The open cut project will require initial expenditure of $134 million, with about $100 million of that needed next financial year.

Speaking from Colorado Springs where he is attending the Denver Gold Conference, Resolute MD John Welborn left open the possibility of debt funding the development.

He suggested the long-life project made it suitable for debt funding, and said Resolute had proved over the years to be a very good client for banks.

However Welborn also pointed out the company has had a track record of strong support from shareholders.

Resolute cleared all secured debt last financial year.

The AISC of $1166/oz compare to a current gold price of about $1734/oz.

Group capital expenditure in the current financial year was previously budgeted at $130 million and included both funding for Syama and anticipated spending at Ravenswood.

Ravenswood’s plant will be increased from capacity of 1.3 million tonnes per annum to 5Mtpa under the planned development, with Resolute able to draw upon its previous experience operating a bulk mining operation here last decade after acquiring the project from Xstrata.

As well as the consequent de-risked nature of the ‘new’ development, Resolute is also aiming to benefit from optimisations (such as beneficiation), and continues to back the exploration potential of the region.

Syama in Mali has a current life of about 12 years, while the company is working on improving the development credentials of the Bibiani project in Ghana.

Resolute has also been active in recent months in making investments in junior exploration plays.

Shares in Resolute were down slightly at $2.13 per share in late morning trade, capitalising the company at $1.41 billion.