Resolute Mining Limited Provided an Update About Tabakoroni Project

  • Dec 19, 2018 AEDT
  • Team Kalkine
Resolute Mining Limited Provided an Update About Tabakoroni Project

Resolute Mining Limited (ASX: RSG), which is engaged in the business of producing gold, has made an announcement, on December 18, 2018, regarding the outstanding results related to the drilling which have been achieved from exploration program with respect to Tabakoroni Project. The company happened to possess strong experience when it comes to production, development, exploration as well as innovation of gold. The press release issued by the company stated that the exploration activity is presently operational at Tabakoroni Project which involves 2 diamond drill rigs. These drill rigs have maintained their focus towards assessing high-grade sulphide potential with respect to Tabakoroni Main Zone. The top management of the company stated that they are presently in the process of identification of new mineralization with respect to hanging wall of Tabakoroni shear zone. The management of the company also stated that they have been witnessing outstanding high-grade intersections which strengthen the value with respect to ongoing investment in the exploration in the company’s Syama tenure. 

The management of Resolute Mining Limited stated that Tabakoroni happens to the key opportunity for the company in terms of growth prospects and which could help the company in reaping the benefits of processing infrastructure at Syama.

Resolute Mining Limited stated that the company has managed to maintain profitability even during the phase of development. The company posted NPAT or net profit after tax amounting to A$78 million. Also, the company has managed to deliver robust returns to its shareholders. Considering the presentation of the company’s AGM or annual general meeting, Resolute Mining Limited has managed to post total gold production of 284,185 ounces in FY 2018. During the same period, the company that it had sold total 262,381 ounces of gold. The company has been regarding Syama as the most advanced mine. The management of Resolute Mining Limited had stated that in FY 2018, the company has witnessed favourable momentum with respect to the asset base as well as for the growth prospects which might arise in the future. The company had also made significant deployments with regards to the initiatives focused on the development.

At the time of writing, the stock price of Resolute Mining Limited has been witnessing the positive momentum and was seen in green. The stock price is trading at A$1.160 per share which implies that the stock has inclined A$0.035 per share or 3.111% intra-day. The market capitalization of Resolute Mining Limited stood at $852.2 million and, as per the Australian Securities Exchange or ASX, the company is having an annual dividend yield of 1.78%. Over the time span of previous six months, the stock delivered the return of -14.77% while in the previous three months, the return was 7.66%.


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