Gold miner Ramelius Resources hits production target for sixth straight year

WA gold miner Ramelius Resources has hit its annual production target for sixth straight year, which its managing director Mark Zeptner has hailed as “a fantastic demonstration of consistent delivery”.

The company advised on Wednesday that it had achieved output of 192,182 ounces, within its guidance range of 185,000–205,000oz.

Ramelius plans to becoming a 500,000oz per year producer by the 2030 financial year, underpinned by the expansion of the processing plant at its Mt Magnet operations in the Murchison region, and development of its Rebecca-Roe project east of Kalgoorlie.

At Mt Magnet, an additional 236 rooms are being added to the accommodation camp, with completion expected during the September quarter, while a hybrid power project is progressing, with the foundations for two 7MW wind turbines now complete.

The miner recently inked a deal to sell its mothballed Edna May mine on the edge of Westonia, about 315 kilometres north-east of Perth, to Forrestania Resources for $300 million in cash and shares.

Ramelius acquired Edna May from Evolution Mining in 2017 for $90m in cash and royalties, producing 760,000 ounces since then.

The cash injection gives Ramelius more firepower to lob an offer for Northern Star’s Carosue Dam gold mine, which is expected to fetch more than $1 billion.

At the end of June, Ramelius had a cash and gold balance of $649.6m.