Ramelius Resources hits record production and profit for 2018
An Australian listed gold miner has capped off an impressive 12 months as it hits record production and huge profits.
Ramelius Resources announced in a statement this week that it has achieved record financial and operational performances for FY 2018.
With a net profit before tax of A$45.5m, this represents the company’s fourth consecutive annual profit and an 81% increase on the previous year.
A key contributor to these figures si the acquisition of the Edna May Gold Mine, which was acquired by Rameilius back in October 2017 from Evolution Mining.
The Edna May Gold Mine added A$15.8m to the company’s pre-tax profit.
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The company also saw an 66% increase in gold production, hitting a record 208,118 ounces for 2018.
Sales revenues also grew 73% or A$144.4M compared to 2017 with $115.2M of this attributable to the Edna May operations.
“This is the fourth consecutive year that Ramelius has posted a net profit after tax which demonstrates the operating and financial strength of the Company and its assets. The addition of Edna May in October last year has made us a highly profitable 200koz per annum producer with the capability, resource base and desire to be Australia’s next mid-tier gold producer,” said Ramelius Managing Director, Mark Zeptner
Further, our strong balance sheet gives Ramelius the flexibility to pursue growth opportunities as and when they arise.”