ASX- and LSE-listed gold miner Resolute Mining on Friday reported a 171% year-on-year increase in earnings before interest, taxes, depreciation and amortisation to A$78-million for the half-year ended June 30.

This was on the back of a year-on-year 33% increase in sales revenue to A$324-million and production of 176 237 oz of gold, at an all-in sustaining cost (AISC) of $828/oz.

Production in the prior comparable period was 141 437 oz.

Resolute reported earnings a share of A$0.047 in the reporting period, compared with the A$0.044 reported for the prior comparable period.

The company achieved commercial production rates at the Syama underground mine, in Mali, in June. The mine will reach full production by the end of the year.

In the reporting period, Resolute declared a maiden mineral resource for the Tabakoroni project, in Mali, at 850 000 oz, grading 5.1 g/t gold.

The company continued to drill at the Ravenswood gold mine, in Australia as part of ongoing work on the expansion project. The company had reported an increased mineral resource of 5.9-million ounces for the mine in July.

As a result of the company’s acquisition of the Mako gold mine, in Senegal, through the concluded acquisition of Toro Gold, production guidance for the full-year has been set at 400 000 oz of gold at an AISC of $960/oz.

“The ramp-up of the Syama underground mine to full production will further increase Resolute’s production base, margins and cash flows. The acquisition of Toro Gold is a further boost to the profitability and cash generating capacity of our business.

“Our investment in exploration enabled us to deliver material growth in our gold inventory. At Tabakoroni, we now have a mineral resource comprising more than one-million ounces of gold at a grade above 5 g/t gold, which will underpin a potential underground mine, while at Ravenswood we added one-million ounces of gold in ore reserves,” commented Resolute MD and CEO John Welborn.

He added that mineral resources at Ravenswood now amounted to almost six-million ounces of gold with ongoing work focused on delivering a project that could produce 200 000 oz/y over a 15-year mine life.