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business|copper|financial|gold|mining|project|surface|operations

Rambler shares rise on strong mine performance

3rd May 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Aim-listed Rambler Metals and Mining achieved record throughput for 2018, by processing 364 176 t of ore from the Ming mine, in Canada, through the Nugget Pong copper and gold milling facility.

This is the second consecutive year that the company has set a throughput record.

Following the announcement on Friday, Rambler’s shares on the London exchange soared to £1.65 a share, a 17.86% increase from Thursday’s close of £1.4 a share.

The Nugget Pond facility processed 364 176 dry tonnes at a feed grade of 1.24% copper and 0.57 g/t gold for the 2018 financial year, with yearly mill throughput averaging at 1 108 dry tonnes daily with a monthly peak of 1 228 dry tonnes daily in April.

Heading into 2019, to match increased mine output, the mill continued to push throughput and had recently achieved a one-day record throughput of 1 492 dry tonnes a day, the company reported.

This was another significant milestone, Rambler said when confirming that incremental mill improvements would allow the facility to produce at a sustained rate at or greater than 1 250 dry tonnes a day.

Recovery of metal-to-concentrate was 96.3% and 70.7% for copper and gold, respectively, for the year. For the full year, the operation produced 15 525 t of concentrate containing saleable metal of 4 187 t of copper and 4 189 oz of gold.

Rambler president and CEO Andre Booyzen said that the completion of the surface ventilation project and the continuation of a business improvement initiative, which was started in June, has resulted in improved production metrics from the mine operation.

He added that these improved key performance indicators from the mine operation, in turn, had resulted in better ore blending opportunities for the mill feed, which positively impacted on throughput and metal recoveries. 

Further, the processing operations group continued to de-bottleneck the copper concentrator processing circuit to accommodate the increased production from the mine.

"Given the productivity improvements in the mine operation, which has provided access to better grade material in both the lower footwall zone and the Ming massive sulphide deposits, we are now turning our attention to increasing the overall feed grade delivered to the mill and returning the company to positive cash flows during a time that has seen significant run up and positive outlook on long-term copper price forecasts,” he said of the company’s objectives.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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