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Resolute goes strong in West Africa, increases EBITDA 87%

Resolute Mining (ASX/LSE: RSG) reported its 2020 financial and operating results that reflect the first full year of operations from both the Syama underground mine in Mali and the Mako gold mine in Senegal.

Together with the ongoing Syama oxide operations and production from Ravenswood, prior to divestment in March, Resolute increased revenue by 15% to $618.3m for the year ended 31 December 2020 supported by an improved realised gold price.

The company said that this increase in revenue together with an improvement in operating unit costs resulted in underlying EBITDA increasing by 87% to $269.7m. The company also reported net profit after tax of $5.0m for the year following a net loss of $78.5m in 2019.

Interim CEO Stuart Gale commented, “I’m very proud of the way that the team at Resolute has responded to the 2020 challenges of COVID-19, a Malian political Coup d’Etat and industrial action at Syama. We have kept our operations running safely and are now well positioned to capitalise on the investments in our assets to deliver on 2021 production targets, focus on operational efficiencies and generate cash flows.”

Resolute is forecasting total gold production for 2021 of 350,000oz to 375,000oz at an AISC/oz of $1,200/oz to $1,275/oz.

Resolute is an African-focused gold miner with more than 30 years of experience as an explorer, developer and operator of ten gold mines which have produced more than 9 million ounces of gold and counting. Resolute currently owns two producing gold mines: the Syama gold mine in Mali and the Mako gold mine in Senegal.

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