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Ramelius widens interim losses

21st February 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed gold miner Ramelius Resources has widened its net loss for the six months to December by more than 920%, to A$58.4-million, as sales volumes and revenues declined.

During the interim period, Ramelius sold 40 133 oz of gold, which was down 16% on the previous corresponding period, while the average realised gold price was also down by 13%, to A$1 410/oz.

Sales revenue for the interim period declined by A$18.3-million, to reach A$59.1-million, compared with the A$77.4-million reported in the previous corresponding period.

The gold miner faced a reduced output during the quarter ended December as a ball mill failure at its Mt Magnet mine, in Western Australia, affected operations.

The miner was forced to stop production at Mt Magnet in November, and implemented a range of remedial actions to ramp up production at the mine.

Total fine gold production during the interim period reached 34 988 oz.

Edited by Creamer Media Reporter

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