LONDON (Alliance News) - Rambler Metals and Mining PLC Monday reported a significantly higher pretax profit and revenue for its last financial year, buoyed by its first full fiscal year of commercial production.
The copper-gold producer reported a pretax profit of CAD13.5 million for the year ended July 31, compared with CAD3.0 million the prior year, as revenue increased to USD62.1 million, up from only CAD34.7 million a year earlier.
During the year, it said a total of 25,806 dry metric tonnes of concentrate was provisionally invoiced.
As the company increased production, it said production costs increased to CAD29.7 million, higher than the CAD20.9 million in production costs it booked the prior year.
Rambler said the average price of copper per pound increased during the year, although the average price of gold and silver per ounces both fell.
"For the 2015 fiscal year, grades are expected to be marginally less than last years with an estimated copper grade for the year between 2.5% and 3.5%," the company said. "Copper grade is expected to be on the lower end of the communicated guidance for Q1 2015 while increasing throughout the year as new high grade stopes become available."
Rambler said it is now debt free, having repaid its Sprott credit facility in February.
The company's stock was trading 10% higher Monday morning at 25.50 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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