(Ecofin Agency) - Resolute Mining, an Australian company, operates two gold mines in West Africa: Syama in Mali and Mako in Senegal. In Q1 2024, the company had to sell gold at below-market prices due to forward sales agreements.

Resolute sold 88,321 ounces of gold at an average price of $2,342 per ounce in Q2 2024. This is against 69,000 ounces sold in Q1, at $1,950 per ounce. 

For the first time this year, Resolute could sell its entire production at spot prices, following the end of forward sales agreements. According to calculations by the Ecofin Agency, the firm earned $206 million in Q2, up 53% from $134.5 million in Q. "This performance propelled Resolute into its strongest position in a long time, with net cash at June 30 of $96.6 million. Both operations performed in line with expectations for the quarter," commented CEO Terry Holohan.

In the first half of 2024, Resolute's gold production dipped slightly to 167,140 ounces, compared to 176,631 ounces in H1 2023. While Mako mine in Senegal maintained stable production at 63,081 ounces, Syama in Mali saw an 8% year-on-year drop to 104,059 ounces. However, the company remains on track to meet its 2024 guidance of 345,000 to 365,000 ounces.