(Ecofin Agency) - Resolute Mining produced 2% more gold in 2024 than in 2023. However, the output was below the firm’s target for the past year, and it is expected to record a decline in production this year.

Resolute Mining, the Australian firm operating the Syama and Mako gold mines in West Africa, reported a total gold production of 340,000 ounces for 2024, falling short of its forecast range of 345,000 to 365,000 ounces. This information was detailed in the company's activity report released on January 30.

The Senegalese Mako mine contributed significantly, producing 123,935 ounces but also missed its expected output due to lower ore grades and operational challenges from flooding. Despite not meeting its targets for 2024, Resolute's production was still higher than in 2023 when it produced 331,000 ounces. The performance was mainly driven by its Syama mine in Mali. The asset yielded 215,934 ounces in 2024.

Resolute Mining Limited has issued a cautious forecast for its gold production in 2025, projecting an output between 275,000 and 300,000 ounces. This anticipated decline in production compared to previous years is largely attributed to the cessation of open-pit mining operations at the Mako mine, which is set to conclude by June 2025. Additionally, the company is grappling with rising production costs, specifically an increase of approximately $250 per ounce, stemming from the transition of the Syama mining complex to a new regulatory framework established under Mali's 2023 mining code.

In parallel with these production forecasts, Resolute Mining said it is committed to ongoing exploration efforts to identify and develop potential new deposits.

The firm announced it is poised to invest between $20 million and $25 million in exploration efforts throughout 2025, with a significant focus on the Tomboronkoto target. The company is optimistic that success at Tomboronkoto could extend the operational lifespan of its Mako mine.

In addition to Tomboronkoto, Resolute holds exploration permits for several promising sites across West Africa, including Syama Nord and Finkolo in Mali, as well as La Debo and Mansala in Côte d'Ivoire and Guinea, respectively. 

Aurel Sèdjro Houenou (intern)