Resolute Mining Ltd on Wednesday reported decreased gold production in its latest 12 months, and announced positive guidance for the current year.

The Africa-focused gold miner said gold production in 2023 dropped to 330,994 ounces, from 353,069 ounces the year before. The figures for 2022, Resolute explained, included an extra 21,000 ounces of residual gold processed from legacy ponds.

The all-in sustaining cost or AISC for the year decreased to $1,470 per ounce from $1,498.

For the fourth quarter, Resolute Mining said that gold poured totalled 80,307 ounces, up from 74,056 ounces in the third quarter and ‘driven by improved grades across all mines’. The AISC rose quarter-on-quarter to $1,480 per ounce from $1,459.

Resolute Mining expects to report revenue of approximately $630 million for the year, down from $651 million the year before. Capital expenditure increased to $70.4 million from $66.2 million.

However, it said full-year earnings before interest, tax, depreciation and amortisation rose to around $165 million from $148 million, thanks to lower costs and higher gold prices.

For 2024, Resolute Mining expects group production of between 345,000 and 365,000 ounces at an AISC of $1,300 to $1,400 per ounce. It anticipates capital expenditure of between $115 million and $145 million, with the majority between $90 million and $110 million allocated to the Syama Gold Mine in southwest Mali.

Shares in Resolute Mining were untraded at 22.40 pence on Wednesday morning in London. They last traded at the same price on Tuesday.

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