Ramelius shares drop after lower first quarter output
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More news: Shares in Ramelius Resources are down nearly 3% to $2.26 after the gold miner reported a drop in output from its flagship Mount Magnet mine as well as Edna May.
The company has still maintained its full-year production guidance and said Mount Magnet production is weighted to the second half of the year when high-grade ore will be processed.
Ramelius posts lower output for September quarter, keeps FY guidance
The news: Gold miner Ramelius Resources has maintained its full-year production guidance despite reporting lower output in the September quarter.
The numbers: The West Australian miner reported output of 62,444 ounces in the three months to September, as production at its flagship Mount Magnet mine fell 16% on the prior quarter and Edna May gold production also slipped.
All-in sustaining cost (AISC) for the quarter was also higher at $1,965 an ounce.
The miner has reaffirmed its full-year guidance for production of 270,000 to 300,000 ounces of gold at an AISC of $1500 to $1700 per ounce, with Mount Magnet production weighted to the second half of the year when high-grade ore is processed.
The context: Ramelius attributed the lower output at Mount Magnet to focusing on the development at the Cue site, where mining commenced ahead of schedule, and processing of lower grade stockpiles at Edna May.
The source: ASX announcement
