Troy, Resolute issue quarterly reports

 Gold producers Resolute Mining and Troy Resources have released their quarterly activities reports for the June quarter, with Troy’s share price falling more than 22 per cent on the results.

The reports revealed total production of almost 82,000 ounces at Resolute and 35,000oz gold equivalent production at Troy.

Resolute reported on three operations, the 80 per cent owned Syama, and the fully owned Ravenswood and Golden Pride projects.

The Syama mine in Mali reached near record production for the quarter of 53,136oz at a cash cost of $837/oz, with annual production of 165,493oz at a cash cost of $1,005/oz.

Ravenswood in Australia generated 28,741 ounces at $981 cash cost per ounce , with annual production of 139,291oz at $832 cash cost per ounce.

The company’s Golden Pride project in Tanzania was completed and produced no output.

The resulting gross cash inflow for the quarter was $41 million, down almost $19 million from the previous quarter.

Troy announced a record for the Casposo project in Argentina, producing over 28,000oz of gold equivalent for the quarter, making a total of over 100,000oz for the year.

Rock falls impacted production during the June quarter, leading to lower projections for the coming three months of up to 27,000oz gold equivalent.

“At Casposo, as previously announced, a series of rock falls in a high-grade stope impacted grade to the mill during the quarter,” Troy Resources chief executive officer Paul Benson said.

“Pleasingly, the modifications to the leach circuit saw a significant improvement in silver recoveries which, combined with higher throughput and grades, saw quarterly and annual record silver production.”

Troy’s Adorinhas project in Brazil produced nearly 7,500oz of gold, down 9.3 per cent on the previous quarter, with annual production down 7.4 per cent to 31,205oz.

The Brazilian project is expected to close in the June quarter next year.

Resolute was up 2.42 per cent to 63.5 cents per share at the time of writing, while Troy was down 22.4 per cent to 92.0 cents.