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Resolute cuts guidance after weak quarter

Australia and London-listed gold producer Resolute Mining has reduced guidance for 2021 production by about 9% to 315,000-340,000 ounces after a soft June quarter performance.
Resolute cuts guidance after weak quarter Resolute cuts guidance after weak quarter Resolute cuts guidance after weak quarter Resolute cuts guidance after weak quarter Resolute cuts guidance after weak quarter

Syama, Mali

Production reduced 10% quarter on quarter to 77,450oz in the June period due to lower oxide grades and power plus mechanical interruptions at Syama in Mali, as well as a cutback at Mako in Senegal.

All-in sustaining costs were US$1319/oz, with the expected cost range for the year now put at $1290-1365/oz.

Gold production for the year was previously forecast to be 350,000-375,000oz at AISC of $1200-1275/oz.

Cash and bullion at the end of the quarter stood at $88.8 million, while total borrowings sat at $308.6 million.

Shares in Resolute were down 7% to A52.5c late in the session in Australia, valuing the company at $584 million.

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