Resolute Mining retracts ABC Project scoping study

(Alliance News) - Resolute Mining Ltd on Thursday announced the retraction of a scoping study, which was overly reliant on the project's inferred resources, following consultation with the Australian Stock Exchange.

The Africa-focused gold miner published the study, which it said confirmed the attractive economics and growth potential of the ABC Project in the Ivory Coast, on Wednesday.

It said the study showed an output profile of 141,000 ounces of gold per year for 12 years, delivering total gold production of 1.7 million ounces at a life-of-mine all-in sustaining cost of USD1,614 per ounce.

It added that the large-scale open pit mining operation would be underpinned by total mill feed of 82.8 metric tonnes at 0.76 grams per tonne of gold, containing 2.0 million ounces of gold, with a low average life-of-mine strip ratio of 1.82.

Resolute also said the project has a USD1.2 billion net present value at a 5% discount rate, with an internal rate of return of 39%, and payback of 1.4 years at a gold price assumption of USD3,500 per ounce. Additionally, it projected average annual free cash flow of USD262 million, and earnings before interest, tax, depreciation and amortisation of USD323 million, in the first five years of production at the same gold price.

On Thursday, however, Resolute said that following consultation with ASX it was advised that it had no reasonable basis for the forward-looking statements in its announcement regarding the scoping study.

This was "due to the reliance on inferred resources in the production targets, resulting in the published production targets and forecast financial information being inconsistent with the requirements of the ASX Listing Rule 5.16 6," Resolute explained.

The Perth, Australia-based firm noted that the production targets and profile referred to in the study used 100% inferred resources. The project's inferred mineral resource estimate, as of Wednesday, totalled 72 metric tonnes at 0.93 grams per tonne for 2.2 million ounces of gold, at a 0.5g/t cut-off, comprising the Kona Central and Kona South deposits.

Resolute said it has requested a voluntary trading halt while it works with the ASX to resolve the disclosure requirements.

In London, meanwhile, shares in Resolute Mining were 4.5% higher at 74.00 pence on Thursday.

By Emma Curzon, Alliance News reporter

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