Mali unrest cuts Syama output as Resolute warns of weak second quarter

Resolute Mining warned on 5 June 2026 that its Syama gold mine in southern Mali would produce only about 30,000oz in the second quarter, against earlier expectations of 40,000oz to 45,000oz, as the country's worsening security situation disrupted supply chains.

The ASX- and LSE-listed company said security incidents in Mali in late April and through May had created logistical problems on the roads serving the mine. Deliveries of equipment needed to mine higher-grade sulphide ore from the A21 open pit were held up, and intermittent blasting underground, combined with a shortage of explosives, meant the underground mine delivered lower grades than planned. The sulphide mill was forced to draw more heavily on lower-grade stockpiles.

The company also pushed a planned three-week shutdown of the sulphide plant from May to mid-June and extended it by a further week for preventive maintenance.

Guidance and reaction

Resolute said Syama would now finish 2026 at the lower end of its 195,000oz to 210,000oz guidance range. Chief executive Chris Eger acknowledged that Syama's recent performance had been below expectations despite changes made in Mali, but said the rest of the business was performing well. The shares fell to their lowest level of the year on the news.

When Resolute published its full second-quarter figures, Syama had produced 29,881oz at an AISC of $2,654/oz. The company kept its group AISC guidance of $2,000/oz to $2,200/oz for the year, even though the quarter came in above that range.

Rest of the portfolio

The Mako mine in Senegal, which is now processing stockpiles as it nears the end of its open-pit life, remained on track for its full-year guidance. In Côte d'Ivoire, construction of the Doropo project was running to schedule.

That diversification matters. Syama has long been Resolute's core asset, and the company's relationship with Mali's military government has been fraught: in November 2024 its then chief executive, Terence Holohan, and two colleagues were detained in Bamako during a dispute over alleged back taxes. The Syama sulphide conversion project, designed to raise throughput and recoveries in the sulphide circuit, is due to be commissioned and ramped up in the second half of 2026.

The wider picture

The disruption at Syama is a reminder that Mali's gold sector faces operational risks that go beyond fiscal negotiations. Mines that depend on long road corridors for fuel, reagents and explosives are exposed whenever those routes become insecure. Resolute said at the end of April that Syama itself had not been affected by the unrest; by June, the knock-on effects on logistics were plain to see.

Sources

• Mining Weekly: Mali challenges weigh on Resolute Mining's second-quarter production, 05 Jun 2026
• Stockopedia: Resolute Mining Sees Full-Year Syama Production At Lower End Of 195-210 Koz Guidance, 05 Jun 2026
• Investing.com: Earnings call transcript: Resolute Mining posts solid Q2 2026 results as shares fall, 30 Jul 2026
• Mining Weekly: Resolute says Syama mine unaffected by Mali unrest, 28 Apr 2026
• Discovery Alert: Resolute Mining Advances Key Priorities During Q2 2026 Interim Period, 31 Jul 2026
• Mining.com (Reuters): Resolute CEO still held in Mali, diplomatic sources say, as shares suspended, 14 Nov 2024
• The Bull: Resolute Mining Shares at 2026 Low, As Pullback Reaches 30%, 05 Jun 2026

Photo: Farmland in the Cercle de Sikasso in southern Mali, the region where the Syama gold mine is located. Africa Rice Center, Wikimedia Commons, CC BY-SA 3.0.