(Alliance News) - Rambler Metals & Mining PLC on Friday reported mixed performance in the first quarter of 2020 due to coronavirus.
The copper and gold producer said it has achieved saleable copper and gold production of 1,210 tonnes and 929 ounces, respectively, in the three months to the end of March. These figures represent a 1% increase and a 12% decrease from those reported in the final quarter of 2019, respectively.
On a year-on-year basis, saleable copper output was flat while gold production decreased by 18%.
Rambler said the onset of the Covid-19 virus has affected the productivity of the operations due to necessary changes in procedures designed to keep its employees and families safe from infection.
"the first quarter of 2020 unfortunately also saw a drop in the tonnes mined and processed, with the operations feeling the effect of the Covid-19 pandemic. As part of our business continuity plans, operations were scaled back in reaction to the physical distancing guidelines and the significant reduction in the copper price," said President & Chief Executive Andre Booyzen.
"As the copper price recovers and improves, we will start to ramp up production and staff numbers, with the target of sustainable production at 1,500 tonnes per day and 2% copper grade by the end of 2020," added Booyzen.
AIM-listed Rambler shares were trading 5.7% lower in London on Friday at 1.65 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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