Resolute Mining Limited
Resolute Mining Limited
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West African-focused Resolute Mining has posted its sixth consecutive period of production growth, delivering March qtr (Q1FY2023) output from its Syama sulphide and oxide mines in Mali and Mako in Senegal of 92,259oz gold at AISC of $US1,453/oz compared to 91,777oz at $1,547/oz in the previous period.
Resolute says it is on track for FY2023 guidance of 350,000oz @ $1,480/oz.
Q1 gold sales were 88,151oz (Q4FY2022: 93,326oz) at $1,890/oz ($1,817/oz). Resolute ended the period with net debt of $19.9M ($31.6M), including $75.8M cash and bullion.
West African-focused Resolute Mining is targeting more productivity enhancements and cost controls to offset the industry-wide inflationary pressures after lifting FY2022 gold production from its mines at Syama in Mali and Mako in Senegal to 353,069oz, from 319,271oz in the previous year.
The result exceeded Resolute’s guidance of 345,000oz. AISC rose to $US1,498/oz (FY2022: $1,370/oz).
A 58% increase in the Syama North deposit mineral resource to over 3Moz gold has confirmed the potential for a new openpit operation adjacent to the processing complex at West African producer Resolute Mining’s Syama mine in SW Mali.
Resolute says the 58% increase in resources comes from the better-than-expected results of infill and extensional drilling that substantiated and increased the wide zone of gold mineralisation in Aug 2022.
West African producer Resolute Mining has awarded a four-year, $US185M contract extension to surface mining contractor African Mining Services at its Mako gold mine in Senegal.
AMS, which has been active at the openpit mine since 2017, will continue load and haul, drill and blast, grade control and crusher feed at the openpit mine until 2026.
Mali's transitional government has signed into law the establishment of state-owned mining company Société de Recherche et d'Exploitation Minière du Mali, aiming to increase its resources sector revenue.
"The Malian state is going to enter the mining sector, there is space for everyone," mines ministry secretary-general Soussourou Dembelé told Reuters.
Sorem SA will be fully funded by the state to explore and develop mines, although no details have been released on the value or likely projects.
West African-focused miner Resolute Mining has widened its footprint at its Syama gold mine in SW Mali with an earn-in agreement over African Gold’s neighbouring Syama Shear Zone project.
Resolute has committed to spend $A0.5M on exploration within 24 months and complete a feasibility study within 8 years, gaining 80% ownership of the project on a decision to mine.
West African-focused Resolute Mining has begun a prefeasibility study into low capital expansion options for its Syama gold project in Mali after drilling results updated the mineral resource for the Syama North deposit to 2Moz gold (20Mt @ 3.1g/t).
The deposit, to a nominal 150m below the surface, is adjacent to the Syama processing complex. CEO Terry Holohan says the new openpit operation could add significantly to the flexibility of Resolute’s expansion plans, processing options and debottlenecking initiatives.
Performance improvements at its Syama Sulphide project in Mali have helped Australian-based Resolute Mining lift its June qtr (Q2FY2022) gold production to 89,134oz, its four consecutive increase and up from 81,770oz in the previous period. AISC rose to $US1,540/oz (Q1: $1,383/oz).
CEO-MD Terry Holohan says the sulphide operation’s production has risen 40% since its scheduled maintenance shutdown in March, 26% higher than its 2021 average.
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.