viewResolute Mining Limited

Resolute Mining looking to generate cash in 2020

Resolute recently struck a deal to sell its Ravenswood Gold Mine for up to $300 million strengthening the company’s balance sheet.

Resolute Mining looking to generate cash in 2020
An automated haul truck leaving the Syama Underground Mine portal

Resolute Mining Ltd (ASX:RSG) released its December quarterly report this morning confirmed recent gold production numbers.

The company produced 384,731 ounces of gold in the year ended 31 December 2019 and aims to produce 500,000 ounces in calendar 2020 at an all-in sustaining cost (AISC) of US$980 per ounce.

Given the recent sale of the Ravenswood Gold Mine in Queensland, Resolute expected to revise this guidance number once the sale is closed.

2020 operations off to a good start

Resolute’s managing director and CEO John Welborn said: “We have started 2020 with all our operating assets generating positive cashflows and ready for a major ramp-up in gold production.

“Actions progressed in the December quarter will ensure that strong operating cashflows in the year ahead, combined with asset divestments and reduced capital demands, will support a stronger balance sheet for Resolute and create further opportunities for our growth and ambition.

“During the quarter we completed the commissioning of the Syama Underground Mine, repaired the Syama roaster, secured a superb cost saving power solution for Syama, delivered another excellent quarter at Mako, completed the Ravenswood plant expansion, secured key environmental approvals at Ravenswood and Bibiani, delivered exciting exploration results in Mali, Senegal and Cote d’Ivoire, and progressed strategic reviews of Ravenswood and Bibiani.

“With Syama positioned to deliver on its potential and a pipeline of growth opportunities, Resolute is well positioned for a strong year in 2020.”

Ravenswood sale for up to $300 million

Earlier this week Resolute revealed that it had entered into definitive agreements to sell Ravenswood to an EMR Capital and Golden Energy and Resources for up to A$300 million.

The transaction is expected to close prior to the end of the March 2020 quarter.

Quick facts: Resolute Mining Limited

Price: 1.125 AUD

Market: ASX
Market Cap: $1.24 billion

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