Ramelius gold production outperforms expectations

This surpassed its guidance of between 67,000 and 72,000 ounces of the precious metal, led by strong performances at its Western Australian gold mines.

The company’s Mt Magnet and Edna May gold mines Western Australia produced 43,055 ounces and 29,841 ounces for the quarter respectively. These results also included the Vivien gold mine and Marda gold project.

Ramelius’ half-year gold production is at 144,240 ounces with a guidance of 132,000-142,000 ounces.

The company’s cash and gold balance has also increased by $7.7 million to $221.5 million.

The Mt Magnet gold mine was acquired by Ramelius from Mt Magnet Gold in 2010 and is comprised of multiple open pit and underground mines.

Ramleius bought the Edna May gold mine from Evolution in 2017, with the deposit having produced over 500,000 ounces since 2011.

The company will provide further details in its quarterly report slated for later in January.