Ramelius posts strong first half
PERTH (miningweekly.com) – Higher gold grades and higher achieved sales prices have seen gold miner Ramelius Resources report a 329% increase in net profits after tax for the six months ended December.
The miner on Monday reported that net profits after tax for the interim period had increased from the A$4.8-million reported in the first half of 2019, to A$20.5-million, while earnings before interest, taxes, depreciation and amortization (Ebitda) increased from A$50-million to A$65.9-million.
“The company’s profitability has increased significantly on the December 2018 half-year and continues the solid earnings from the second half of 2019,” said Ramelius MD Mark Zeptner.
“This profitability has been achieved as a result of strong cost controls, improving grades, and improving gold prices. Both our production centers contributed to the increasing Ebitda and underlying profitability, however, the Mt Magnet operation has been the main driver with grades increasing by 18% from both the underground and openpit mines.”
Zeptner noted that earnings from the Edna May operation were marginally lower than those from the previous corresponding period, which was pleasing given the increased reliance on the milling of the low-grade stockpiles to supplement the high-grade Edna May underground development ore, owing to delays in approval for the Greenfinch project.
Gold production for the half-year declined slightly from 104 051 oz to 92 084 oz, with revenues for the half-year reaching A$158.5-million, compared with the A$181.9-million reported in the previous corresponding period.
Looking ahead at the full year, Ramelius’ production guidance has been estimated at 205 000 oz to 225 000 oz, with all-in sustaining costs estimated at between A$1 225/oz and A$1 325/oz.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
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
