Resolute revenues decline on falling commodity prices

21st February 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The declining gold price has seen revenue decline by some 14% during the half year ended December, gold miner Resolute Mining said on Friday.

The company reported that revenue from gold sales was down to A$286-million, compared with the A$334-million delivered in the first half of 2013. As a result, net profit also declined to A$23.3-million, compared with the A$96.1-million in the first half of the year.

The gold miner told shareholders that the company had sold some 202 965 oz during the half-year, at an average cash price of A$1 406/oz, compared with the 205 892 oz sold in the first half of 2013, at a price of A$1 619/oz.

Resolute produced some 182 405 oz during the interim period, compared with the 222 943 oz produced in the first half, as production from the Syama gold mine, in Mali, declined.

Output from the Golden Pride mine, in Tanzania, also nearly halved, with gold production ceasing in December, and with the mine being placed on care and maintenance.

The Ravenswood gold mine, in Australia, produced 72 680 oz of gold during the period under review.

Resolute on Friday maintained its production guidance for 2014, with the miner expected to produce 345 000 oz during the full year, at a cash cost of A$890/oz. Increased production was expected at the Syama mine during the second half of the year, as the $235-million expansion project delivered results.

Edited by Creamer Media Reporter

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