Australian gold miner Ramelius posts record 297% net profit increase
(Kitco News) - Ramelius Resources (ASX: RMS) today reported a record financial and operational performance for the half-year ended 31 December 2020.
The company’s net profit after tax increased 297% to A$81.3M on the back of improving grades at Ramelius’ Western Australian gold mines and an increasing realised gold price.
Ramelius said that EBITDA of A$192.8M from sales revenue of $342.2M highlighted a margin of 56.3%, which is one of the highest amongst the ASX listed mid-tier gold producers.
The company’s gold production for the six months ended 31 December 2020 was 144,240 ounces, a 57% increase compared to the corresponding period of last year (92,084 ounces).
Ramelius Resources is a Western Australian gold producer that has been listed on the ASX since 2003 and in production since 2006. Ramelius currently operates the Mt Magnet, Vivien, Edna May and Marda gold mines and associated processing plants around Western Australia.