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Financial|Gold|Mining|Resources|Underground
Financial|Gold|Mining|Resources|Underground
financial|gold|mining|resources|underground

Ramelius sees gold production rise 27%

27th July 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Ramelius Resources has reported a 27% increase in gold production during the June quarter, with all-in sustaining costs (AISC) falling by 12% on the previous quarter.

Ramelius produced 68 752 oz of gold during the quarter, up from the 54 244 oz produced in the March quarter as additional ore from the high-grade Penny underground operation was accessed. As a result, AISC for the quarter fell to A$1 648/oz, the lowest level reported in the 2023 financial year.

In the full year to June, Ramelius produced 240 996 oz of gold at an AISC of A$1 895/oz, with both production and costs for the full year in line with guidance.

Gold sales for the June quarter reached 68 638 oz at an achieved gold price of A$2 753/oz, while full-year gold sales reached 243 263 oz at an achieved gold price of A$2 591/oz.

Looking ahead at the 2024 financial year, Ramelius has set a production guidance of between 250 000 oz and 275 000 oz, with an AISC guidance of between A$1 550/oz and A$1 750/oz, with production to be weighted towards the second half of the year as higher grade material is sourced from the Penny mine, and the mining of the Symes openpit is in full swing.

For 2024, Ramelius is targeting growth capital of between A$50-million and A$60-million, with the majority to be spent on the Galaxy underground mine at Mt Magnet, and the development of the Symes openpit.

Edited by Creamer Media Reporter

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