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Why Resolute Mining Limited (ASX:RSG) can now recommission its Bibiani gold mine

Gold mining and exploration company Resolute Mining Limited (ASX: RSG) today announced it has received an EPA to recommission the Bibiani underground mine with the potential for 100,000 ounces of gold annually over a 10 year mine life.

Resolute shares opened at $1.33 today after a subdued FY18 production and FY19 guidance report yesterday that showed Resolute had produced within guidance, but has a long way to go if it wants to hit its lofty target of 500,000 ounces per annum by FY22.

Good progress on the Bibiani project could help to give Resolute a boost, with the expansion of its Ravenswood mine and soon-to-commence Ghana project likely to help Resolute to reach its future targets, if all goes well.

Elsewhere in the gold sector Evolution Mining Ltd (ASX: EVN) shares opened today at $3.31 – up 44.5% from its share price of $2.29 at this time last year, while Northern Star Resources Ltd (ASX: NST) shares are at a 52-week high – opening today at $7.30 – up 51.7% from $4.81 at this time last year.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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