Resolute reiterates output guidance

UPDATE 1.15pm: Resolute Mining has reiterated its full-year production guidance of 345,000 ounces at an average cash costs of $890 per ounce and all-in sustaining costs of $1175 per ounce.

In a quarterly update this morning, the gold miner said it had produced 98,132 ounces in the December quarter compared to 84,274 ounces in the September quarter.

The output was achieved at a cash cost of $911 an ounce, down from $970 an ounce in the previous quarter.

Resolute said the average cash price received on the 96,765 ounces of gold sold during the quarter was $1361 an ounce.

Gross cash inflow from operations for the quarter was $36 million, down from $38 million in the September quarter.

Group cash, bullion and liquid investments at the end of the quarter was $50 million, down from $59 million in the previous quarter.

Resolute warned of a potential non-cash impairment charge in its first-half financial results relating to the carrying value of the Bibiani gold project in Ghana because of a depreciating gold price since its value was last assessed.

Resolute has moved to take full control of Bibiani after the collapsed company's creditors in November approved Resolute's proposed deed of company arrangement.

Resolute operates the Syama gold mine in Mali, the Golden Pride mine in Tanzania and the Ravenswood mine in Queensland.

Shares in Resolute were up half a cent to 60 cents at the close.