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Ramelius swings back to profit

Ramelius swings back to profit

Photo by Bloomberg

4th February 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Ramelius Resources was expected to swing back into profit for the interim period ended December 31, with the miner reporting on Wednesday that it was expecting a profit of some A$5.7-million for the period.

This was compared with a pre-tax loss of A$81.1-million in the previous corresponding period.

The expected profit was based on gold sales revenue of A$67-million, compared with the A$56-million sales revenue earned in the previous corresponding period.

“The half-year financial result has returned the company to profit following the above-guidance production achieved during the latter half of the reporting period at the Mt Magnet gold mine, in Western Australia,” said CEO Mark Zeptner.

“This, combined with high-margin production from the Coogee openpit, has strengthened our balance sheet with a substantial increase in cash since June 2014.”

Zeptner said the company’s robust cash position was pleasing, particularly given the recent increases in the Australian dollar gold price, which boded well for the company’s plans to increase gold production to above 100 000 oz/y.

Edited by Creamer Media Reporter

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