: NMG) in response to concern about the lack of immediate funding certainty.

The offer now incorporates a US$15 million unsecured short term debt facility that will be available for immediate draw down if the offer is accepted.

This is effectively an advance on the US$20 million guarantee originally proposed by Resolute, which was intended to facilitate further draw down under Noble’s existing secured debt facility with Investec.

Ina addition, Resolute confirmed that interest on the convertible notes for its offer would be capitalised for the first year of the three year term.

Noble had last Friday reiterated its support for the proposed investment from Chinese private investment group Zhongrun saying there were a number of fundamental concerns regarding the unsolicited and incomplete proposal put forward by Resolute.

This contrasted with the immediate cash available from the first tranche of Zhongrun’s A$84.7 million funding.

Noble added that Zhongrun’s proposal would see it ungeared, unhedged and fully funded through the Bibiani project ramp-up to cash-flow positive production.

 

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Tue, 30 Oct 2012 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156697/resolute-mining-fine-tunes-financing-offer-to-noble--35152.html
<![CDATA[News - Resolute Mining plays knight to Noble Mineral Resources ]]> https://www.proactiveinvestors.com.au/companies/news/156695/resolute-mining-plays-knight-to-noble-mineral-resources--34970.html Resolute Mining (ASX: RSG) has offered Noble Mineral Resources (ASX: NMG) an alternative A$85 million financing offer along with an acquisition of 19.99% of Noble's shares.

The offer is conditional on Noble rejecting the proposed investment from Chinese private investment group Zhongrun, which had offered to subscribe for A$84.7 million worth of new ordinary shares in Noble, making the fund Noble’s largest shareholder with 41.5%.

Resolute has executed Share Sale Agreements with certain Noble shareholders to acquire 19.99% of Noble shares in exchange for Resolute shares.

It will also fully underwrite a A$78.7 million Entitlement Issue of convertible notes to Noble
Shareholders and subscribe for A$6.3 million in convertible notes on the same terms.

Resolute will also provide an immediate US$20 million guarantee to enable Noble to borrow additional funds to meet its short-term funding needs.

The proposed notes will mature in three years and carry an 8% per annum coupon, paid semi-annually. These can be converted into Noble shares at A$0.12 each.

Resolute said its offer ensures that Noble will have access to the short-term funds it needs in a timely fashion while its underwriting of the A$85 million notes provides a high degree of visibility to Noble shareholders on receipt of these funds.

It added that if all existing Noble shareholders take up their entitlements and all convertible notes are subsequently converted, Resolute would hold 23.1% of the enlarged capital of the company, with existing Noble shareholders holding the remaining 76.9%.

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 25 Oct 2012 15:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156695/resolute-mining-plays-knight-to-noble-mineral-resources--34970.html
<![CDATA[News - Resolute Mining ramping up Syama gold mine in Mali to 250,000 ounces per annum ]]> https://www.proactiveinvestors.com.au/companies/news/156692/resolute-mining-ramping-up-syama-gold-mine-in-mali-to-250000-ounces-per-annum-1040.html Resolute Mining (ASX:RSG) has provided an update on progress at its Syama gold mine in Mali where commissioning of the sulphide processing circuit has commenced. Resolute holds an 80% interest in Syama, which is forecast to produce approximately 250,000 ounces of gold per annum once in operation.

Construction

Construction of the project is substantially complete. Punch lists for the various sections of the plant have been prepared and are being worked through by a dedicated mechanical and electrical team. This work which does
not effect the operation of the plant, will continue for the next few months. Most construction contractors have begun demobilising from the site, including Minproc’s EPCM team.

Commissioning

Commissioning of the plant has commenced involving engineers from Resolute, Minproc, Outotec and other specialist commissioning engineers at site.

The treatment of oxide stockpiles was suspended in February. Since then maintenance has been carried out on the crushers and mills and these circuits have been tied into the sulphide section of the plant. Wet commissioning of the flotation, thickener and filtration areas has been completed and ore commissioning of this section has commenced. commissioning is to start with circuit testing and equipment checks.

Operations ramp up

Site preparations for sulphide ore feed to the plant are well advanced. Initial feed, both for commissioning and operation, will be a mix of medium grade stockpiles and fresh ore from the pit. Tests on the ore, from both these sources, have been conducted to ensure that a concentrate of appropriate specification for the roaster can be produced.

Concentrate production from the flotation plant has commenced with output meeting the specification for the roaster. This material will be stockpiled ahead of its requirement for roaster commissioning. Concentrate feed to the roaster is expected to commence in April and throughput ramped up during April and May. Roaster calcine will become available for leaching during this period.

The plant is expected to remain in commissioning mode for a period of eight weeks. During this time operations staff will receive full training on all aspects of its operation. Resolute is pleased with progress of commissioning activities to date. Successful commissioning and ramp up of Syama will consolidate Resolute as one of Australia’s leading gold producers.

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Tue, 17 Mar 2009 10:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/156692/resolute-mining-ramping-up-syama-gold-mine-in-mali-to-250000-ounces-per-annum-1040.html