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Resolute Mining Looking for Acquisitions

Resolute Mining (ASX:RSG) hopes to increase its gold output to 450,000 ounces by 2012. As its current assets are ‘maxed out’ so the company is looking forward to new acquisitions to enhance its gold production. The Chief Executive Officer of Resolute Mining, Peter Sullivan was speaking in an interview before the Prospectors and Developers Conference in Toronto.

Mr Sullivan said that second largest Australian gold producing company has essentially pretty much developed the resources base that it already had. So from now on, the next growth of the company was going to come from another ore body somewhere else.

The current reserves and resources of the company equal to 10.4 million gold ounces in Australia and Africa. The Syama project in Mali is its main focus and cornerstone asset. The company is currently conducting a feasibility study to expand the Syama mine to include a new three million ounce pit. This coming through will extend the life of the mine.

The hunt for new assets will be focused on West Africa and not in East Africa. The Chief Executive of Resolute Mining did not rule out the company merging with another or adding to their production base. They are looking for a project that is almost near completion so that it can quickly enhance its gold output.

With its Tanzanian mine left with just two more years to go and its Ivory Coat project not progressing with exploration due to post election problems, the company is now looking for some new assets that will help it increase production.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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