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The Perth-based Resolute Mining Limited (ASX: RSG) mines, explores and develops gold properties primarily across Africa and Australia. On April 30th, 2019, Resolute Mining released its Quarterly Activities Report for the three months ended March 31st, 2019. During the quarter, the gold production increased by a percentage of 33% to 98,105oz at an all-in sustaining costs (AISC) of AUD 1,039 per oz (~USD 740 per oz). Besides, the total gold sales of 108,024 oz were achieved at an average gold price of AUD 1,791 per oz (~ USD 1,276 per oz).
According to Resolute Mining, Syama, located in the south of Mali, West Africa, is becoming the robust, high production, low cost gold complex and will be a powerhouse of gold production for Resolute for many years to come. The mining permit for Syama has been extended for a further 10 years. Recently on April 18th, 2019, the company and the Republic of Mali Government signed a New Mali Mining Convention which promised improvements in the operating and fiscal conditions for Syama.
Syama is an expansive operation which contains the Tabakoroni Open Pit Mine and the Syama Underground Mine.
The priority commissioning work, infrastructure, development and the automation implementation program undertaken at the Syama Underground Mine during the concerned period would build a solid foundation for future growth. Currently, the works are being accelerated at the mine site with commercial production scheduled to commence by September 2019 quarter tentatively.
The Tabakoroni Open Pit Mine recorded an outstanding historic quarterly production of 71,186 ounces (high-grade ore and strong recoveries) from the Syama oxide circuit. The exploration program being implemented at Tabakoroni has consistently returned impressive results with the Mineral Resource now at above 1 million ounces of gold at a grade of 5.1 grams per tonne, including a underground maiden Mineral Resource of 5.2 Mt at 5.1 g/t Au for 850k oz gold.
As of December 31st, 2018, the Companyâs Global Mineral Resources totalled 16.6 Moz of gold including 5.8 Moz of gold in Ore Reserves.
The company is lately advancing preparatory work for an application for admission of its ordinary shares to the standard listing segment of the London Stock Exchange (LSE). Upon receiving regulatory approvals from both the UK Financial Conduct Authority and the LSE, Resolute is on track for admission within the first half of 2019.
At the end of the quarter, Resolute had an estimated recoverable gold in circuit inventory of 67,612 oz with a market value of approximately AUD 123 million (~USD 88 million). The cash bullion and listed investments as of March 31st, 2019, were valued at around AUD 86 million (~USD 61 million).
The company has also reaffirmed its guidance for the 12 months to June 30th, 2019 to 300,000 oz at an AISC of AUD 1,280 per oz (USD 960 per oz).
A conference call was hosted by Managing Director and CEO, Mr John Welborn, for investors analysts and media on Tuesday April 30th, 2019 at 11:00 a m (AWST, Perth) / 1:00 pm (AEST, Sydney), to discuss the latest results. On the same day, the RSG stock price closed the market trading at AUD 1.130, diving 5.042%, by AUD 0.060 with ~ 8.6 million shares traded.
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