PERTH (miningweekly.com) – Gold miner Resolute Mining has beaten its production and cost guidance for the 2015 financial year, as its Syama mine, in Mali, continued to deliver above expectations.

The ASX-listed miner on Thursday reported that gold production for the full year ended June had reached 328 685 oz, which was above the 315 000 oz expected. Cash costs for the full year decreased to $857/oz, from $890/oz anticipated.

For the three months to June, gold production was 99 330 oz, while cash costs were $827/oz. This was driven by record production from Syama and strong performance from the Ravenswood mine, in Australia.

Gold production in the 2014 financial year reached 342 773 oz, with cash costs recorded at $922/oz, as production was also sourced from the now closed Golden Pride mine, in Tanzania.

MD and CEO John Welborn said that the production results demonstrated the company’s operational expertise and provided a strong base to build profitability and value.

“Resolute has an exceptional operating team who continue to deliver against guidance. The results show the benefits of the development strategy for Syama and the ability to generate solid cash flows that can be used to build balance sheet capacity and fund future expansion.”

Resolute successfully completed Stage 1 openpit mining at Syama during the June quarter, and intended to transition the mine to an underground operation, which would more effectively extract Stage 2 mineralisation and extend the project’s mine life beyond 2028.

As a result, sulphide mill feed was currently being sourced from available stockpiles, which consisted of more than six-million tonnes of ore. Feed for the oxide circuit would continue to be sourced from openpit mining at the A21 deposit, as well as other satellite oxide orebodies.

The revised life-of-mine (LoM) plan for Syama, in addition to ongoing operational efficiencies in both the sulphide and oxide circuits, provided Resolute with the opportunity to liquidate the excess inventory of gold in circuit maintained during the 2015 financial year.

It was expected that during 2016, gold in circuit would be drawn down by some 25 000 oz, which would result in the 2016 full-year gold sales exceeding forecast production by a similar margin.

Production at the Ravenswood mine, in Australia, would continue to be consistent with the LoM plan, with minor improvements due to higher mill throughput, following the completion of the secondary crusher installation in July this year.

“The focus for the year ahead is to take advantage of our operating performance at Syama and Ravenswood and deliver on growth opportunities,” said Welborn.

“We are currently completing three feasibility studies to expand our existing assets, the Syama underground development, the Bibiani gold project, in Ghana, and our Nolans East project at Ravenswood. In addition, we are refocusing our exploration activities in Africa and Australia and investigating a range of new growth opportunities.”

For the 2016 financial year, Resolute had given a production guidance of 315 000 oz.