Production surge drives Ramelius profits
PERTH (miningweekly.com) – A 17% increase in sales revenue has resulted in gold miner Ramelius Resources keeping its promise of reporting a net profit for the six months ended December.
Earlier in February, the miner flagged its return to profit during the interim period, citing the above-guidance production achieved at its Mt Magnet gold mine, in Western Australia.
Total fine gold production from the Mt Magnet operation increased to 41 810 oz during the interim period, from 26 606 oz delivered in the previous corresponding period.
This resulted in sales revenue increasing from A$59.1-million to A$69-million, resulting in Ramelius reporting an after-tax net profit of A$3.9-million during the six months ended December, compared with the loss of A$58.4-million reported over the same period last year.
Ramelius earlier this year upgraded its full-year production guidance from 78 000 oz to 83 000 oz, on the back of the increased output from Mt Magnet.
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