Resolute reports losses in H1
PERTH (miningweekly.com) – Gold miner Resolute has reported a A$324-million after tax loss for the first half of 2014, on the back of a A$323-million noncash impairment charge.
The miner noted that the impairment charge was triggered by the deferral of the Syama Stage 2 openpit cut back, in Mali, as well as fair value movements and unrealised treasury losses of A$29-million.
Revenue from gold sales for the first half of 2014 was also down by 26%, to A$212-million, compared with the first half of 2014, due to the cessation of operations at the Golden Pride operation, in Tanzania.
Total gold production for the half year ended December declined to 137 563 oz, compared with the 182 405 oz delivered in the previous corresponding period, with the Syama mine, in Mali, delivering 86 965 oz of gold in the period and the Ravenswood mine, in Queensland, the remaining 50 598 oz.
The oxide operation at Syama was commissioned in November last year, and resulted in gold production of 2 661 oz from the new oxide circuit.
For the full 2015 financial year, Resolute was expected to produce 315 000 oz of gold, at a cash cost of A$890/oz and an all-in sustaining cost of A$1 125/oz.
Gold production would be geared towards the second half of the year, as production from the Syama oxide circuit ramped up to its design capacity, and higher-grade ore was reached from the Syama pit.
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