Resolute Mining Limited (Resolute) has presented its quarterly activities report for the period ended 30 June 2019. Managing Director and CEO, John Welborn, was pleased with the company’s solid performance in the June 2019 quarter.
He said: “Exceeding production guidance and outperforming cost guidance for the year to 30 June is an exceptional result during a period of significant development in our business. We have generated strong positive operational cashflows while investing in growth. With the achievement of commercial production rates at the new Syama underground mine we have now turned the corner and expect to see increased production at lower costs in line with our development expectations.”
“In the June quarter we made significant progress with the commissioning of our Syama Underground Mine with the achievement of sustained rates of commercial production. This is an important project for Syama, for Resolute, and for the mining industry. We are now focused on continuing the successful production ramp up to nameplate capacity and the completion of automating all aspects of the sublevel cave during 2019. Syama is one step closer to becoming the robust, high production, low cost gold complex we have envisaged. Syama will be a powerhouse of gold production for Resolute for many years to come and generate significant returns for Resolute shareholders, local communities, suppliers and the Mali Government.
“Our exploration programmes in Mali continue to yield impressive results. At Tabakoroni we now have a Mineral Resource comprising over 1 million oz of gold at a grade above 5 g/t. This resource inventory includes a maiden Underground Mineral Resource confirming potential for an underground mine at Tabakoroni which will materially extend mine life beyond the current opencast production.
“At Ravenswood, I am particularly pleased with our major upgrade of Mineral Resources and Ore Reserves. The addition of one million ounces of gold in ore reserves is an excellent outcome from our recent drilling programmes and study work. Gold Mineral Resources at Ravenswood are now almost 6 million oz, demonstrating the project’s status as an outstanding Australian gold mine. We are now directing our ongoing study work to focus on a project which can produce 200 000 oz annually over a 15 year mine life.
“At the corporate level, I was delighted we have delivered as promised on an important strategic goal for 2019 with our listing on the London Stock Exchange. The dual-listing in London will raise Resolute’s profile in global capital markets and facilitate improved access to gold and African-focused institutional investors.
“We have updated our annual production and cost guidance to match the change in our financial year to a 12 month period ending on 31 December. New annual production and cost guidance for the 12 months to 31 December has been upgraded to 330 000 oz of gold at an AISC of US$990/oz. This upgrade is an incremental advance towards our potential as we continue to ramp-up the Syama underground mine and progress other opportunities for additional production.
“2019 will continue to be an exciting year of growth for Resolute”.
To read the full report: https://clients3.weblink.com.au/pdf/RSG/02127379.pdf
Read the article online at: https://www.globalminingreview.com/finance-business/30072019/resolute-publishes-quarterly-activities-report/