viewResolute Mining Limited

Resolute Mining in trading halt with acquisition news pending

The company produces gold from its Syama gold mine in Mali and Ravenswood mine in Queensland.

The company has gold mines in Mali, West Africa and Queensland, Australia

Resolute Mining Ltd (ASX:RSG) has an announcement pending in regard to a proposed acquisition and has been granted a trading halt by the ASX.

The halt will remain in place until the beginning of trade on Friday, August 2, 2019, or when an announcement is made to the market, whichever occurs earliest.

Resolute's shares last traded at $1.77.5 after reaching a new high of $1.82.5 earlier this month.

READ: Resolute Mining beats gold production guidance target

The company produced 305,436 ounces of gold at an all-in sustaining cost of US$924 per ounce in the 12 months to June 30, 2019, beating its guidance of 300,000 ounces at US$960 per ounce.

As the company continues to ramp up its Syama Underground Mine in Mali, the 2019 calendar year guidance has been upgraded to 330,000 ounces at US$990 per ounce.

In the June quarter alone, Resolute produced 78,132 ounces of gold at an AISC of US$939 per ounce.

READ: Resolute Mining’s Ravenswood Expansion Project gets bigger with gold reserves up 58%

The company also continues to grow the Ravenswood Gold Project in Queensland with ore reserves increasing by 1 million ounces, or 58% to 2.7 million ounces.

These upgraded reserves support the potential for higher throughput and long mine life for the Ravenswood Expansion Project (REP).

This is supported by a strategic and technical review of the project, which identified efficiency and scale improvements.

Quick facts: Resolute Mining Limited

Price: 1.1925 AUD

Market: ASX
Market Cap: $1.24 billion

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