Ramelius Resources Limited
Ramelius Resources Limited
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Australian miner Ramelius blames a bureaucratic bungle for the 6 month delay it faces in getting approval for the proposed Greenfinch openpit development alongside its Edna May gold mine.
WA Environment Minister Stephen Dawson rejected Ramelius’s appeal against the refusal of a vegetation clearing permit for the Greenfinch mine over its risk to a threatened bush species.
Australian gold miner Ramelius remains on target for full year production despite a decline in March qtr (Q3FY19) output to 45,286oz, from 52,623oz in the previous period.
Of its WA mines, Mt Magnet contributed 15,949oz (19,976oz), Vivien 11,593oz (9,879oz) and Edna May 17,744oz (22,768oz).
Edna May underground development commenced, heading for first stoping early in the Sept qtr. Ore mining from the Shannon underground and Eridanus openpit at Mt Magnet is set to begin about the same time.
Higher production costs have seen Ramelius Resources lower Dec half (H1FY19) profits despite improved output from its West Australian mine portfolio.
Gold production reached 104,051oz (H1FY18: 91,126oz) but at AISC of $A1,220/oz ($1,169/oz).
Revenue was $181.9M ($144.8M), delivering EBITDA of $50M ($55.3M) and NPAT of $4.8M ($13.6M).
Despite delays in gaining permits for the Greenfinch project at its Edna May mine, Ramelius is maintaining FY19 guidance at 190,000-210,000oz at AISC of $1,150-1,250/oz.
Ramelius Resources is set to finalise development studies after the final $A11M payment completed the 13km acquisition of the Marda gold project, 150km N of Southern Cross in Western Australia, from under-administration Black Oak Minerals.
It aims to use Marda’s shear-controlled gold mineralisation as a satellite feed source for its Edna May operations just under 200km away. Marda holds JORC 2004-compliant ore reserves of 151,000oz (2.07Mt @ 2.3g/t Au).
Gold miner Ramelius Resources has lifted its stake in explorer Explaurum and its advanced FS-level Tampia Gold Project in Western Australia to 90.31% and is moving to compulsory acquisition.
Currently the 1-for-4 share-swap offer closes Feb 22, 2019.
Australian miner Ramelius has lifted its cash and gold balance to a record $A108.1M after posting Dec qtr (Q2FY19) gold production of 52,623oz, up from 51,428oz in Q1 and exceeding its 48,000-52,000oz guidance.
Of its 3 WA producing mines, Mt Magnet contributed 19,976oz (Q1: 17,432oz), Vivien 9,879oz (9,341oz) and Edna May 22,768oz (24,655oz).
MD Mark Zeptner says Ramelius is finalising new production forecasts for all 3 mines.
Australian gold producer Ramelius Resources has confirmed it will advance an unsecured and interest-free loan to Explaurum after the explorer’s directors dropped their opposition to its improved offer.
The Explaurum board recommended shareholders accept the Ramelius bid following the addition of a 2c cash sweetener to its original $A60M 1-for-4 share-swap offer.
An updated FS on take-over target Explaurum’s Tampia Gold Project in Western Australia has lifted its value, cut costs and initial capex, while lifting grade and average annual gold production to 103,157oz from 93,241oz on a lower LoM output of 481,398oz from 489,517oz.
The new FS on the project, 240km E of Perth, includes the addition of the inferred 20,000oz Mace supergene deposit, reworked mine design and scheduling for a pre-tax NPV up to $A156M from the May 2018 FS’ $125M and pre-tax IRR to 70% from 47%.
Take-over target Explaurum’s shareholders have some good looking new FS numbers on the company’s Tampia Gold Project in WA to consider. By Mark Mentiplay
Bidder Ramelius Resources has added a cash sweetener to its all-scrip offer in a “best and final” pitch to get its original $A60M offer for West Australian explorer/developer Explaurum over the line.
Ramelius says the $0.02 cash on top of its 1-for-4 shares offer, lifting its value to $0.134cps, 57.6% above Explaurum’s last closing price, should meet the “fair and reasonable” level set by independent expert BDO Corporate Finance.