Rambler Metals and Mining sees lower costs over remainder of year

Rambler Metals & Mining PLC (LON:RMM CVE:RAB) expects costs to reduce over the remainder of 2017 as production from its new Lower Footwall Zone at the Ming mine picks up.

Grades were lower than expected in the latest quarter as it pushed through into the new mining area, but as more mining stopes from the LFZ come on stream ore production will rise to 1,250 tonnes per day.

This will boost grades and reduce costs to US$1.70 per pound of copper, said Norman Williams, chief executive. Average prices for the latest quarter were US$2.63 per pound of copper.

“At quarter-end, the operation was scheduling final upgrades to the mill’s grinding circuit in advance of increased ore production from the mine.

 In addition to the capital expansion projects, the Lower Footwall Zone surface exploration drill program is proceeding on schedule with a planned start date in June.”

Rambler produced 794 tonnes of copper in the three months to March, from 2,930 tonnes of concentrate.

Revenue for the three months to March was US$5.73mln (US$5.4mln), with net losses US$2.77mln.

Story by ProactiveInvestors