Resolute sees $51 million profit drop
Gold miner Resolute Mining has reported a $51 million drop in profits, citing a weaker gold price and higher cash costs.
The Perth company, which operates mines in Africa and Queensland, declared profits of $33.3 million for the 2013-14 financial year this morning on full-year gold production of 342,774 ounces.
The company reported profits of $84.9 million in the 2012-13 financial year.
Resolute said it had all-in sustaining costs of $1177 an ounce - up from - with the company citing the planned maintenance shutdown and a ramp up at its Syama mine as the reasons for the increase in costs.
It said it received an average cash price of $1,413/oz.
Looking into the coming year, the company said it would look to produce a smaller 315,000 ounces at an all-in sustaining cash cost of $1280 per ounce.
Resolute also said it would look to refinance a $US50m cash advance facility - set for repayment in March 2016.
Resolute took full control of the Bibiani asset in Ghana in June, after first moving on the former Noble asset in 2012 through an $85 million convertible note offering.
