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Resolute Mining receives environmental permit for Bibiani recommissioning

Following receipt of the permit, the 2016 feasibility study has been updated.
world map showing three gold project locations
Bibiani will be the company's third gold mine once commissioned

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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