So there you have it, operations on track with production/cost guidance, debt servicing well with operational cashflow which also covers all sustaining/non sustaining capex and exploration expenditure.....NO CAPITAL RAISING REQUIRED!
Working towards amicable solution of renewal of mining lease. I have heard management are indeed on the ground in Ghana as we speak.
Cash Flow and Debt repayments
In addition to cash and bullion balances of $106 million at 31 December 2020, operating cash flows in 2021 are expected to be sufficient to support the repayment of $50 million in debt during 2021. This is not contingent on completion of the sale of Bibiani.Resolute established a new low-cost senior debt facility in March 2020 comprising a three-year $150 million Revolving Credit Facility (RCF) and a four-year $150 million Syndicated Loan Facility (SLF). The Company’s SLF begins to amortise in September 2021 with repayments due under this facility of $25 million every six months.A summary of Resolute’s debt maturity profile is set out in the chart below, with no refinancing due until 2023.Figure 1: Summary of Resolute’s debt maturity profileOperating cash flows are expected to be more than sufficient to repay the amortisation of the SLF while options to repay or refinance the RCF of $150 million, due in 2023, will continue to be evaluated in accordance with usual capital management practice.
Capital expenditure and exploration
Non-sustaining capital expenditure is forecast to be $29 million inclusive of the Mako cut back of $13 million and capitalised exploration expenditure of $6 million. Sustaining capital expenditure of $49 million has been included in the AISC.
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Price($) | Vol. | No. |
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