After a busy 2014 which saw it acquire a host of new gold mines, Ramelius Resources has beaten its production guidance for the December quarter by 13 per cent.
The company said it produced 24,241 fine ounces of gold driven by record production at its Mt Magnet operations.
It also announced that cash and gold on hand had risen by 49 per cent to $24.7 million in the six month period to December 31 2014.
Ramelius said the results meant cash costs are expected to be significantly lower than the previous quarter, with further details to be announced in the full quarterly report later this month.
“This is the 3rd quarter running, that guidance has either been achieved or exceeded, with lower unit costs driving a substantial increase in our cash position even after accounting for exploration and corporate expenditure,” chief executive Mark Zeptner said.
“The team at Mt Magnet is to be commended for their record performance and we believe that equities markets cannot ignore the new fundamentals of the Ramelius business.”
In June last year, Ramelius Resources bought Glencore’s Kathleen Valley gold project which includes the Kathleen Valley and Mt Harris projects.
It also acquired the Vivien gold project from Agnew Gold Mining Company.