Ramelius warns of impairment charge at Edna May
PERTH (miningweekly.com) – Gold miner Ramelius Resources has warned of a A$90-million to A$95-million non-cash impairment of its Edna May asset, in Western Australia.
The company said on Monday that the prevailing environment for input costs which had been experienced throughout the mining industry, coupled with lower than modelled ore grades at Tampia, resulted in a full year impairment testing being completed in relation to the recoverable value of Edna May.
Ramelius noted that the cashflow modelling for Edna May did not include the Stage 3 cutback, as project studies were still under way and a final investment decision had been held over until later this calendar year.
As a result of the non-cash impairment charge, as well as a non-cash write-off on exploration and other minor assets of between A$18-million and A$20-million, and a gain on sale of lithium royalties of some A$30.3-million, Ramelius is targeting an underlying net profit after tax of A$105-million to A$110-million for the full year, and a statutory net profit before tax of between A$20-million and A$25-million.
The company’s financial results for the full year are expected on August 29.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















