Weak price hits gold miners

Evolution Mining, Resolute Mining and Ramelius Resources have all reported weaker interim earnings after being hit by the impact of a lower gold price. 

The key differentiator for each of the companies was their cost of production. 

Evolution, which reduced its all-in sustaining costs to $1,070 per ounce, reported a slump in net profit to $35.4 million for the half-year to December. 

Resolute, by contrast, experienced an increase in all-in sustaining costs to $,1175/oz. 

Its net profit fell to $23.3 million, down from $96.1 million in the previous corresponding period. 

Ramelius has battled to bring its costs under control, reporting a cash cost of production (excluding investment in mine stripping) of $1,340/oz, compared to the average realised gold price of $1,446/oz. 

Its interim result was a loss of $58.5 million after tax, up from a previous loss of $5.7 million.