Resolute Mining Limited’s
(ASX:RSG) board have backed a major expansion of its flagship Syama gold mining Operation in West Africa.
The Australia and Africa-focussed gold producer says average annual production will now increase to 270,000 ounces over the first nine years of operations and extend Syama’s mine life to 15 years.
CEO Peter Sullivan says the investment will benefit shareholders by increasing the company’s gold production and lowering its average cash costs.
Resolute Mining also advises it is currently in negotiations in respect to awarding contracts for the expansion.
In the first half of the 2012 financial year Resolute Mining reported a net profit of $49.3 million.
