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Resolute Mining quarterly confirms record production from Syama

The company’s March quarterly report has confirmed the production update earlier in April.

map of gold mine locations
Cash, bullion and listed investments as at 31 March 2019 totaled $86 million

Resolute Mining Ltd (ASX:RSG) has confirmed record gold production from its Syama gold mine in Mali contributing to March quarter production of 98,105 ounces at an all-in sustaining cost (AISC) of A$1.039 per ounce.

The Syama mine contributed the majority of quarterly production, up 50% on the December quarter to 84,552 ounces with the balance coming from the Ravenswood gold mine in Queensland.

READ: Resolute Mining achieves record quarterly gold production from Syama

Resolute’s managing director and CEO John Welborn said: ““The quarterly production and costs from Syama is very pleasing and represents a site production record of 84,552 ounces.

“The performance of Tabakoroni was exceptional with high-grade ore and strong recoveries enabling us to also achieve record quarterly production of 71,186 ounces from the Syama oxide circuit.”

Syama to ramp up to commercial production in September quarter

Welborn added: “Our Syama team remains focused on the optimisation and commissioning of the most advanced underground mining automation system in the world at the Syama Underground Mine.

“Underground ore production will continue to ramp up over the coming quarters with commercial production targeted for the September 2019 quarter.

READ: Resolute Mining Tabakoroni resource supports underground gold mine potential

“Syama is becoming the robust, high production, low cost gold complex we have envisaged. Syama will be a powerhouse of gold production for Resolute for many years to come and the commissioning work undertaken at the Syama Underground Mine during the quarter provides an important foundation for future success.

“Our exploration program at Tabakoroni continues to yield impressive results with the Mineral Resource now comprising of over 1 million ounces of gold at a grade of 5.1 grams per tonne.

“This resource inventory includes a maiden Underground Mineral Resource confirming potential for an underground mine at Tabakoroni which will materially extend mine life beyond the current open pit production.

“This deposit remains open in all directions with results continuing to increase the dimension of high-grade sulphide zone.”

READ: Resolute Mining set to benefit from new Mining Convention Agreement for Syama mine

“The success at Syama is supported by the signing of a new Mining Convention with the Mali Government and the granting of a ten-year extension of the Syama Mining Permit.

“The new Mining Convention establishes improved fiscal and operating conditions at Syama including a reduction in the income tax rate to 25% and the stabilisation of the royalty rate and taxation regime.”

FY2019 production guidance reaffirmed

Welborn added: “We remain on track to achieve our production guidance for the 12 months through to 30 June 2019 of 300,000 ounces of gold at an All-In Sustaining Cost of A$1,280/oz (US$960/oz).

“I am pleased with current operating performance and optimistic that 2019 will be a pivotal year for the company as we ramp-up our Syama operations, optimise the Ravenswood Expansion Project, and deliver on an ambitious growth agenda.”

Quick facts: Resolute Mining Limited

Price: 1.125 AUD

Market: ASX
Market Cap: $1.17 billion

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