Gold miner Ramelius is working to get its flagship asset in Western Australia profitable next year despite a weaker gold price.

Although exploration expenditure for the current financial year had been reduced, the company would focus its exploration activities at Mt Magnet, Managing Director Ian Gordon said.

“The company’s strategy is to position Mt Magnet so that it can make a return in the current gold price environment, develop the high grade Vivien project to enhance those returns and to discover a company transforming gold ore body within the next two years,” Mr Gordon told the company’s annual general meeting in Perth.

The company recently made its first $5 million payment to acquire Goldfields’ Vivien gold exploration project, near Leinster in WA.

The company predicts the development of Vivien will increases total production to 135,000 ounces per annum in 2015/16.