PERTH (miningweekly.com) – Gold miner Ramelius Resources has reported a 22% increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to A$49-million for the six months to December 31, compared with Ebitda of A$40.3-million in the six months to December 2015.
Revenue was up 38% to A$106.3-million for the period under review on the back of a 31% increase in gold production, which reached 67 546 oz.
During the half-year, Ramelius increased cash and gold to A$95-million after A$19.1-million was spent on capital development, including A$9-million on openpit pre-strips at the Mt Magnet operation, in Western Australia, A$4.2-million at Water Tank Hill, A$500 000 on site rehabilitation at the Kathleen Valley operation, and a further A$5.4-million on exploration.
Ramelius told shareholders that the investment in its assets during the half-year placed the company in a strong position as it progresses both the Vivien and Water Tank Hill underground mines, along with significant focus on mine life extensions through brownfield exploration, in the period leading to June 30.