THE BOURSE WHISPERER: The nodding heads surrounding the Boardroom table of Ramelius Resources (ASX: RMS) has given the go-ahead for commencement of mining at the company’s Vivien gold project, located near Leinster in Western Australia.
The company said the approval to commence mining at the Vivien gold mine rounds-out the implementation phase of its new projects in the north-eastern goldfields of WA.
These projects will provide high-grade feed to the low-cost Mt Magnet treatment plant.
The approval coincides with a $10 million finance facility the company has negotiated with the Commonwealth Bank of Australia.
In order to lock in operating margins over Mt Magnet production and the Vivien and Kathleen Valley mine developments, Ramelius has entered into further forward gold sales for 39,489 ounces over the next two years.
“The forward sales, including others secured in February 2015, now total 86,689 ounces at an average hedge price of $1,570 per ounce and represent approximately 40 per cent of the Group’s total gold production forecast over the period,” the company said in its ASX announcement.