RESOLUTE Mining ended its 2022 financial year with gold production of 353,069 ounces, higher than the 345,000 oz it previously targeted.
Terry Holohan, CEO of Resolute since April, said a highlight of the performance was the improvement in gold output from Syama, the firm’s flagship mine.
The Mali mine reported sulphide gold production of 161,479 oz during the year which represents its highest level since the main open pit operations ended in 2015.
Resolute has guided to 2023 production of 350,000 oz at an all in sustaining cost (AISC) of $1,480/oz. The AISC for last year was $1,498/oz – about $70 per ounce higher than guided owing to inflationary pressures related to consumables.
Holohan joined the company as its COO in May 2021 but was promoted to the hotseat following the resignation of Stuart Gale, himself only in the job just over a year. As a result of the executive turnover, Resolute has been unsettled.
It has struggled against high debt and has been unable to drive improvements from Syama. Holohan said today a pre-feasibility study into an expansion at its Syama North section was “progressing well”. Study results are expected in the second quarter.
As for debt, Resolute raised A$96m from institutional investors ($65m) in November some of which was driven into reducing debt. Net debt as of December 31 stood at $31.6m – a decline of 80% from $156.5m the year before.
“Following the successful equity raising in December, Resolute is well positioned, entering 2023 with a financial platform for growth, including the company’s Syama North expansion plans,” said Holohan in a statement.