Ramelius shares soar on higher output
PERTH (miningweekly.com) – The share price of gold miner Ramelius Resources surged by 26% on Wednesday, on news that the Mount Magnet operation, in Western Australia, had achieved record production in the December quarter of last year.
The Mount Magnet operation delivered 23 235 oz of gold during the three months to December, allowing Ramelius to exceed its group production guidance for the quarter by 13%, to reach 24 241 oz.
The Coogee/Burbanks operation, also in Western Australia, delivered 1 006 oz of gold during the quarter.
“This is the third quarter running that guidance has either been achieved or exceeded, with lower unit costs driving a substantial increase in our cash position even after accounting for exploration and corporate expenses,” said Ramelius CEO Mark Zeptner.
Ramelius shares were trading at a high of 8.3c a share on Wednesday, up from the previous day's closing price of 6.1c a share.
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