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

The average price received for gold sold in FY18 was A$1,703 per ounce.
pouring liquid hot gold
The company has cash, bullion and listed investments of A$113 million

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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