(Alliance News) - Resolute Mining Ltd on Monday said repair work at its Syama Sulphide Circuit in Mali is progressing as planned, as it eyes the asset being fully operational in early to mid-December.
Since October, Resolute has been conducting repair works at the sulphide roaster, which heats up ore, a key step in the production process.
Resolute explained: "The roaster is a key component of the Syama sulphide processing circuit and was taken offline in early October due to the detection of a crack in the main external shell. The company expects the roaster will be fully operational in early to mid-December.
"Resolute has confirmed the initial estimate of the total cost of the roaster repairs at US5 million. The company is confident of completing the required repairs within this budget."
The company reiterated its annual production guidance of 400,000 ounces of gold at a cost of USD1,020 per ounce.
In October, the company, which also operates gold mines in Senegal and Australia, poured 42,365 ounces gold from all of its assets, despite the Syama roaster being out of action for the majority of the month.
In the first three quarters of 2019, Resolute reported a 32% quarter-on-quarter output rise to 103,201 ounces of gold from 78,132 ounces.
Shares in Resolute were 4.3% lower at 60.06 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Resolute Mining (RSG)