Resolute Mining CEO Terry Holohan believes he is close to proving Bristow wrong.
“We thought we could crack the metallurgy,” says Holohan, who took over as CEO in May. “We’ve now ticked the box.” He’s looking forward to seeing Bristow, now CEO of Barrick Gold, and updating him on the project’s progress. “That conversation will happen.”
The Syama gold mine is in the south of Mali, 300km southeast of the capital Bamako and about 32km from the border with Côte d’Ivoire. The mine has a life of about 35 years at current production rates, Holohan says. Profitability remains a challenge. Resolute had a net loss of $367.5m in 2021, versus a profit of $5m a year earlier, as it was hurt by an extended wet season and unplanned maintenance issues at Syama.
The company has also struggled with its balance sheet. Net debt stood at $229m at the end of 2021. The company in March deferred up to $100m in
There's more to this story
Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.
Already a a subscriber Sign In