JOHANNESBURG (miningweekly.com) – Gold miner Ramelius Resources has achieved an after-tax profit of $21.9-million in the half-year period ended December 31, on the back of continued operational improvements.
The interim result was a significant improvement on the $4-million profit that the Western Australia-focused miner reported in the previous corresponding period.
Sales revenue for the half-year increased by 10% to $75.8-million, owing to an increase in the average realised gold price and greater gold production ounces sold, which was offset in part by lower silver sales and lower milling revenue.
Total fine gold production at Ramelius’s operations totalled 51 430 oz for the six months ended December 31, up from 46 776 oz reported in the comparative period of 2014.
This was achieved at all‐in sustaining costs (AISC) of $1 185/oz for the calendar year, which was below the average realised gold price of $1 560/oz over the same period.
The company attributed the increase to gold production at its Mt Magnet and Kathleen Valley gold projects exceeding expectations, as well as underground development at the high-grade Vivien gold project progressing, with 1 446 m of total development achieved.