Ramelius Resources trebles first-half profit, declares first interim dividend
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The news: Gold miner Ramelius Resources more than trebled its first-half profit and declared its maiden interim dividend of 3 cents per share, boosted by higher production at its flagship Mount Magnet mine in Western Australia.
The numbers: Ramelius shares were up 1.5% to $2.67 at 11:40am AEDT.
The company reported first-half net profit after tax of $170.4 million, up 313% year on year from $41.2 million.
Revenue grew 46% to $508 million as gold production rose 19% to 147,755 ounces. Output from the Mount Magnet project — which includes the on-site open pit and underground projects, as well as ore hauled from its Penny and Cue gold mines — increased 64% year on year to 108,069 ounces at an all-in sustaining cost (AISC) of $1,376 an ounce.
The average realised gold price during the period climbed 26% to $3,541 an ounce.
The context: Ramelius said its AISC margin is expected to increase from 52% during the first-half period to 61% for the full year, with an increasing contribution from its Cue mine and higher realised gold price.
The source: ASX
