PERTH (miningweekly.com) – Gold miner Ramelius Resources has reported a 50% surge in earnings before interest, taxes, depreciation and amortisation (Ebitda) for the 2018 financial year, and a 74% increase in net profits after tax, as gold production rose by 66%.
Ebitda for the full year reached A$127-million, compared with the A$84.7-million reported in the previous financial year, while net profit for the same period was up from A$17.7-million to A$30.8-million.
Ramelius on Thursday reported that gold production for the full year reached a record 208 118 oz, compared with the 125 488 oz produced in the 2017 financial year, as production from the Edna May operation, in Western Australia, was incorporated into the company’s portfolio following its acquisition some 12 months ago.
The increased production resulted in a 73% increase in revenue during the financial year, increasing from A$197.4-million to a record A$341.8-million.
“This is the fourth consecutive year that Ramelius has posted a net profit after tax, which demonstrates the operating and financial strength of the company and its assets,” said MD Mark Zeptner.
“The addition of Edna May in October last year has made us a highly profitable 200 000 oz/y producer with the capability, resource base and desire to be Australia’s next midtier gold producer.”
For 2019, Ramelius is targeting a production of between 200 000 oz and 220 000 oz, with all-in sustaining costs targeted at between A$1 150/oz and A$1 250/oz.