Write a 14 pages paper on credit and lending decisions. The company has been operating for over 20 years and to date has produced over 5.5 million ounces of gold while actively increasing its portfolio in order to remain viable. According to Gordon (2011) Resolute Mining Limited is Australia’s second largest gold producer. The company is now into mining for diamonds at its Breccia Project in Australia. The companies main controlled subsidiaries during the year is shown in Table 4 in the Appendix.
Resolute Mining Limited (RSG) has been listed on the Australian Stock Exchange (ASX) since 1979. The company has been through numerous name changes. Resolute Mining Ltd was registered as Samantha Exploration NL (SAM) in 1979 and soon changed its name to Samantha Gold NL (SAM) on January 18, 1990 and then to Resolute Samantha Ltd (RSG) on July 21, 1995. The name was again changed to Resolute Ltd (RSG) on November 29, 1996 and finally to Resolute Mining Ltd (RSG) in 2001, following a reorganisation of its capital structure (Delisted.com).
Resolute emerged as a gold producer in the late 1980’s. During the period of the 1990’s the company diversified into the laterite nickel industry in Western Australia. This decision proved very costly and therefore had a negative impact on key shareholder investment ratios. The company commissioned its Obotan operations in Ghana (in which it had a 90% interest) in May 1997. The construction of the mine in Tanzania started in that same year and was completed 12 months later (Annual Report 2001).
In the financial year ended June 30, 2000, Resolute was readmitted to the FT Gold Index as its production of 376,196 ounces of gold was in excess of the 300,000 ounces required. In that year the company had two (2) mines – the Golden Pride Mine in Tanzania (East Africa) and Obotan in Ghana (West Africa). At the end of the financial year June 30, 2000 the company’s debts stood at A$74mn (Annual Report 2000).
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