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Ramelius sets three-year production target

14th November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Ramelius Resources has announced a production outlook for the next three years, following a steadying of the market and operational conditions.

The miner on Monday reported that gold production for the medium term is now targeted at between 240 000 oz and 290 000 oz.

In its September quarter results, the miner flagged production of between 240 000 oz and 280 000 oz for the 2023 financial year, at an all-in sustaining cost (AISC) of between A$1 750/oz and A$1 950/oz. For 2024, production is now targeted at between 250 000 oz and 290 000 oz, at an AISC of between A$1 500/oz and A$1 700/oz, while 2025 production is targeted at between 250 000 oz and 290 000 oz, at an AISC of between A$1 400/oz and A$1 600/oz.

The production outlook includes the Eridanus, Orion, Galaxy, Hill 60, Brown Hill, Penny and Vivien deposits at Mt Magnet, and the Edna May underground, Tampia, Marda and Symes Fines deposits at Edna May.

Excluded from the outlook was the Eridanus underground, Hill 50 underground, Morning Star and Bartus East deposits at Mt Magnet, and the Edna May Stage 3 openpit, the Tampia cutback and the Marda Redlegs deposits at Edna May, as well as the Rebecca deposit.

“We are pleased to be able to detail a very robust three-year production outlook featuring consistent production and reducing AISC, largely due to an increasing contribution from the high-grade, low-cost Penny mine. We are also able to provide positive updates on our Hill 50 underground (Mt Magnet) and Symes Find (Edna May) projects at this time,” said Ramelius MD Mark Zeptner.

Meanwhile, a scoping study has identified a production target of between 210 000 oz and 230 000 oz for the Hill 50 underground mine, with AISC estimated at A$1 200/oz and property, plant and equipment costs at A$67-million. Ramelius will now assess the conversion of the inferred resource and the exploration targets.

Edited by Creamer Media Reporter

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