Resolute Mining appoint new CFO

Resolute Mining appoint new CFO

Resolute Mining Limited (ASX: RSG) have seen their shares dip modestly, despite the announcement of a new Chief Financial Officer.

Shares in Resolute Mining dipped 0.87% to AUD1.14. 16/12/19 14:42BST.

Resolute is a gold miner with more than 30 years of experience as an explorer, developer, and operator of gold mines in Australia and Africa which have produced more than 8Moz of gold.

Resolute’s production and cost guidance for the 12 months to 31 December 2019 is 400,000 ounces of gold at an All-In Sustaining Cost of US$1,020 per ounce.

In August, Resolute saw their shares rally after the firm gave shareholders an impressive update.

The Company posted headline-grabbing EBITDA of AUS $78 million, booming 171% on H1 2018 EBITDA of AUS $29 million.

This was led by gold and silver sales revenue of AUS $324 million, spiking 33% from AUS $243 million. Resolute gross profit from operations bounced AUS $30 million on a year-on-year basis, up to AUS $69 million for H1 2019.

Today, the firm said it has ppointed Stuart Gale as chief financial officer with effect from January 20, 2020.

He will be replacing Lee-Anne de Bruin, who will be stepping down after three years in the role since 2017.

Gale will be joining from Australian iron ore company Fortescue Metals Group where he was group manager for Corporate Finance for nine years since 2010.

“Stuart Gale is an experienced CFO who joins Resolute with exceptional experience in successful financial leadership and positive transformation in the mining industry. Stuart has managed teams within one of the world’s leading mining companies and brings proven financial and commercial experience to complement our senior executive team,” said Chief Executive Officer John Welborn.

Shareholders should remain optimistic about the move from Resolute, at a time where gold miners have seen their shares become volatile.

This morning, FTSE250 listed Centamin PLC had started to consider a merger deal with rival Endeavour Mining, after a deal was firmly rejected just under a fortnight ago.

Additionally, fellow Australian gold miner Panther Metals announced that it had secured its first exploration licence in the Northern Territory, Australia.

Its Exploration Licence Application regarded it Marrakai Project, which is located in Pine Creek Orogen. This announcement sent shares in green.