Resolute Mining Limited (ASX/LSE: RSG) reports a solid production result for the March 2020 quarter, while completing the Ravenswood asset sale and achieving important debt refinancing objectives.
“We have started 2020 with a strong operating result, delivering 100 000 ounces (oz) from Syama and Mako at a combined AISC of US$918/oz. The March 2020 Quarter represents a turning point in our business with record tonnages achieved from the Syama Underground Mine and the completion of the sale of the Ravenswood Gold Mine resulting in a lower cost profile as we focus on our future as an African-focused gold miner,” says MD and CEO John Welborn
“Our response to the COVID-19 pandemic and the commitment of our people to maintain production is commendable and consistent with how Resolute responds to challenges. The new protocols and operating procedures we have established are protecting our people and have enabled us to maintain our full year production and cost guidance for Syama and Mako,” he says.
“The safety of our people is and will always be Resolute’s first priority. The challenges presented by COVID-19 continue to evolve and we remain agile and united in our responses. We are currently well supported by our logistics partners and our key supply chains including fuel, food and product shipment are secure and robust. We will remain focused on keeping our people safe, and wherever possible keeping our mills running to produce gold.
“The milestones achieved during the March 2020 quarter will be significant in generating value for Resolute. Syama and Mako are performing and have scope to improve. Exciting exploration results are demonstrating the potential for organic growth opportunities. The successful completion of the company’s refinancing activities provides the company with a stronger balance sheet and a simplified capital structure. Operational discipline will be rewarded in the current high gold price environment. Importantly, we have the financial flexibility to pursue future growth opportunities and deliver on our strategy of being a multi-mine, African focused gold producer.”