Rambler Metals & Mining plc’s (LON:RMM, TSX:RAM) aim of being a long term gold and copper producer has been boosted by the Canadian government, which has provided C$2 million to expand production at its Ming mine.
The money is interest free and repayable over eight years with the first payment scheduled for May, 2018.
Initially, the cash will be used to increase capacity at the group’s Nugget Pond copper mill to at least 1,250 metric tonnes per day (mtpd).
Rambler will also advance further engineering studies to further increase production to 2,000 mtpd.
The increase in mill capacity will enable the copper concentrator to accommodate an increase in production from the mine and lower unit costs with new projected mine life of over 20 years.
Rambler’s president and chief executive Norman Williams said: ” Rambler was first listed for trading in 2005 with the mandate to bring the historic mining operation back into production.
“Having achieved this initial goal, with the declaration of commercial production in 2012, the company has since continued to operate while developing the Phase II expansion strategy to increase both production and the life of mine.
“This repayable contribution, combined with the equity investment completed earlier this year, will allow for full optimization and expansion of all available infrastructure in support of a mine life spanning over two decades.”
The money comes from Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program (BDP).
Story by ProactiveInvestors