Resolute Mining Backs 2023 Guidance After 1Q Gold Production Rose

By Anthony O. Goriainoff

Resolute Mining Ltd. said Thursday that first-quarter gold production was higher quarter-on-quarter and backed its guidance for the year.
The London-listed Africa-focused gold miner said that gold sales fell to 88,151 ounces from 93,326 ounces in the fourth quarter. Average spot price for the period rose to $1,890 an ounce from $1,817 an ounce in the previous quarter.

The company said gold production in the period was 92,259 ounces, compared with fourth-quarter production of 91,777 ounces, representing the sixth consecutive quarter of increased production.
Resolute said its all-in sustaining cost, or AISC, fell 6% from the December quarter to $1,453 an ounce as it benefited from a buildup of stockpiles at its Syama, Mali, and Mako, Senegal, mines.
Syama’s mineral resources rose to 3.2 million ounces and ore reserves rose to 854,000 ounces, it said.
The miner said it was on track to achieve gold production guidance of 350,000 ounces at an AISC of $1,480 an ounce.
“Company focus remains on reducing costs across both operations, whilst maintaining the improved production particularly at Syama, with a number of initiatives already underway across the group,” Chief Executive Terry Holohan said.
Shares at 0821 GMT were up 0.60 pence, or 2.5%, at 24.20 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com