Ramelius improves costs in March quarter

28th April 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Gold miner Ramelius Resources has reported a slight decline in gold production for the three months to March, with production falling from the 56 756 oz reported in the December quarter, to 54 244 oz.

All-in sustaining costs (AISC) for the March quarter were reported at A$1 873/oz, down from the A$2 153/oz reported in the previous quarter.

Ramelius told shareholders this week that gold production in the quarter declined by 4% owing to the completion of mining at Vivien with the Penny haulage road approval delays meaning this shortfall could not be overcome in the quarter. The impact of this was offset, in part, by a 29% improvement in the Edna May head grade when compared to the prior quarter.

Gold sales for the quarter reached 52 787 oz.

Ramelius said this week that the 13% improvement in the AISC, compared with the December quarter, came on the back of a 5% improvement in the AISC at Mt Magnet, while AISC at Edna May improved by 20% on the previous quarter owing to improved grades and lower costs at Tampia.

The AISC per ounce for the June 2023 quarter is expected to be lower again in the A$1 700/oz to A$1 800/oz range, despite both mills having planned maintenance shutdowns in early April 2023, owing primarily to the increased contribution from the Penny mine.