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(Alliance News) - Australia's Resolution Mining Ltd on Friday reported a rise in both interim earnings and revenue after a jump in gold production.
Resolute's revenue for the six months to June increased by 33% to AUD324.0 million, or USD217.8 million, with earnings before interest, taxes, depreciation, and amortisation surging to AUD78 million from AUD29 million. The period included a ramp up of operations at the Syama underground mine in Mali.
Resolute, which also mines in Australia and has the Bibiani exploration project in Ghana, produced 176,237 ounces of gold during the period, 25% higher year-on-year after the ramp up at Syama. Gold sales rose 25% to 176,294 ounces.
Managing Director & Chief Executive John Welborn said it was an "exceptional" result, adding: "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 over one million ounces of gold at a grade above five grams per tonne which will underpin a potential underground mine, while at Ravenswood we added one million ounces of gold in ore reserves."
"Mineral resources at Ravenswood are now almost six million ounces of gold with our ongoing study work focused on delivering a project which can produce 200,000 ounces annually over a 15-year mine life," he continued.
Resolute bought Toro Gold in July for USD274 million with both shares and cash. Toro owns the Mako gold mine in Senegal, which produced 156,926 ounces in 2018.
Resolute shares were 0.7% lower on Friday morning at a price of 93.98 pence a share.