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Resolute Mining Sees Increased Gold Production

Gold mining firm Resolute Mining has lifted its production of the precious metal in the last quarter of 2011.

It said that it had maintained its full year production guidance for 2011. The December quarter saw it produce 95,668 ounces of gold at a cost price of $777 per ounce.

The December quarter production saw a 7 % rise compared to the September quarter when the company produced 89,404 ounces of gold at a cost price of $702 per ounce. The average price that the company sold gold in the December quarter was $1,637 per ounce of gold.

Resolute Mining currently has mining operations at the Ravenswood Gold Mine in Queensland, Australia, the Golden Pride mine in Tanzania and the Syama mine in Mali. The company confirmed that it had set its production guidance at 410,000 ounces of gold for the financial year 2011- 2012. It hopes to produce this at a cost of $730 per ounce.

The 2011 financial year saw Resolute Mining come back from a loss in the previous year to a net profit of $42.9 million. The company has shipped and sold gold at spot prices and still has full un-hedged exposure to the price of gold.

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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