Ramelius production rises in H1
PERTH (miningweekly.com) – Higher gold production has driven higher revenues for miner Ramelius Resources during the six months ended December.
The company has reported a gold production of 104 051 oz compared with the 91 126 oz delivered in the previous corresponding period, with revenues increasing by 26% in the same period, from A$144.8-million to A$181.9-million.
However, Ramelius has reported a 10% fall in earnings before interest, taxes, depreciation and amortisation, which reached A$50-million in the six months to December, reflecting slightly higher costs of production, which offset the additional ounces produced.
Profits after tax for the interim period also decreased by 65% compared with the previous corresponding period, from A$13.6-million to A$4.8-million.
‘It has been a very busy period for the team and we are extremely pleased to have been able to achieve production of 104 051 oz for the half-year and maintain our annual run-rate of 200 000 oz/y against a backdrop of multiple asset acquisitions and ongoing brownfield project development work,” said Ramelus MD Mark Zeptner.
The company spent some A$23.9-million on capital development and exploration during the six months under review, and A$12.9-million on the acquisition of assets, including the Marda project and takeover costs of fellow-listed Explaurum.
“Ramelius’ strong balance sheet means we are well placed to begin integrating the recently acquired Marda and Tampia Hill projects into our asset portfolio. With production from Marda scheduled for 2020, and the strategic review of Tampia Hill already under way, we are confidently looking forward to executing on our growth strategy,” said Zeptner.
For 2019, Ramelius is expected to produce between 190 000 oz and 210 000 oz of gold.
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