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Gold|Resources
Gold|Resources
gold|resources

Ramelius achieves record production, raises FY guidance

The Symes openpit at the Edna May operation, in Western Australia

The Symes openpit at the Edna May operation, in Western Australia

22nd April 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Western Australian gold miner Ramelius Resources has posted record gold production of 86 928 oz in the March quarter.

This has prompted the company to revise its full-year guidance, now forecasting a range of between 285 000 oz and 295 000 oz, surpassing the previous target of between 265 000 oz and 280 000 oz and the initial guidance set at 250 000 oz to 275 000 oz issued in July last year.

Ramelius is forecasting an “exceptionally strong” second half of 2024 for the Mt Magnet and Edna May hubs.

The all-in sustaining costs (AISC) for the March quarter came in at A$1 344/oz, below the recently released guidance range of A$1 375/oz to A$1 475/oz. The full-year AISC is projected to range between A$1 550/oz and A$1 650/oz.

During the March quarter, gold sales reached 84 493 oz at an average price of A$3 014/oz, generating revenue of A$254.7-million. This comprised committed forward sales of 30 000 oz at A$2 702/oz and spot sales of 54 493 oz at an average price of A$3 187/oz.

At March 31, the company had A$354.8-million of cash and A$52.3-million of gold bullion on hand for a net cash and gold position of A$407.1-million.

The company anticipates its cash and gold bullion reserves to be about A$500-million at year-end on June 30.

Edited by Creamer Media Reporter

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