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Resolute Mining lifts gold resource inventory to 19.1 million ounces

The company has added 2.5 million ounces in resources during 2019 net of mining and stockpile deletion.

Resolute Mining Limited - Resolute Mining lifts gold resource inventory to 19.1 million ounces
Global ore reserves are up by 1.6 million ounces to 7.4 million ounces

Resolute Mining Limited (ASX:RSG) (LON:RSG) continues to grow its gold inventory with a further 2.5 million ounces added to total ore reserves and mineral resources in 2019 which now stand at 19.1 million ounces.

The updated ore reserves and mineral resources statement at December 31, 2019, is net of mining and stockpile depletion and is primarily attributable to acquiring the Mako Gold Mine and ore reserve growth at the Ravenswood mine.

Global reserves have increased by 1.6 million ounces to 7.4 million ounces of gold and global resources have increased by 2.5 million ounces to 19.1 million ounces.

Focus on growing inventory

Managing director and CEO John Welborn said the updated ore reserves and mineral resources statement represented a focus on growing the company’s gold inventory as well as improving the quality of Resolute’s mineable ore reserves.

He said: “Resolute’s updated ore reserves and mineral resources statement reflects our ability to significantly grow and improve the inventories we maintain at our long-life, large-scale gold mines.

“At the same time, this demonstrates our commitment to growth by strategic value accretive acquisitions.

“We will continue to seek to create value by increasing the range and quality of our mineral resources by both successful exploration and prudent investment.”

Managed resources

The global totals include on a 100%-basis, gold inventories managed and controlled by Resolute and, on an attributable basis, gold inventories held within the company’s strategic equity investments.

Managed mineral resources at the flagship Syama project in Mali along with Mako, Ravenswood and Bibiani in Ghana have increased to 17.7 million ounces.

Acquisition and expansion

Acquisition of the Mako Gold Mine in Senegal during 2019 resulted in an additional 740,000 ounces of reserves and 1.1 million ounces of resources.

Expansion of the Ravenswood project in Queensland has seen an additional 1 million ounces in reserves and 1.4 million ounces in resources.

A binding agreement has been signed to sell the Ravenswood mine for up to A$300 million while a strategic review is underway of the Bibiani mine.

Resolute’s guidance for FY20 has been set at production of 500,000 ounces of gold at an AISC of US$980 per ounce and this will be revised once the sale of Ravenswood has been finalised.

Equity investments

Attributable mineral resources from equity investments have been maintained at 1.4 million ounces.

Quick facts: Resolute Mining Limited

Price: 0.805 AUD

ASX:RSG
Market: ASX
Market Cap: $853.61 m
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Resolute Mining Limited's (ASX:RSG) (LON:RSG) managing director and CEO John Welborn speaks to Proactive's Andrew Scott at the Mines & Money conference in London 2019. This week the miner's announced they're to develop a new hybrid modular power station at their Syama Gold Project in...

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