PERTH (miningweekly.com) – Gold miner Ramelius Resources has reached its production targets in the three months to September, producing 51 428 oz of gold.
The miner on Monday said that the quarterly production was well within the guidance of 50 000 oz to 54 000 oz set out for the quarter.
The Mt Magnet operation contributed 17 432 oz, while the Vivien operation produced 9 341 oz and the Edna May mine delivered 24 655 oz.
“Another solid quarterly result from the operation team, with the Edna May operation starring once again to the point where since acquisition, the operation has generated enough cash to return in full our initial effective purchase price of A$38.4-million,” said Ramelius MD Mark Zeptner.
“To achieve this within 12 months is a credit to the team at Edna May,” he added.
During the quarter under review, Ramelius approved underground operations at Edna May, which would require an up-front investment of A$5.9-million. The underground mine development is expected to start in the March quarter, with ore production slated to start in the 2020 financial year.
A prefeasibility study on the underground operation estimated that 64 417 oz will be mined and 57 783 oz will be recovered during the underground operation’s 2.5 year mine life.