PRECIOUS METALS

Big Syama quarter driven by Tabakoroni

RESOLUTE Mining has revealed a strong March quarter for gold production, though it was the new Tabakoroni open cut mine rather than the major new underground operation that was the main contributor.

Big Syama quarter driven by Tabakoroni

The company's quarterly production rose 33% to 98,105 ounces, with Syama's 50% increase in output to 84,552oz being a site record.

Of the latter production, more than 71,000oz was due to the oxide operations, with Tabakoroni about 30km south of Syama

Resolute said the strong oxide performance "provided the team additional time to optimise and commission the most advanced underground mining automation system in the world".

Meanwhile Ravenswood in Queensland produced 13,554oz, "as a result of limited ore supply from Mt Wright and regional weather impacts".

Resolute will provide full production details, including costs, later this month.

Shares in Resolute were up 8% to $1.26 in morning trade, as general gold peers on the ASX showed gains of 1-2%.

At that price the miner is capitalised at $955 million.

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