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A drill rig at Ramelius Mt Magnet project. Picture: Kalgoorlie Miner.
A drill rig at Ramelius' Mt Magnet project. Picture: Kalgoorlie Miner.

UPDATE 1pm: Ramelius Resources has lowered production guidance for its Mt Magnet project on recent problems with the mill but allayed investors' worst fears about the extent of a mine wall slip at its Western Queen South pit.

Ramelius said it had developed a plan to deal with the pit wall slip, which it expected would take only 14 days.

"While part of the pit ramp was affected by the slip, access is still currently possible to the bottom of the pit," the company said.

"No injuries were sustained or equipment damaged."

Ramelius said gold production from Western Queen would not be affected in the short term as it already had about four months of stockpiled ore for delivery to the Mt Magnet mill.

The company said December quarter gold production for Mt Magnet was estimated at 16,000 ounces which took account of the recent mill motor shutdown period and the resultant lower throughput.

This was down from a previous estimate of 21,000-23,000 ounces.

Production guidance for the Coogee project for the December quarter remained at 5000 ounces.

Ramelius shares, which returned to the bourse this morning following a trading halt, were up half a cent, or 4.76 per cent, to 10.7 cents shortly before the close of trade.