Ramelius Resources Limited
Ramelius Resources Limited
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Gold producer Ramelius Resources is looking to add a new underground gold project to its Mt Magnet operations in central Western Australia.
After outlining an initial 63,000oz gold resource at its Water Tank Hill satellite deposit adjacent to the company’s Mt Magnet gold mine, Ramelius has engaged external mining consultants to complete a mining study on Water Tank Hill and the nearby 62,000oz St George mine, expected to be completed in the June 2013 qtr.
Ramelius Resources has launched a mining study into an initial 125,000oz underground gold operation based on existing infrastructure at its Mt Magnet operations.
As Ramelius Resources advances its likely quest to replace its now closed Wattle Dam mine, the company’s other Western Australian mine at Mt Magnet has lifted Dec 2012 qtr fine gold production 18% to 14,433oz at cash costs of $A1,199oz.
The Mt Magnet operations are expected to lift 2013/14 year production to 100,000oz with the start of Western Queen South this month, adding 23,000oz.
Ramelius’ drive to replace its now closed Wattle Dam gold mine is bearing fruit with new projects and extensions to its Mt Magnet operations. Mark Mentiplay reports.
Australian gold miner Ramelius Resources has lined up a likely near-term replacement for its Wattle Dam mine production by finalising agreement to purchase the Vivien gold project near Leinster in Western Australia.
Ramelius has signed formal agreements with Gold Fields subsidiary Agnew Gold Mining to acquire the mine, which has an indicated resource of 579,000t at 8.3g/t for 154,000oz gold.
Ramelius Resources plans to bring its Western Queen South open pit into production in January next year adding 23,00oz to the company’s nearby Mt Magnet gold mining operations in Western Australia for calendar 2013.
Western Queen, 90km NW of the Mt Magnet mining operations, has a probable 182,000t @ 3.9g/t and anticipated total production costs of $A900oz.
It’s part of a strategy to crank up base load production at Mt Magnet where operations are nearing full production rates.
As part of its strategy to boost production from its Mt Magnet gold operations, Ramelius is bringing a new supply on stream in early 2013.
Gold miner Ramelius Resources has reduced resources at its Mt Magnet operations in Western Australia by 130,000oz, but lifted proven/probable reserves by 25,000oz over and above mine depletion.
The company’s resources are estimated at 38.4Mt at 2.3g/t for 2.84Moz, the drop primarily relating to a revision of the Galaxy deposits. Ore reserves are estimated at 10.4Mt at 1.7g/t for 570,000oz.
A $A17M impairment charge relating to its Wattle Dam Gold Project is the major contributor to Western Australian producer Ramelius Resources’ 96% fall in June 2012 year after tax profit to $2.34M.
The result came on revenue down 43% to $84.33M, with cash flow from operations plunging $94.25M to $5.03M and gold sales of $84.1M compared to the previous year’s $147.6M. A saving grace was a cash balance of $48.8M.