The Ramelius Resources Ltd (ASX: RMS) share price is edging higher in morning trade, up 2%.
We take a look at the S&P/ASX 200 Index (ASX: XJO) gold shares latest production update below.
What did Ramelius Resources report on its gold production?
Ramelius shares are edging higher after the company reported it had achieved gold production guidance for the 2021 March quarter. Ramelius had forecast production in the range of 65,000—70,000 ounces of gold and achieved 66,029 ounces during the quarter.
41,832 ounces were produced at the gold miner’s Mt Magnet mine (including Vivien). While the remain 24,197 ounces came from its Edna May mine (including Marda).
Ramelius said it managed to achieve guidance despite a motor drive bearing failure at its Edna May SAG mill in March. All told, the mill was out of action for 7 days before recommencing production.
The company also reported an improvement in its cash and gold on hand, which increased to $230.6 million from $221.5 million at the end of the December 2020 quarter.
The ASX 200 gold miner will release its full quarterly report later in April.
Share price snapshot
Ramelius shares are up 53% over the past 12 months, compared to a gain of 31% on the ASX 200. Year-to-date it’s been a bit choppier for the gold producer, with shares down just under 10% so far in 2021.
At the current price of $1.61 per share, Ramelius has a market cap of $1.3 billion and pays an annual dividend yield of 1.3%.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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