viewResolute Mining Limited

Resolute Mining increases production in December quarter

The company produced 384,731 ounces of gold in the year ended 31 December 2019.

Resolute Mining Limited - Resolute Mining increases production in December quarter
Resolute had cash, bullion and listed investments as at 31 December 2019 of A$181 million

Resolute Mining Ltd (ASX:RSG) has produced 105,293 ounces of gold during the December quarter, a 2% increase on the previous September quarter.

This resulted in FY19 gold production of 384,731 ounces, which was within 3.8% of the annual production guidance of 400,000 ounces.

This result confirms that the unscheduled material loss of production from the Syama sulphide circuit was largely offset by the outperformance of the Syama oxide circuit and the Make and Ravenswood gold mines.

Additional operational details including costs will be included in the official quarterly report expected on 17 January 2020.

Repaired Syama circuit ready for strong 2020

Resolute’s managing director and CEO John Welborn said: “Syama sulphide production fell well short of our expectations in both the September and December quarters.

“Our operating and project teams have worked hard to offset lost production with strong performance from our other operating assets.

“The repairs to the Syama roaster are now complete and the sulphide circuit is ready for a strong performance in 2020.

“In addition to managing the challenge of the Syama roaster repairs, we have made significant progress in delivering on our strategy during 2019.

Resolute optimistic for 2020

“We have now fully commissioned the Syama Underground Mine, refurbished the Syama sulphide circuit, acquired the Mako Gold Mine on highly value accretive terms, generated excellent exploration success at Tabakoroni, completed Stage 1 of the Ravenswood Expansion Project, and significantly progressed the strategic review of Bibiani.

“With a pipeline of growth opportunities and Syama positioned to deliver on its potential, I am highly optimistic for 2020”.

Recent hedging activities

Resolute recently forward sold an additional 22,800 ounces of gold at an average price of US$1,553 per ounce in scheduled 3,800-ounce monthly deliveries.

This hedging activity added to the 55,000 ounces of gold forward sold at an average price of US$1,510 per ounce in monthly delivers from July 2020.

Resolute’s total gold hedge book consists of 177,800 ounces in monthly deliveries out to December 2020.

Notably, this represents less than 3% of its Ore Reserves across its portfolio of four operating gold mines and projects.

Quick facts: Resolute Mining Limited

Price: 1.22 AUD

Market: ASX
Market Cap: $1.59 billion

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