GOLD miner Ramelius Resources has tripled its full year net profit due to high prices for the precious metal and increased production.
Net profit for the 12 months to June 30 was $62.4 million, up from $20.19 million for the previous financial year.
Cashflows from its Wattle Dam mine in WA's Goldfields region nudged $100 million, up from $39 million for financial 2009/10.
The mine, which is expected to last until the end of 2013, produced 100,720 ounces of gold during the year, up from 60,780 ounces.
The company says it plans to start a new mine at Mt Magnet in Western Australia during the current half year, with production expected to commence in the first quarter of 2012.
Shares in Ramelius were up three cents, or 1.97 per cent, at $1.555 at 1158 AWST.
http://www.perthnow.com.au/business/ramelius-reaps-rewards-of-high-gold-prices/story-e6frg2r3-1226122891483
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high gold prices a boon for ramelius
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