Resolute Mining Limited Released the statement on Annual Ore Reserve and Mineral Resources

  • Aug 16, 2018 AEST
  • Team Kalkine
Resolute Mining Limited Released the statement on Annual Ore Reserve and Mineral Resources

Substantial rise in the company’s Reserves and Resources: Resolute Mining Limited’s (ASX: RSG) stock fell 2.6% on August 16, 2018 though the company has delivered significant rise in the company’s Annual Group Ore Reserve and Mineral Resource Statement as at 30 June 2018. The Global Ore Reserves rose by 17% to 5.9 million ounces (Moz) of gold and Global Mineral Resources (inclusive of Ore Reserves) rose by 35% to 16.5Moz. The company’s Ore Reserves rose on the back of successful exploration and an updated development plan at the Syama Gold Mine in Mali.

The Syama Underground Probable Reserves have increased to 3.0 Moz of gold at 2.7g/t after the completion of a Definitive Feasibility Study Update, that had reduced the Life of Mine All-In Sustaining Cost to US$746/oz. Further, the Ore Reserves at Ravenswood have reduced by 50,000 oz driven by the mining depletion and minor adjustments, while Ore Reserves at Bibiani remained unchanged from 30 June 2017. Moreover, Managed Mineral Resource increased due to the addition of 1.8 Moz at Syama, including a maiden Inferred Mineral Resource at the Nafolo discovery. Bibiani’s Mineral Resources increased by 40% to 2.5Moz on the previous estimate at 3.6g/t gold. RSG stock has risen 9.96% in three months as on August 15, 2018  and is trading at a P/E of 8.53x. However, the stock has been on a downtrend given the gold price scenario.

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