Resolute eyes acquisitions and exploration

Resolute Mining is looking at acquisition opportunities as it expands its key African and Australian gold assets.

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Chief executive John Welborn said the company was confident of establishing an underground gold mine over the long-term at its ex-BHP operations in Mali.

“We’ve got strong support from our bankers, Investec, Barclays and Citibank, and we see a lot of opportunities to use cash flows to build more robust projects and use all forms of financing to invest in new projects,” Mr Welborn told reporters on the sidelines of the Africa Downunder mining conference in Perth on Wednesday.

The company is focused on exploration around its Syama operations in Mali and Ravenswood in Queensland but it is keeping an eye on merger and acquisition opportunities.

“It’s a good time to look at other opportunities,” he said.

“We’ve got a number of drilling programs planned.

“It’s a great time to be exploring, preparing for higher prices.”

Still, he conceded capital was harder to find for mining projects.

“I’m completely aware of the discipline that needs to be equity providers and debt providers, particularly to mining projects.”

Resolute recently made a $569 million full year loss and it is reducing full year 2016 output guidance as it prepares to build an underground mine in Mali.

Low commodities prices had made funding difficult for miners but there was capital for good projects, he said.

“We’ve found ore bodies, we’ve developed mines, we’ve also bought mines and recommissioned them so we’ve got a broad spectrum of opportunity.”

He added that the company would look at exploration opportunities in Cote d’Ivoire.