SG:Rambler Metals revenues boosted by gold production from Ming
Rambler Metals quarterly results give further evidence of its strong financial position and the great success of its initial gold production phase.
Ramblers' revenues jumped sharply in its latest quarter on sales of gold from its Ming mine in Canada though the focus has now switched to copper.
Copper production began in May, with the first shipment now trucked to port, though revenues of CAD 14.2 million in the three months to April stemmed from the production and sale of gold from Ming, which is a copper-gold deposit.
Ocean once that from an operational perspective, Rambler presents little risk now that the copper circuit is approaching commercial commissioning. The company also intends to further de-risk its financial position through paying down its short-term loans quickly.
At this time Rambler presents a low-risk investment option to high grade copper production and so offers good exposure to any rebound in copper prices. Recovery and throughput rates are above expectations for this point in the plant’s commissioning and we are particularly impressed with the grade of the copper concentrate which has exceeded 30% copper at certain points. As a high quality product Rambler’s concentrate brand should be in high demand as a prime blending material for larger copper concentrators.
Rambler poured and shipped a total of 8,013 ounces of gold from Ming during the quarter of which 6,082 ounces were physically sold under the group's refining agreement. An additional 2,112 ounces poured and shipped in preceding three months were also sold during the quarter to make a total of 8,194 ounces sold at an average price of CAD 1.67.
The remaining 1,931 ounces poured and shipped were settled after the quarter end at an average price of CAD 1,624 yielding gross revenue of USD 3.1 million.
Mr George Ogilvie president and CEO of Rambler Metals said that "The company continues to make progress towards commercial copper production having already trucked its first shipment of concentrate to the port facility and is delighted to announce strong gold production and revenues.”
