The Resolute Mining Limited (ASX: RSG) share price has been the stand out performer amongst the gold miners during trade today.
In afternoon trade its shares are up almost 4% to $3.80.
Why have its shares climbed higher?
This morning Resolute provided the market with a production update for FY 2017 and its guidance for the year ahead.
According to today's release, full-year gold production reached 329,834 ounces. This exceeded both its original production guidance of 300,000 ounces and upgraded guidance of 325,000 ounces.
Furthermore, this was achieved with an all-in sustaining cost of A$1,130 per ounce, which was notably better than its original guidance of A$1,280 per ounce.
The average gold price received was A$1,717 per ounce, meaning Resolute enjoyed a margin of A$587 per ounce.
Unfortunately things aren't expected to be quite as strong in FY 2018. Management's guidance for the year ahead is production of 300,000 ounces at an AISC of A$1,280 per ounce.
