PROFIT & LOSS

Write-down drives Resolute loss

Resolute Mining is excited by the potential of an open cut sulphide opportunity at its Syama operation in Mali as it reported an underlying net profit after tax of US$3.6 million for the half-year below a statutory net loss of $24.1 million.

The Syama mine in Mali

The Syama mine in Mali

Abnormal non-cash items for the period involved a foreign exchange-induced $23.1 million revaluation of loan accounts and a $4.5 million write down of an historical tax asset.

With regards the open cut at Syama North, an updated resource could be completed next week, with recent results over 2.9km of strike said to be "some of the best ever" recorded in the area.

Syama North currently contains more than 1 million ounces grading 2.85 grams per tonne.

Open cut sulphide gold mining would take some of the pressure off the big underground mine to meet the processing capacity of the key sulphide processing circuit.

All going to plan, open cut mining could begin in the first quarter of 2023.

Meanwhile, Resolute managing director Terry Holohan told a conference call the company was "feeling comfortable at this stage" with the company's guidance for the full year of 345,000oz at all-in sustaining costs of $1425/oz.

Resolute had net debt of $183 million at the end of June.

Shares in Resolute last traded at 30c in Australia, capitalising the company at $331 million.

Resolute is also listed in London.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.