Mt Magnet reports another stellar quarter
PERTH (miningweekly.com) – The Mt Magnet project has again delivered to expectations, Western Australia-focused Ramelius Resources reported on Wednesday, announcing that the mine had produced 22 655 oz of gold during the three months to March.
This was well in line with the previous guidance of between 21 000 oz and 23 000 oz for the quarter.
“The turnaround at Mt Magnet and Ramelius is in full swing now with four consecutive quarters of achieving production guidance,” said CEO Mark Zeptner.
“Combined with a stronger Australian dollar gold price, this has resulted in a substantial boost to cash and gold on hand, which currently represents around 7.6c a share.”
Cash and gold on hand increased to A$35.8-million during the March quarter, compared with the A$24.7-million reported at the end of the December quarter.
Zeptner noted that the cash generating ability of the Mt Magnet operation, backed by an ore reserve of more than 300 000 oz, was the result of a sustained effort and was underpinned by the company’s strategy of building a profitable gold business.
“With two new high-grade mines coming on-stream shortly, Ramelius is well placed to take advantage of the current Australian dollar gold price," he said.
Ramelius was working to bring its Vivien and Kathleen Valley projects into production, and was hoping to push its production to about 130 000 oz/y by 2016.
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