2342 GMT - Ramelius Resources' Rebecca-Roe gold-mining project is shaping up to be less lucrative than expected, Macquarie analysts say. Prefeasibility study results suggest a lower NPV--by about A$121 million--than Macquarie previously estimated. Still, the project remains key to maintaining Ramelius's current production longer term, "by acting as a replacement hub for the soon-to-cease Edna May operations," they say. The study points to a higher production rate but also higher operating costs than Macquarie anticipated. First production is also roughly nine months later than expected. Macquarie keeps an outperform rating but trims target on the stock by 4% to A$2.60. Ramelius is up 1.1% at A$2.245, clawing back a little of Monday's 3.5% fall. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
December 16, 2024 18:42 ET (23:42 GMT)
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