Australian-headquartered miner Resolute has published its 2022 sustainability report, aiming to highlight its increasing compliance with World Gold Council sustainability standards.
The company’s report also noted that the total recordable injury frequency rate at its operations stood at 0.41 per million hours worked. Alongside this, staff reported no long-term injuries at either its Syama gold mine in Mali or its Mako gold mine in Senegal. The report also highlights that 94% of its workforce in Mali and Senegal are nationals of those countries, and that its work has invested $605m into local communities around its mines.
“We continued to refine our sustainability frameworks, systems, protocols and management standards,” said Resolute CEO Terry Holohan in the foreword to the report, before going on to discuss work with the World Gold Council. “Our progress in aligning with the World Gold Council’s Responsible Gold Mining Principles since becoming a member and signatory is encouraging.
“Resolute has achieved 88% alignment in the second half of 2022, up 23% on the previous year. With our external assurance mechanisms guiding our progress, we are on track toward our goal of achieving 100% compliance by mid-2023.”
Beyond the Resolute report
Holohan took over as CEO in May 2022, and has sought to expand the company’s operations. In 2021, the company posted a net loss of $367.5m and net debt of $229m, weaker performances that Holohan has been keen to avoid through consistent expansion.
Last July, Resolute announced plans for exploratory drilling works at its Syama project, after shutting down and restarting the mine’s sulphite plant earlier that year. This work began in February this year, and has contributed to stronger production figures in recent months.
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In April this year, the company reported a 1% increase in gold production between the last quarter of 2022 and the first quarter of 2023 at the Syama mine In 2021, the Syama mine produced 3.6 million tonnes of ore, and a total of 192,654 ounces of gold, compared to 4 million tonnes of ore and 223,644 ounces of gold in 2022. Over this period, the mine’s total gold sales also increased, from 188,071 ounces to 227,817 ounces.
Analysts at Simply Wall estimate that the company could break even by the end of 2024, a considerable turnaround after the miner’s struggles prior to Holohan’s arrival. However, an expansion of operations will put additional pressure on the sustainability compliance of the company.
For his part, Holohan acknowledges these challenges in the latest sustainability report. He said “Sustainability is not a once-over easy effort but a continuous journey, and Resolute remains committed to continuous improvement to ensure that we reduce our environmental footprint and increase the efficiency and safety of our operations.
“Resolute will continue to work closely with our stakeholders to build on this positive trajectory in the year ahead.”