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(Alliance News) - Resolute Mining Ltd said Friday that earnings for the first half of 2020 nearly doubled amid solid revenue growth on strong gold sales and rising prices.
For the six months to the end of June, earnings before interest, tax, depreciation and amortisation rose by 85% to USD101.1 million from USD54.7 million a year before, on revenue that grew by 33% to USD305.3 million from USD228.8 million.
Resolute, which operates the Syama gold mine in Mali and the Mako mine in Senegal, produced 217,946 ounces of gold during the half year, up 24% from 176,237 ounces a year before.
Gold sales increased by 21% to 212,668 ounces from 176,294 ounces, and the average realised price of gold rose to USD1,427 per ounce from USD1,275 the prior year.
During the period, Resolute Mining completed the sale of Ravenswood gold mine for an initial payment of AUD100 million, around USD73.2 million. The company still retains upside exposure to Ravenswood, with up to AUD200 million in potential payments, dependent on future prices and output.
In addition, Resolute is continuing with a strategic review of the Bibiani gold mine in Ghana, which is designed to evaluate plans to recommission the mine, evaluate funding alternatives and explore expressions of interest from those looking to acquire the mine and its assets.
Shares in Resolute Mining were down 1.4% at 60.40 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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