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.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation