Ramelius celebrates record production, exceeds guidance

JOHANNESBURG (miningweekly.com) – ASX-listed Ramelius Resources has exceeded its fourth-quarter guidance range and produced a record 58 012 oz from its Western Australian operations.

The Edna May mine delivered its first contribution to group output, with production of 21 377 oz in the three-month period. The Mt Magnet and Vivien operations contributed 23 352 oz and 13 283 oz, respectively, to group production.

The gold miner’s guidance for December was production of between 51 000 oz and 55 000 oz at an all-in sustaining cost (AISC) of A$1 250/oz.

“Ramelius attained our targeted annualised production rate of over 200 000 oz. This record quarter exceeded guidance owing to the hard work and focus by our operations teams across our three sites, including the newly acquired Edna May gold mine. I look forward to continuing this positive trend and solidifying our position as a growing midtier gold producer,” Ramelius MD Mark Zeptner said on Monday.

Ramelius noted that its AISC was still being finalised, but that it should be below its guidance.

Cash and gold on hand was A$61.8-million at the end of the quarter, down from the A$96.1-million it held at end September, with the balance of $38-million paid for the acquisition of Edna May operations from Evolution Mining.

During the quarter, the company also completed decline development work at Edna May, with underground diamond drilling started and ongoing at the end of the quarter.