The West

Resolute's Syama mine in Mali.
Resolute's Syama mine in Mali.

Shares in Resolute Mining were firmer after the gold miner lifted its first-half profit by 86 per cent to $96 million.

The result came on revenue of $334.1 million, up 14 per cent on the previous corresponding period, from the sale of 205,892 ounces of gold at an average price of $1619 an ounce.

The average cash cost per ounce of gold produced for the period was $787 an ounce, up from $741 an ounce in the previous corresponding period.

The company's bottom line profit was boosted by a $12.6 million unrealised foreign currency gain on intercompany balances with subsidiaries.

Resolute held $108 million in cash and gold at the end of the period.

The company's reiterated its full-year production guidance of 415,000 ounces at a cash cost of about $830 per ounce.

"Positive cash generation from operations is expected to enable a conservative balance sheet to be maintained," the company said in a statement.

"This provides a strong base for an active but disciplined examination of new growth opportunities balanced against consideration of shareholder returns."

Resolute operates gold mines in Queensland, Tanzania and Mali.

Shares in the company were up 3.2 cents, or 2.62 per cent, to $1.252 at 8.30am.

The West Australian

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