PRECIOUS METALS

Ramelius meets guidance

Cash drops as project investment ramps up

Staff reporter
 Ramellius' Mt Magnet plant

Ramellius' Mt Magnet plant

The miner produced 44,182 ounces of gold, in line with guidance of 43,000-47,000oz.

Mt Magnet contributed 17,504oz, Edna May 15,151oz and Vivien 11,527oz.

Cash and gold on hand fell from A$106.8 million at the end of June to $92.8 million at September 30.

The company spent $7.6 million on exploration and $19.1 million on project development, comprising $7.4 million for the Eridanus open pit at Mt Magnet, $7.1 million for the Shannon and Hill 60 undergrounds at Mt Magnet, $3.8 million for the Edna May underground, and $800,000 for Marda pre-development work.

The Marda development proposal was approved late last month, while the clearing permit for the Greenfinch pit at Edna May was approved after a two-year process.

"The operations team continues to deliver consistent results, with production guidance achieved once again and a number of project milestones also attained," Ramelius managing director Mark Zeptner said.

"We continue to have a sharp focus on investing for the future via exploration and capital development across both production centres.

"Extension of mine life at Vivien and first ore development at Shannon were part of an active quarter at Mt Magnet whilst Edna May continues to produce strongly with the underground operations moving into stoping production and our Marda project receiving mining proposal approval late in the quarter."

Ramelius shares rose 0.8% today to $1.397, not far off the stock's eight-year high of $1.44 reached two months ago.

"In a sector that continues to screen as fully priced on our estimates, Ramelius continues to screen as inexpensive for investors willing to look down the curve," RBC Capital Markets analyst Paul Hissey said.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.