Ramelius Resources Limited
Ramelius Resources Limited
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Australian top 10 gold producer Ramelius Resources is seeking greater scale for its Rebecca exploration project in WA under an agreed all-scrip off-market takeover offer for explorer Breaker Resources.
Breaker’s 100%-owned Lake Roe gold project, holding mineral resources of 1.7Moz, is 100km E of Kalgoorlie and close to the 1.035Moz Rebecca project.
Increasing quantities of high-grade ore from the Penny mine during the second half are expected to reduce all-in sustaining costs for West Australian gold miner Ramelius Resources in the year to June 2023 after it posted Dec qtr (Q2) production of 56,756oz at AISC of $A2,153/oz.
The result compares with its Q1 production of 61,244oz at $1,930/oz. FY23 guidance remains 240,000-280,000oz at $1,750-1,950/oz.
Continuing inflationary pressures in West Australian mining have led Ramelius Resources to defer plans for a stage 3 openpit development at its Edna May gold project at Westonia, 315km E of Perth.
MD Mark Zeptner says cost increases have eroded the returns on the project to the point where they simply do not meet our internal hurdles.
Australian gold producer Ramelius Resources has outlined a “very robust” outlook for its Mt Magnet and Edna May production centres in WA, forecasting consistent production and improving all-in sustaining costs over the next three years.
Its revised guidance shows 240,000-280,000oz at AISC of $A1,750-1,950/oz in the year to June 2023, 250,000-290,000oz at $1,500-1,700/oz in FY24 and 250,000-290,000oz at $1,400-1,600/oz in FY25.
West Australian miner Ramelius Resources is tipping lower costs in the second half of the financial year after posting AISC of $A1,930/oz on production of 61,244oz gold in the Sept qtr (Q1FY23).
The result was a comedown from the 67,418oz at $1,564/oz in the previous qtr, but Ramelius says it was in line with its internal expectations. It maintains FY23 gold guidance at 240,000-280,000oz at $1,750-1,950/oz.
Ramelius predicts more ore from its high-grade Penny mine will drive the forecast AISC improvement in H2FY23.
Australian gold miner Ramelius Resources is facing a 15% decline in net profit for the year to end-June due largely to a $A90-95M non-cash impairment on the value of its Edna May operation in WA.
Also including a $30.3M gain on the sale of its Kathleen Valley lithium royalty and an $18-20M write-off of exploration and other minor assets, the total pre-tax value of one-off items will amount to $77.6-84.7M.
Hitting a peak in the final quarter has helped Australian miner Ramelius Resources meet guidance for the year to June 2022 with FY22 group gold production of 258,625oz, down from its record 272,109oz a year earlier but in line with its 255,000-260,000oz guidance.
AISC was $A1,523/oz (FY21: $1,317), at the high end of its $1,475-1,525/oz forecast.
Ramelius ended the year with cash and gold of $A172.9M ($234M).
Continuing problems with road haulage volumes, blamed on persistent rains affecting truck routes serving its Mount Magnet and Edna May operations as well as staff shortages triggered by COVID disruptions, have led Western Australian miner Ramelius Resources to trim its gold production guidance for the June 2022 year.
Ramelius says lower than forecast head grade at its Tampia operations has also influenced the marginal reduction in its forecast to 255,000-260,000oz from 260,000-265,000oz.
Lower road haulage volumes due to COVID-induced labour shortages have further impacted West Australian miner Ramelius Resources, with March qtr (Q3FY22) gold production falling to 58,6092oz from 66,919oz in the previous period. AISC rose to $A1,596/oz (Q2: $1,493/oz).
While it expects road haulage activity to return to normal in the June qtr, Ramelius predicts FY22 production from its WA mines to be at the lower end of its 260,000-265,000oz guidance at AISC of $1,475-1,525/oz.
West Australian gold miner Ramelius Resources has given the go-ahead for development of the Galaxy Underground project at its Mt Magnet production centre next month after its PFS highlighted the opportunity to bring it forward by two years.
The study estimates capital cost of $A60M for the development of a long hole open stoping mine to produce 194,000oz gold at AISC of $1,708/oz over 5.5 years.