PRECIOUS METALS

Gold miner Resolute eyes improving Syama performance

Following more than 12 months of “hard work”, newly appointed Resolute Mining CEO Terry Holohan says the company has “teed up” the Syama plant in Mali and is aiming to deal with the rising energy and consumable costs being felt industry wide by producing more gold.

 Much more gold found in Syama roaster than had been expected during major shutdown

Much more gold found in Syama roaster than had been expected during major shutdown

"Our aim is getting more units out of the system," Holohan told a quarterly conference call.

"Simple as that."

Resolute's big efforts over the past year at its flagship Syama operation culminated in a major shutdown last quarter.

Availability above 90% is now being targeted.

Resolute produced 81,770oz in the March quarter at all-in sustaining costs of US$1383/oz.

Despite the major Syama shutdown, both numbers were an improvement on the December quarter as nearly 9000oz of gold-in-circuit was recovered.

Holohan said he was surprised at how much gold was recovered from the between the bricks removed from the roaster.

Meanwhile, net debt reduced by $54.1 million to $174.7 million, with asset sales realising the company $43.7 million.

Shares in Resolute were up 6.2% to A34c in Australia. The company is also listed in London.

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