Resolute Mining's Yearly Gold Output Dipped in 2020

SEATTLE (Scrap Monster): The latest guidance and production update by Resolute Mining shows that the company’s annual gold production in 2020 fell short of its target by a tad. The yearly output during the year was just below the lower end of the revised production guidance.

According to company press release, the company poured 395,135 ounces of gold during the year, when matched with the production guidance of 400,000 ounces. The all-in sustaining cost (AISC) for gold production for the year 2020, at $1,074 per ounce was within the revised cost guidance range of $980-$1,080 per ounce. Resolute Mining poured 89,888 ounces of gold in the December quarter.

The company’s Syama gold mine in Mali primarily contributed to the decline in output, which had experienced mining equipment availability issues. In addition, the mine had faced 15 days of industrial disruption during Q4 last year. Meantime, the production from the Mako gold mine in Senegal, at 43,387 ounces, was in line with expectations.

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Looking ahead, the company expects gold production to range between 350,000 ounces and 375,000 ounces in 2021. The AISC is likely to fall in the range $1,200-$1,275 per ounce. The company foresees spending around $29 million on capital expenditure and additional $6 million on exploration costs in 2021.