Resolute reports 'promising' start to 2024, despite lower first-quarter output
ASX- and LSE-listed Resolute Mining poured 76 351 oz of gold in the first quarter of this year, compared with the 80 037 oz poured in the fourth quarter of 2023.
Despite the lower production, CEO and MD Terry Holohan says it has been a "promising" start to the year for the gold producer, with all operations performing in line with expectations.
"Gold production at Syama Sulphide in the first quarter was 7 000 oz lower than capacity due to the scheduled 14-day maintenance shutdown of the sulphide plant. Similarly, at Mako, we expect grades, and therefore production, to increase throughout the year as we start mining the main ore zone of Stage 7.
The Syama mine is in Mali and Mako in Senegal.
"It was another quarter of solid positive free cash flow as a result of strong production and further improved operating costs. The company's operating cash flow after working capital changes in the first quarter was $61.7-million versus $29.9-million in the prior quarter," he comments.
Holohan notes that the company achieved an all-in sustaining cost (AISC) of $1 487/oz, only slightly higher than the AISC of $1 480/oz for the fourth quarter of 2023. He says AISC was below expectations despite the lower gold production.
"This is demonstrative of our committed focus on sustainably reducing costs across the group, which picked up more momentum during the quarter under review," he adds.
Meanwhile, Resolute sold 69 000 oz of gold at an average price of $1 950/oz in the first quarter, compared with the 79 480 oz sold at an average price of $1 954/oz in the fourth quarter of 2023.
The company says it remains on track to meet production guidance of 345 000 oz to 365 000 oz of gold at an AISC of $1 300/oz to $1 400/oz for the full-year. Gold production remains weighted towards the second half of the year.
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