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Rambler Metals upbeat over Ming expansion

Monday, October 24, 2016 3:57
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(Before It's News)

Rambler Metals and Mining PLC (LON:RMM TSX:RAM) cut costs significantly last year, but also took another hefty write-down on its Ming copper mine in Newfoundland.

Revenues for the year to July were US$30.4mln (US$34.6mln), there was an operating loss of US$1.06mln (US$938,000 profit) and a pre-tax loss of US$15.2mln (US$13.6mln) after an impairment charge of US$11.3mln.

Rambler refinanced during the year to carry out a drive into the higher grade Lower Footwall Zone at Ming.

The funding gave majority control (63%) to a group of high profile Canadian miners (CEII).

Norman Williams, chief executive, said: ”With the project financing we will continue to focus on accelerating the Phase II development, allowing the mine to deliver increased tonnage to surface. 

“We are targeting our first expansion milestone of 1,250 metric tonnes per day from the mine by mid calendar 2017. 

“With the operation team focused on delivering the production increase, we look forward to further engineering and evaluation of two very exciting opportunities around shaft rehabilitation and ore pre-concentration.” 

The miner milled 241,080 dry metric tonnes in the year with copper grades of 2.12% and gold grades of 1.40 g/t.

Recoveries for copper and gold averaged 95.6% and 68.7% respectively, with production of 4,508 tonnes of copper (4,622) and 7,129 ounces of gold (4,926).

Cash costs fell on average to US$1.72 per lb from US$2.11 per lb, but the weak copper market saw sale prices fall to US$2.20 per pound from US$2.87.

Story by ProactiveInvestors

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