(Alliance News) - Rambler Metals & Mining PLC on Friday said output rose sharply in the second quarter of 2019 due to its mining process improvement programme and changes to executive management.
Shares in Rambler were up 19% at 1.52 pence in London in morning trade.
Rambler said its executive management changes and the improvement programme, which began midway through 2018, were responsible for a "consistently higher" ore production rate and a higher rate of copper contained in ore in the second 2019 quarter.
Ore production in the second quarter ended June 30 was 1,239 dry tonnes per day, up from 1,036 dry tonnes per day the year before - a 20% improvement.
Moreover, copper contained in ore produced in the second quarter was 17.2 dry tonnes per day versus 11.7 dry tonnes per day, up 47% year-on-year.
Development rounds per week were up at 24 from 23 the previous year.
For the quarter, Rambler's Nugget Pond copper and gold processing facility in Canada processed 112,679 dry metric tonnes at a 1.4% copper feed grade and 0.60 grammes per tonne of ore of gold. This compares to 94,589 tonnes at a 1.1% copper feed grade and 0.63 grammes per tonne gold in the second quarter of 2018. Second quarter production averaged 1,309 dry tonnes per day.
Recovery of metal to concentrate at Nugget Pond was almost unchanged at 94% for copper and 68% for gold. In total, "5,425 tonnes of concentrate containing saleable metal of 1,417 tonnes of copper and 1,321 ounces of gold" were produced from Nugget Pond in the quarter, with saleable tonnes of copper up 45% and ounces of gold rose 10%.
Rambler President & Chief Executive Andre Booyzen said: "This last quarter's mine and mill performance has demonstrated effectiveness of the focus on continuous improvements that were started in late 2018 and still continue. Our staff and contractors are focussed on producing safely and exceeding production targets."
"We will keep improving mining production and the average grade of ore produced so that saleable copper production continues to increase. Our efforts with people and culture has brought positive momentum to our workforce with low absenteeism and low staff turnover now aiding production. A commitment to local recruitment and training has resulted in a stable and committed workforce."
"We have completed work ahead of schedule on our new tailings facility and are depositing tailings at Camp Pond under manual control as of July 18. The tailings project included some critical control components necessary to sustain milling rates in excess of 1,400 dry tonnes per day and these will be in place and operational by August 31. We have also committed to replacing some key mining equipment that has reached the end of their useful life, as well as adding to our underground fleet to enable longer hauls as we mine deeper."
