Resolute Mining Limited (ASX: RSG) is an experienced gold miner focused on Africa. It boasts over 30 years of exploration, development, and operation across ten gold mines that have yielded more than 9 million ounces. Resolute owns two producing gold mines: the Syama Gold Mine in Mali (Syama) and the Mako Gold Mine in Senegal (Mako). The Company is also active in exploration with drilling campaigns underway across its African tenements, focusing on Mali, Senegal and Guinea. The company was listed on ASX on 11th January 1979 at an issue price of AUD 8.27 per share.
Financial Performance
In 2024, Resolute generated USD 801 million in revenue from selling 335,708 ounces of gold, with production totalling 339,869 ounces. The company realised an average gold price of USD 2,383/oz, benefiting from sustained strength in the global gold market. All-in sustaining costs (AISC) averaged USD 1,476/oz for the year, reflecting operational resilience despite weather-related challenges at Mako and reduced oxide ore availability at Syama.
The Syama mine contributed 215,934oz at an AISC of USD 1,497/oz, supported by improved sulphide processing and stable underground mining rates. Mako, despite encountering lower ore grades and flooding during an intense rainy season, produced 123,935oz at a notably lower AISC of USD 1,244/oz, a 9% improvement on the previous year, primarily due to reduced waste stripping and optimised mill availability.
Growth Pipeline
Resolute’s growth trajectory in 2024 was anchored by strategic investment in long-term production stability, particularly through the Syama Sulphide Conversion Project (SSCP). Once completed, the SSCP will increase sulphide processing capacity by 60%, from 2.4 Mtpa to 4.0 Mtpa, through modifications to the oxide circuit and roaster upgrades. This is crucial as oxide resources near depletion and sulphide ore becomes the predominant feedstock at Syama.
Meanwhile, Resolute is advancing plans to extend the Mako mine life in Senegal through near-mine exploration. The Tomboronkoto satellite deposit, located within trucking distance of the Mako mill, has a current Mineral Resource Estimate of 7.0Mt at 1.7g/t for 377koz of contained gold, offering a potential upside to operations beyond the scheduled cessation of open-pit mining in mid-2025.
Strategic Developments
Resolute made measurable progress embedding sustainability across its operations. Key achievements included maintaining ISO 14001 and ISO 45001 certifications across all sites and the London office, modelling the financial impacts of climate change risks, and continuing complete alignment with the Responsible Gold Mining Principles and the Conflict-Free Gold Standard.
The company also strengthened its internal governance framework by enhancing whistleblower protections and rolling out new reporting standards, including a comprehensive human rights risk improvement plan. National workforce participation reached 96%, and USD 344 million in procurement spend was directed to host countries, including USD 4.1 million in local procurement from communities surrounding the mines.
Resolute also contributed to removing Senegal’s Niokolo-Koba National Park from UNESCO’s endangered list, showcasing the real-world impact of its biodiversity offset program. This underscores the company’s commitment to leaving a positive legacy in its host jurisdictions.
Industry Context
As ESG considerations become increasingly critical to investor and stakeholder decision-making, Resolute’s 2024 performance positions it favourably within the global gold mining landscape. The company’s proactive stance on climate risk, human rights due diligence, biodiversity protection, and community development reflects a broader shift in the sector toward responsible and transparent practices.
Operating in West Africa does present geopolitical risks; however, Resolute’s strong track record of stakeholder engagement and social licence maintenance has helped mitigate disruptions. The company reported no significant community grievances or industrial disputes during the year, highlighting the effectiveness of its local engagement and development strategies.