Ramelius H1 revenue surges 36%

JOHANNESBURG (miningweekly.com) – Gold miner Ramelius Resources on Monday reported half-year revenue of A$106.3-million, a 36%, or A$38.5-million, increase in the corresponding period, largely thanks to A$28.3-million in sales revenue coming from the recently acquired Edna May operations, in Western Australia.

The miner achieved half-year profit of A$13.6-million, a 5% improvement on profit of A$12.9-million in the first half of the previous financial year.

Earnings before interest, tax, depreciation and amortisation (Ebitda) rose by 13% to A$55.3-million, largely reflecting the inclusion of Edna May into the group. Edna May contributed A$8-million to Ebitda, while Ebitda attributable to other Western Australia operations decreased by $1.7-million. This also included the A$3.3-million in once-off costs relating to the Edna May acquisition. After normalising for these costs, Ebitda attributable to the company’s other Western Australia operations increased by A$1.6-million.

Ramelius produced 91 162 oz in the six months ended December 31, at an all-in sustaining cost (AISC) of A$1 169/oz, compared with output of 67 546 oz at an AISC of A$1 131/oz in the corresponding period.

The company has set a gold production target of 200 000 oz to 210 000 oz at an AISC of A$1 100/oz to A$1 200/oz for the full year, ending June.