Resolute Mining Ltd (ASX:RSG) had a solid FY18 producing 284,185 ounces of gold at an all-in sustaining cost (AISC) of US$1,052 per ounce from its two operating gold mines.
Total gold sales of 262,381 ounces generated sales revenue of A$446 million and net operating cash flows of A$28 million.
The company has guided to FY19 production of 300,000 ounces of gold at an AISC of US$960 per ounce.
READ: Resolute Mining grows gold inventory substantially
Resolute’s managing director and CEO John Welborn said: “Resolute continues to generate positive cash flows and returns to shareholders while we make significant investments in major development activity across our asset base.
“During the 2018 financial year, Resolute delivered major updates which confirmed a clear pathway to 500,000 ounces of gold production per annum from long-life, low-cost operations at the Syama Gold Mine in Mali, the Ravenwswood Gold Mine in Australia, and the Bibiani Gold Mine in Ghana.
Welborn added: “At Syama we are on-schedule to commence sub-level caving in December 2018 and to commission the world’s first purpose build fully automated underground gold mine by the end of the current financial year.
“At Ravenswood, our operations team has again exceeded our expectations from both a production and cost perspective. I congratulate the Resolute team for this high level of performance.
“FY18 has been a year of investment in development and with A$250 million of available liquidity we are in a strong position to deliver further growth which will generate greater gold production at an increasing margin resulting in increasing cash flows, larger profits, and bigger dividends for our shareholders.”
Developing its third gold mine
Resolute is in the process of developing its third operating gold mine Bibiani in Ghana alongside the Syama mine in Mali and Ravenswood mine in Queensland.
Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.