Resolute Mining Ltd (ASX:RSG) has confirmed its recently quarterly production report numbers and posted half-year production of 176,237 ounces of gold from its two gold mines.
The average sale price for gold sold over the half was US$1,275 per ounce generating $324 million in sales revenue.
Resolute mines gold from its Syama underground gold mine in Mali and its Ravenswood gold mine in Queensland.
Resoulte recently acquired Toro Gold
Resolute’s managing director and CEO John Welborn said: “Delivering 176,237 ounces at an all-In sustaining cost of US$828 per ounce generated revenues of A$324 million and EBITDA of A$78 million which is an exceptional result during a period of significant investment in our business.
“The ramp up of the Syama Underground Mine to full production will further increase Resolute’s production base, margins, and cash flows.
“The acquisition of Toro Gold is a further boost to the profitability and cash-generating capacity of our business.
“Our investment in exploration enabled us to deliver material growth in our gold inventory.
Tabakoroni Project located 35 kilometres of the Syama
“At Tabakoroni, we now have a Mineral Resource comprising over one million ounces of gold at a grade above five grams per tonne which will underpin a potential underground mine, while at Ravenswood we added one million ounces of gold in Ore Reserves.
“Mineral Resources at Ravenswood are now almost six million ounces of gold with our ongoing study work focused on delivering a project which can produce 200,000 ounces annually over a 15 year mine life.
“We are delighted to have delivered as promised on important strategic goals for 2019 with our listing on the London Stock Exchange, the ramp-up of the Syama Underground Mine, and the acquisition of Toro Gold.
“Gold production for 2019 is now forecast to be 400,000 ounces at an all-in sustaining cost of US$960 per ounce with further growth and upside to come in 2020.”