7th Oct 2019 13:08
(Alliance News) - Resolute Mining Ltd on Monday said it is on track to meet its full-year guidance after reporting a quarter-on-quarter rise in gold production in the September quarter.
In the period ended September 30, Resolute reported a 32% production rise to 103,201 ounces of gold, from 78,132 ounces in the quarter-ended June 30.
In the first three quarters of 2019, the company has achieved gold production of 279,483 ounces, leaving it on track to meet its annual target of 400,000 ounces at an all-in sustaining cost of USD960 an ounce.
Third quarter from the Syama gold mine stood at 45,804 ounces. The company reported a "major ramp-up milestone" at the facility in Mali and the Sulphide Circuit in Syama achieved recoveries in excess of the 85% target, Resolute added.
The Mako gold mine in Senegal, one of Resolute's newer assets, had a production result for the September quarter of 44,191 ounces of gold.
The Ravenswood mine in Australia delivered a consistent production result of 13,206 ounces, Resolute said. In August, the company said it has begun upgrading the site with the aim of increasing its processing capacity to five million tonnes per annum by the end of 2019
Chief Executive and Managing Director John Welborn said: "Delivering quarterly gold production in excess of 100,000 ounces is the new normal for Resolute. Achieving major commissioning milestones at our new underground mine at Syama is encouraging as the team ramp up production to full capacity.
"Project 85 remains a critical focus at Syama and while the unscheduled maintenance and repairs conducted during the quarter limited sulphide circuit quarterly production, we remain confident and committed to achieving our processing objectives. A highlight of the quarter was to successfully complete the highly value accretive acquisition of the Mako Gold Mine, a fabulous addition to our portfolio."
Shares in Resolute were 1.4% higher at 78.90 pence each.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Resolute Mining