The Resolute Mining Ltd (ASX: RSG) share price is one to watch this morning after the company provided its September quarterly production update.
What did Resolute announce this morning?
For the September 2019 quarter, Resolute recorded gold production of 103,201 ounces (oz) which represented a 32.1% quarter-on-quarter (QoQ) increase.
A significant ramp-up in the Aussie miner's Syama Gold Mine was key to the strong production result, with a total production of 45,804oz split between its Syama oxide circuit (33,074oz) and Syama sulphide circuit (12,730oz).
Resolute said automation efforts at the Syama Gold Mine remain on-track, having completed successful ore collected and loaded automated trucks throughout the September quarter.
Positively for the group, daily recoveries exceeded Resolute's 85% quarterly target with a maximum daily recovery of 92% recorded in the last 3 months.
However, despite progress being made in terms of site development, the Aussie gold miner said its Syama sulphide circuit output was "curtailed" due to unplanned maintenance which may soften investors' optimism this morning.
Consistent production results were achieved at Resolute's Ravenswood Gold Mine with a total of 13,206oz during the period, while the mining group's Mako Gold Mine delivered a standout 44,191oz production level in the September quarter.
Resolute reaffirmed its FY19 guidance of 400,000oz at an all-in sustaining cost (AISC) of US$960 (A$1,420) per ounce on the back of its strong production numbers throughout the first three quarters.
How has the Resolute share price performed this year?
The Resolute share price has been an above-average performing stock so far this year having climbed 22.27% higher since the start of January.
This means the Resolute share price has outperformed the S&P/ASX 200 Index (INDEXASX: XJO) by 501 basis points (bps) so far this year.
However, shareholders of the Aussie gold miners have had a volatile ride in 2019 with gold prices being pushed up and down by the US-China trade war, Brexit concerns and the recent yield curve inversion.
Foolish takeaway
While I'm not personally a buyer of Resolute Mining shares or a big fan of ASX gold stocks in general, the latest production update appears solid for the group.
