One ASX stock that settled low – Resolute Mining Ltd
Transition to open pit mining and commencement of underground development: Resolute Mining Ltd (ASX: RSG) stock fell over 9.58% on March 03, 2017 impacted by falling gold prices. Meanwhile, the company has reported the first half 2017 results recently in which RSG posted revenue from gold sales of A$168 million, gross profit from operations of A$69 million and the net profit after tax of A$64 million. Moreover, the gold production grew 11% to 170,558 ounces on comparative period, and is tracking ahead of current full year guidance. The all-In Sustaining Costs of A$999 per ounce (US$753 per ounce) is also tracking ahead of full year guidance. Additionally, RSG in the first half was focused on the transition to open pit mining at Ravenswood and the commencement of underground development at Syama. The Ravenswood Expansion Project has extended the mine life by 13 years and will increase annual production to 140,000 ozpa. The work on the Syama Underground mine is on schedule to increase production at Syama to 250,000 ozpa over an initial operating life of 12 years. RSG continues to transition both operations to deliver consistent free cashflow over the long term.
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