Ramelius to further lift output
PERTH (miningweekly.com) – ASX-listed gold miner Ramelius Resources was targeting gold production of nearly 100 000 oz/y by the second half of 2016, as the development of its Vivien and Kathleen Valley gold mines progressed.
Ramelius on Friday reported that the company had sold 88 706 oz of gold in the financial year ended June, after having hit all of its quarterly production targets at the Mt Magnet mine, in Western Australia.
The gold sales resulted in revenue of A$131.9-million, which contributed to a net profit after tax of A$16.1-million. This compared with a net loss after tax of A$85.5-million the year before.
Ramelius told shareholders that the improved net profit after tax was primarily owing to improved performance at the Mt Magnet gold project, which had been driven by cost reductions and an increase in the gold price, but had been offset, in part, by a lower volume of gold ounces sold.
“The full year financial results for 2015 are very pleasing and confirm the company’s return to profit, as flagged late last month,” said MD Mark Zeptner.
“The significant turnaround from last year’s financial result augurs well for Ramelius, as we move ahead with the development of our new high-grade Vivien and Kathleen Valley gold mines, which are currently progressing on or ahead of schedule.”
A 2014 feasibility study into the Vivien project estimated that a capital expenditure of A$20-million would be required to allow Vivien to deliver about 109 000 oz of gold over a mine life of 30 months.
A bankable feasibility study at the Kathleen Valley project was completed in February, considering the development of two openpit operations to produce 56 000 oz of gold.
Openpit mining at Kathleen Valley started in June.
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