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Resolute widens FY'19 loss amid tax dispute over Syama gold mine in Mali

Resolute Mining Ltd. said March 27 that it booked a full-year 2019 net loss of A$112.9 million, swinging from a year-ago profit of A$34.1 million, based on audited results.

The Australian gold miner's audited results included a disputed income and value added tax expense of A$57.9 million, demanded by Mali tax authorities related to its Syama gold mine. Resolute, which strongly disputes the validity of the payment demand, said it does not intend to pay the amount and will resist efforts to enforce payment.

Previously, the miner reported a full-year 2019 group net loss of A$62.8 million, based on preliminary figures.

Excluding the Ravenswood mine in Queensland, Australia, which it sold for up to A$300 million in January, Resolute's full-year 2019 net loss amounted to A$108.9 million. Underlying EBITDA, meanwhile, nearly quadrupled to A$207.6 million.

Meanwhile, revenue for full-year 2019 increased to A$770.3 million from A$465.7 million in the previous year

Resolute said that it will assess the developments surrounding the new coronavirus pandemic in order to appropriately respond to the situation. Operations at its Syama mine in Mali and the Mako mine in Senegal have not been affected by the outbreak.

Separately, Resolute said that it has completed the sale of Ravenswood to the consortium of EMR Capital Pty. Ltd. and Golden Energy and Resources Ltd., receiving an upfront payment of A$100 million.

The gold miner updated its full-year 2020 production guidance to 430,000 ounces of gold at an all-in sustaining cost of US$980 per ounce.