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Resolute Mining Ltd

Resolute Mining notes no material impact from recent extreme weather

The mine operated on a partial shutdown basis during the monsoon but plans to make it up.

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This morning the company also said it had forward sold more gold, locking in high prices

Resolute Mining Ltd (ASX:RSG) has revealed that the recent extreme weather events in north Queensland will have no material impact on current production and cost guidance for the Ravenswood Gold Mine.

Operations are running as normal and the unprecedented extreme rainfall has not caused any damage to site infrastructure.

Ravenswood operated on a partial shutdown basis during the monsoon but access to site has now been re-established and all critical supply lines are intact with operations back to normal.

The estimated impact of the partial shutdown is the delay of several days of gold production which the site team will now attempt to make up during the remainder of the quarter.

READ: Resolute Mining locks in more forward gold sales at high gold prices

Resolute’s managing director and CEO John Welborn said: “The safety and wellbeing of employees, contractors, and their families is Resolute’s first operational priority.

“I greatly appreciate the considerable efforts of staff during this period and particularly the on-site team who worked extra hours and did a remarkable job in managing this ‘once-in-a-century’ monsoon rain event.

“While the Ravenswood Gold Mine has survived unscathed, Resolute recognises the widespread devastation caused by flooding in the region.

“The company has made a donation to the Australian Red Cross Disaster Relief and Recovery Fund to provide support and assistance in the recovery work required in the Ravenswood region.”

Quick facts: Resolute Mining Ltd

Price: $1.60

Market: ASX
Market Cap: $1.44 billion
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