Resolute Mining reports quarterly sales growth amid falling costs

(Alliance News) - Resolute Mining Ltd on Monday said performance was strong in the second quarter as the company benefited from increasing gold prices and improved efficiencies.

The Africa-focused gold miner said in the second quarter that ended June 30, sales rose 4.0% to 88,321 ounces from 84,907 ounces last year.

These sales were based on a gold price of USD2,342 per ounce, an increase of 22% from USD1,922 a year prior.

Gold ore processed increased by 4.2% to 1.52 million tonnes from 1.46 million tonnes.

All-in sustaining cost fell 5.8% to USD1,402 per ounce from USD1,489, due to greater gold production and advancements in improving operating costs and efficiency.

Chief Executive Officer Terry Holohan said: "I am pleased to present a strong second quarter across both operations. This performance has put Resolute into its strongest position in a long time with net cash at 30th June of USD96.6 million."

The company remains focused on extending the life of the Mako operation in Senegal and is progressing with exploration efforts at the nearby Tomboronkoto and Bantaco projects.

Resolute Mining shares were up 1.9% to 31.80 pence each in London on Monday morning.

By Elijah Dale, Alliance News reporter

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