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.