Mt Magnet delivers lower output, higher costs in Q4
PERTH (miningweekly.com) – Gold miner Ramelius Resources has reported lower production and higher costs at its Mt Magnet operation, in Western Australia, during the three months to June, owing to lower grades and a scheduled reline of the semi-autogenous grinding and ball mills.
Gold production for the quarter declined to 17 218 oz, compared with the 22 655 oz produced in the previous quarter, while C1 cash costs increased from A$663/oz to A$800/oz, and all-in sustaining costs (AISC) increased from A$1 097/oz to A$1 410/oz.
For the full-year ending June, Ramelius produced 86 655 oz of gold, with some 88 706 oz sold. Cash costs for the full-year were recorded at A$849/oz, while AISC were reported at A$1 178/oz.
During the financial year under review, Ramelius started mining at the Perseverance (Percy) openpit, in addition to the Saturn and Mars pits. The cutback from the Percy pit was expected to be a major ore source for the Mt Magnet operation in the 2016 financial year, and mining at Percy was accelerated during the second half of the financial year to access higher-grade fresh ore.
Ramelius expected the September quarter to see increased access to ore at Percy as the main Hill 50 and Perseverance banded iron formation lodes were exposed.
Mining at the Saturn and Mars openpits would also be completed in the September quarter.
Production was expected to increase in the September quarter with the impact of improving ore grades from Percy and initial deliveries from the Kathleen Valley mine.
Ramelius was expecting a midpoint production of some 20 000 oz for the September quarter, while gold production for the 2016 financial year was forecast to reach some 99 000 oz.
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