Resolute hits revised guidance

Resolute Mining has posted steady preliminary production results at its gold operations for the 2018 financial year, while also providing guidance for next year as the company moves towards its target of 500,000 ounces per annum.

Resolute said annual gold output for FY2018 reached 284,127oz with an all-in sustaining cost of $1,355/oz across its Syama mine in Mali and Ravenswood project in Queensland.

The result was slightly above the revised guidance of 280,000oz.

The gold miner lowered its forecast from 300,000oz in March following decreased production at Syama.

Gold production from Syama for the year was 194,142oz at an all-in sustaining cost of $1,283/oz, while at Ravenswood output hit 89,985oz at an AISC of $1,395/oz.

Managing director John Welborn said the results positioned the company for future growth.

“We have demonstrated industry leading discipline in our efforts to transform our mines at Syama and Ravenswood for long life, lower cost futures,” he said.

“Resolute has continued to generate strong operational cashflow during a period of transition at both of our operating mines.”

Resolute has also provided guidance for the 2019 financial year, forecasting output of 300,000oz at an AISC of $1,280/oz.

“The coming financial year will see us deliver on these ambitions at Syama and Ravenswood and earn the right to focus on new production horizons which will generate exceptional returns for shareholders,” Mr Welborn said.

“Production expansions will lead to revenue growth and greater cash flows which in turn will flow to shareholders in increasing dividends and capital growth.

“We intend to continue to invest in exploration and the adoption of new technologies to increase efficiencies and drive improved operational performance.”

Resolute has a four-year plan that is targeting production of 500,000ozpa, which includes the addition of the Bibiani mine in Ghana the company’s operations.

The preliminary results are unaudited with the full results expected later this month.