Ramelius hits its targets
PERTH (miningweekly.com) – Despite warnings to the contrary, ASX-listed gold miner Ramelius Resources has managed to meet its full year production guidance in the period ending June.
The company in June warned that its operations had been impacted by more persistent rain than forecast, as well as ongoing staff shortages owing to Covid/influenza outbreaks, and lower-than-forecast head grade from Tampia, meaning it was unlikely to reach its production target of between 260 000 oz and 265 000 oz for the financial year.
However, the company on Thursday reported that group production in the full year to June had reached 258 625 oz, with gold production in the June quarter amounting to 67 418 oz, at an all-in sustaining cost (AISC) of A$1 564/oz.
The June production results were the highest quarter for the financial year, despite increased Covid-19-related impacts on Rameliu’s Western Australian operations, following the re-opening of the state’s border in March.
Ramelius on Thursday set a production target of between 240 000 oz and 280 000 oz for the 2023 financial year, at an AISC of between A$1 750/oz and A$1 950/oz, with the Mt Magnet operation expected to contribute 150 000 oz, while the Edna May operation is expected to contribute 110 000 oz.
The company has also set a capital and project development budget of A$58-million, including A$24-million for the development of the Penny underground operation, A$22-million for the Galaxy underground mine development at Mt Magnet, and a further A$12-million for the Die Hardy openpit operation at Marda.
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