Resolute Mining Limited released June Quarterly Activities Report

  • Jul 24, 2018 AEST
  • Team Kalkine
Resolute Mining Limited released June Quarterly Activities Report

June Quarterly Activities Report: Resolute Mining Limited’s (ASX: RSG) stock fell 0.613% on July 24, 2018 after the company released June Quarterly Activities Report. The company during the June 2018 quarter has 75,000 ounces of gold at an AISC of A$1,303/oz (US$986/oz). In FY 18, the gold production is of 284koz at AISC of A$1,355/oz (US$1,051/oz), which is ahead of the revised guidance of 280koz at A$1,360/oz.  Further, Syama Underground mine development is on track and is due for project completion and commencement of full sub-level caving in December 2018, with ramp up to occur in 2019. Syama DFS Update showed materially lower costs (LOM AISC of US$746/oz) and extension of mine life to 2032. Moreover, the update on Ravenswood Expansion Project reflects an optimised mining and processing schedule, a revised processing and tailings management strategy, and the incorporation of new technologies to improve efficiency. Ravenswood will now, on average, produce approximately 115,000 ounces annually at a Life of Mine All-In Sustaining Cost of A$1,097 per ounce (US$823 per ounce) through to 2032. The company has received Bibiani Environmental Permit Authorisation and the operational readiness phase will commence in FY19. Additionally, RSG has made strategic investment in TSX-listed, Sudan-focused developer, Orca Gold Inc. The company has received an average gold price of A$1,703/oz (US$1,320/oz) from total FY18 gold sales of 262,381oz. RSG’s cash, bullion and listed investments as at 30 June 2018 is of A$113m (US$84m). In addition, in first half of FY 19, the development of the Syama Underground will continue, which will provide an increasing contribution to sulphide processing from high grade development ore. In the current quarter, the development and production of ore from the Tabakaroni satellite operation will commence. Meanwhile, RSG stock has fallen 1.14% in three months as on July 23, 2018  and is trading at a P/E of 8.40x.

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