(Ecofin Agency) - Mining firm Resolute Mining which operates the Syama, Bibiani and Ravenswood gold mines in Mali, Ghana and Australia respectively, recorded AU$213 million ($161,639,157) of net profit for the year 2016 ended in June. The result which was spurred by hiking gold price is a new record for the company which recorded in 2015 a loss of AU$569 million ($431,796,623).

To achieve this, Resolute sold 340,540 oz of gold for a gross operating profit of AU$167 million, up 135% compared to 2015. The profit was boosted by AU$45 million obtained from residual Tanzanian interests sold in November.

“The company has been resolute in prioritizing the repayment of debt and the accumulation of cash and bullion to strengthen its balance sheet and prepare for exciting investments in organic growth,” said MD and CEO, John Welborn regarding capital allocation. He added that the firm implemented strict discipline in the allocation of capital with an emphasis on the need to reduce costs in every area of its business.

The firm is about to invest in the long-term extension of mine life of its Syama and Ravenswood projects and also in the coming production of its Bibiani project, in Ghana.

Resolute Mining Ltd is one of the largest gold producing firms to be listed in the Australian market, ASX.

Louis-Nino Kansoun