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Resolute Mining Ltd

Resolute Mining increases quarterly gold production by 33%

Gold is produced from the Syama mine in Mali and the Ravenswood mine in Queensland.

Overview powerpoint slide
Cash, bullion and listed investments as at 31 December 2018 totalled A$111 million

Resolute Mining Ltd (ASX:RSG) produced 73,691 ounces of gold in the December quarter, up 33% on the prior September quarter.

The Syama Underground Mine ramp-up continues on plan with production up more than 50% to 56,207 ounces.

Ravenswood produced a consistent 17,484 ounces of gold.

READ: Resolute Mining strengthens Australian dollar gold hedge with a further 30,000 ounces

Resolute’s managing director and CEO John Welborn said: “Production from Syama and Ravenswood is now on track and the commencement of sublevel caving at our Syama Underground Mine will provide further improvements as we commission the world’s first fully automated underground mine.

“Resolute is now ready to prioritise growth and take bold steps in 2019 including listing on the London Stock Exchange”.

Turning point for the company

In what is considered a turning point for the company, further future production increases are expected from the Syama mine with the commencement of sublevel cave ore production.

Additionally, the first quarter of oxide ore production from the Syama operation’s new Tabakoroni satellite open pit mine has provided high grades and recoveries.

Further production details will be revealed in the December quarterly report expected to be released on 31 January 2019.

The company is in a strong financial position with cash, bullion and listed investments as at 31 December 2018 of A$111 million.

Syama is the world’s first, purpose-built, fully automated sub-level cave gold mine

Quick facts: Resolute Mining Ltd

Price: $1.68

Market: ASX
Market Cap: $1.51 billion
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