PERTH (miningweekly.com) – Gold miner Ramelius Resources has reported 14% increase in revenues for the 2017 financial year ended June, on the back of a 13% increase in gold production.
Revenues for the full year increased from A$173.7-million reported in 2016 to A$197.4-million, with gold production during the period up from 110 839 oz to 125 488 oz.
Earnings before interest, tax, depreciation and amortisation increased by 12% during the full year, to A$84.6-million; however, after-tax profit fell by 36% to A$17.7-million, from the A$27.5-million reported in 2016.
During the year under review, the company increased its cash and gold to A$89.9-million after raising net additional capital of A$23.4-million and spending A$22.4-million on capital development and rehabilitation.
The company told shareholders on Friday that with cash and bullion of A$89.9-million at the end of June, and no corporate debt, Ramelius was in a strong financial position to take advantage of any corporate opportunities that could arise.
In the meantime, the company is progressing its Water Tank Hill underground gold mine into production, with the miner expecting gold production in 2018 to reach between 125 000 oz and 135 000 oz.