Gold producer Ramelius Resources has delivered record gold production in December 2017 quarter from its WA operations with investors welcoming the news.
December quarter gold production came in at 58,012 ounces, above the guidance range of 51,000 – 55,000 ounces for the period.
Shares in Ramelius gained over 6 per cent to hit an intraday high of 42.5c. Stock was last trading at 40.5c.
Ramelius Managing Director Mark Zeptner today said the quarterly result saw Ramelius hit its targeted annualised production rate of over 200,000 ounces.
“This record quarter exceeded guidance due to the hard work and focus by our operations teams across our three sites, including the newly acquired Edna May gold mine,” he said.
“I look forward to continuing this positive trend and solidifying our position as a growing mid-tier gold producer.”
Of its WA-based operations, Mt Magnet contributed 23,352 ounces to the quarterly total, 13,283 ounces were mined at Vivien. Edna May contributed 21,377 ounces in its first quarter of production for Ramelius since it was acquired in September last year from Evolution Mining.
All In Sustaining Costs are expected to be below guidance at A$1250 an ounce.
During the quarter, stage 1 decline development work was completed at Edna May with underground diamond drilling ongoing at the end of the quarter.
The company spent $13.2 million on capital development during the quarter
Cash and gold on hand was $61.8 million at end of December.