South Australia-based gold miner, explorer Ramelius faces $70m full year loss GOLD miner and explorer Ramelius Resources expects to post a full year loss before tax of $70 million. The South Australian company yesterday forecast a write down in the carrying value of assets of $58 million due to the significant fall in gold prices. The expected impairment of capitalised development and exploration expenditure and a write down in the carrying value of other assets will not affect cash flow," the company said. Ramelius, which is mining gold at Mt Magnet in WA, said the estimates were a result of a preliminary review, subject to audit. A number of cost cutting measures have been implemented to counter the recent drop in the gold price, including a reduction in mining rates and the introduction of high grade ore from the Western Queen South pit, located approximately 90 kilometres northwest of Ramelius' producing Mt Magnet mine. Production for the current financial year is expected to increase by 34 per cent to 107,500 ounces, mostly due to a n anticipated 54 per cent output boost at Mt Magnet to 90,000 ounces.