28/08/2012 - 12:02

Resolute profit grows as production rises

28/08/2012 - 12:02

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Resolute profit grows as production rises

Resolute Mining has announced a full year net profit of $105 million, up 76 per cent on the previous year.

The Queensland and Africa-focused gold miner said the profit came on a 30 per cent spike in revenue, to $576.7 million.

Resolute said its average cash price received was $1,627 per ounce, with cash costs coming in at $761/oz.

At its flagship Syama mine, in Mali, Resolute produced 145,197 ounces at a cash cost of $784/oz, while at Ravenswood in Queensland, output was 137,965 ounces, at $756/oz.

At the Golden Pride gold mine in Tanzania, Resolute produced 115,289 ounces at $737/oz.

The company forecast gold production of 415,000 ounces for financial year 2013, with cash costs of around $830/oz.

“Resolute’s continued improvement in outlook is underpinned by ongoing progress being achieved at the flagship Syama operation in Mali,” the company said in a statement.

“Plant throughput and head grades are expected to continue to improve over the period, resulting in another lift in production.

“This more than offsets the lower production from Golden Pride as that operation moves towards closure by the end of the financial year.”

At 12:00PM, WST, Resolute stocks were down 2.5 per cent, trading at $1.55.

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