Resolute Mining Limited
Resolute Mining Limited
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West African-focused Australian miner Resolute has undergone its second leadership change in two years after MD-CEO Stuart Gale quit to take up a domestic mining sector position.
Gale, formerly the company’s chief financial officer, was promoted to the top job in May 2021 after Resolute terminated the employment of his predecessor, John Welborn.
Unlike the six-month global talent search that led to Gale’s appointment, the Resolute board immediately named chief operating officer Terry Holohan as his replacement.
West African miner Resolute Resources is predicting more consistent plant performance and less maintenance downtime at its Syama gold mine in Mali with the completion of a $US7.5M program of upgrades to the crushing, milling and roasting circuits.
First gold concentrate was fed to the roaster on March 31, completing the restart of the entire sulphide processing circuit. The upgrade is expected to extend the frequency of major roaster shutdowns from three to as much as 10 years.
Australian-based miner Resolute Mining has forecast lifting annual gold production at its West African mines on the back of continuing exploration successes at its Syama mine in Mali.
After producing 319,271oz at AISC of $US1,370/oz in FY2021, Resolute’s consolidated life of mine plan outlines an average 370,000ozpa at $1,191/oz over the five years to 2026.
Australian-based international miner Resolute is predicting an 8% increase from its three West African mines in the coming year after even a strong final month left its FY2021 gold production at 319,271oz at AISC of $US1,370/oz, down from 395,136oz at $1,074/oz a year earlier.
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Mali’s international miners are alert for risks to their supply chains after the heads of 15 neighbouring West African nations closed their borders and imposed tough economic sanctions after its post-coup interim government announced a three-year delay in the restoration of democratic government.
International miners operating in Mali are closely watching events following the imposition of sanctions and borders by the Economic Community of West African States after the leaders of the 2020 military coup deferred their promised elections and return to civilian rule.
West Australian iron ore producer Fenix Resources has announced a comprehensive review of its business and operational strategies following the appointment of new non-executive chairman John Welborn.
The appointment of Welborn, current MD-CEO of Equatorial Resources and former head of Resolute Mining, coincides with the resignation of interim chairman Warwick Davies and director Richard Nicholls-Maltman. Welborn has subscribed for a $A2.3M share placement under a new director share loan plan.
West African miner Resolute has countered rainfall disruptions of openpit mining and processing performance by drawing down higher-cost ore stockpiles to maintain gold production at 76,336oz in the Sept qtr (Q3FY2021), compared with 77,450oz in the previous period.
The weather impacts at Syama in Mali and the costs of continuing cutback work at Mako in Senegal lifted AISC to $1,449/oz (Q2: $1,319/oz).
West African miner Resolute Mining has deferred a planned 36-day shutdown of the sulphide processing circuit at its Syama gold mine in Mali by four months to Feb 2022. It now plans a seven-day shutdown in late Oct for routine maintenance and upgrades to improve the circuit performance.
A $US167M non-cash impairment charge on carrying value of its Syama mine in Mali has sent Australian-based international miner Resolute Mining to a $219.79M NLAT for the June half-year (H1FY2021), down from its $36.29M profit a year earlier.
The result was achieved on revenues of $261.31M ($305.29M) from sales of 151,503oz (212,668oz) at $1,723/oz ($1,427/oz), including discontinued operations. EBITDA fell to $77.72M ($101.11M).