Ramelius reports $50m loss in 2013
PERTH (miningweekly.com) – Despite a near 61% increase in revenue for the year ended June, Australian gold miner Ramelius Resources reported a net loss after tax of some A$50.7-million, compared with the net profit of A$2.3-million in 2012, on the back of asset write-downs.
The miner on Friday announced an impairment charge of A$2.3-million on its Wattle Dam development, as well as a A$20.3-million impairment on its Mount Magnet mine.
An impairment on the company's exploration assets of A$14.8-million was also reported, while a write-down of some A$21.3-million was recorded on inventory and a further A$3.1-million on available-for-sale investments.
Ramelius noted that by adjusting the reported profit after tax to exclude impairments, unrealised and non-recurring items, the underlying loss after tax decreased to A$7.5-million.
This was still well below the underlying net profit of A$18-million reported in the previous financial year, and Ramelius ascribed the loss to the fall in the gold price, as well as the increased production expenditure and investment at the Mount Magnet project, which was ramped up to full production.
During the full year, the Mount Magnet operation produced some 58 370 oz of gold at a cash cost of A$1 621/oz. Underground mining at the Wattle Dam produced some 20 128 oz of fine gold during the period under review.
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