Resolute Mining Reasserted 2021 Gold Production and Cost Guidance

SEATTLE (Scrap Monster): Resolute Mining Limited reaffirmed its 2021 production and cost guidance. The company also expects robust operating cash flow, which in turn will help the company to meet the obligated debt repayment on or before due dates.

The company forecasts a total gold production of 350,000-375,000 ounces of gold at an all-in sustaining cost (AISC) of $1,200/oz to $1,275/oz during the current year. The Syama sulphide production is forecast to increase by more than 25% to between 155,000oz and 170,000oz at an AISC of $1,200/oz-$1,275/oz. Syama oxide production is expected to range between 80,000oz and 85,000oz at an AISC of $1,050/oz-$1,090/oz. Meantime, the Mako’s estimated gold production is expected to range between 115,000oz and 120,000oz at an AISC of between $1,175/oz and $1,225/oz.

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The company had declared cash and bullion balances of $106 million as at the end of 2020. The operating cash flows during the current year are expected to be sufficient to support the repayment of $50 million in debt during 2021.

Updating on issues in connection with the termination of the Bibiani Mining Lease, it said that negotiations are on to reach an amicable solution to restore the Mining Lease and enable the sale process with Chifeng to continue.