Ramelius Resources hits record production and profit for 2018

By Dale Benton
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...

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.
 

Related stories:

Antofagasta expects $1.3 billion Los Pelambres expansion project to begin construction in 2019

Minergy receives mining licence to press ahead with Botswana coal development strategy

Feasibility study shows $500mn+ revenue for Molyhill tungsten project

 

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.”

Share

Featured Articles

Environmental certification for Lundin's Candelaria mine

Lundin Mining Corp has announced approval of an EIA to extend operations at the Candelaria copper mining complex in Chile

Lithium Africa and Ganfeng Lithium join hands in Africa

Lithium Africa Resources Corp. and China's Ganfeng Lithium Group Ltd. have created a 50/50 joint venture to accelerate lithium exploration and development

Mesh tech keeps Copper Mountain Mine going during outage

Rajant's Kinetic Mesh networking, BreadCrumb wireless nodes and InstaMesh networking software kept the mine safe at a critical time earlier this year

Diamond mine supports Yellowknife wildfire communities

Sustainability

Launch of China's first mining satellite developed with XCMC

Technology

Perpetua Resources to sign USA Department of Defense deal

Supply Chain & Operations