Resolute Mining Ltd (ASX:RSG) managing director & CEO John Welborn has purchased 52,417 fully paid shares worth $55,033 in on-market trades.
The purchase increases Welborn’s overall holding to 4.5 million shares worth over $4.8 million.
READ: Resolute Mining begins first stope production at Syama Underground, maintains FY19 guidance
The Africa-focused gold producer began first stope ore production last quarter at its new Syama Underground Mine in Mali as it prepares for sub-level caving in December.
Resolute is transforming both its Syama and Ravenwood gold mines into long-life, low-cost operations over 3 years, with Syama poised to be the world’s first fully-automated underground mine.
Welborn said Syama at full production will deliver more than 300,000 ounces of gold per year and will underpin Resolute’s growth pathway to a low-cost 500,000-ounce producer.
READ: Resolute Mining adds to its gold hedge book as production increases
The company recently achieved a milestone at its Ravenswood Gold Mine in Queensland, where the site's new beneficiation plant has become operational.
Beneficiation is being introduced to the mine as part of the Ravenswood Expansion Project which will see the Ravenswood produce an average of about 115,000 ounces at an all-in sustaining cost of $1,097 per ounce over a 14-year mine life.