Home Commodities Resolute Mining Lowers 2024 Gold Production Guidance — Commodity Comment

Resolute Mining Lowers 2024 Gold Production Guidance — Commodity Comment

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Published: Jan. 31, 2024 at 8:21 a.m. ET

By Zaeem Shoaib

Resolute Mining has lowered its gold production guidance for 2024 due to changes at its Mako operations in Senegal and Syama operations in Mali.

On 2024 outlook:

Chief…

By Zaeem Shoaib

Resolute Mining has lowered its gold production guidance for 2024 due to changes at its Mako operations in Senegal and Syama operations in Mali.

On 2024 outlook:

Chief Executive Terry Holohan said the company updated its forecast due to a more conservative contribution from its Syama open pit operations.

At Syama, Resolute Mining will be accessing ores from several smaller satellite pits and pausing the oxide and sulphide plants for engineering tie-ins with the Syama Sulphide Conversion Project, which is on track for commissioning in first half of 2025.

For 2024, the company expects production between 345,000 ounces and 365,000 ounces of gold, down from its prior outlook of 355,000 ounces to 375,000 ounces.

On Syama production:

The company expects gold production of 205,000 ounces to 215,000 ounces in 2024, down from prior guidance of 225,000 ounces to 235,000.

Holohan said this guidance includes an 11-day shutdown in the first quarter for scheduled Roaster and Mill maintenance and enhancements as well as shutdowns required for construction of the Syama Sulphide Conversion Project, which is expected to be at full capacity by the second half of 2025.

On Mako production:

Gold production is likely to be between 140,000 ounces and 150,000 ounces, up from previous expectations of 130,000 ounces to 140,000 ounces.

Holohan said the guidance comes as the company will now be able to access the high-grade areas of the pit due to the stripping completed in 2023. He said Mako gold production will be weighted toward the second half of 2024 due to systematic grade increases as mining progresses through the orebody.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

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