LONDON (Alliance News) - Rambler Metals & Mining PLC Monday said it is continuing to work towards reaching the lower end of its revised guidance, as it posted a lower pretax profit for its third quarter.
Rambler is a development, mining and exploration company with copper and gold projects in Newfoundland and Labrador, Canada.
For the quarter to end-April the company posted a pretax profit of CAD1.9 million, down from CAD3.3 million a year before, as revenue fell to CAD9.2 million from CAD15.1 million, although this was partly offset by lower costs.
Average production costs for the quarter were USD145 per tonne of ore milled, compared to USD158 a year before and USD162 in the previous quarter, and USD2.18 per equivalent pound of copper, down from USD2.61 in the previous quarter but up from USD1.62 in the previous year.
During the quarter the company produced a total of 3,989 dry tonnes milled of copper concentrate, down from 4,648 dry tonnes milled in the previous quarter.
Rambler said this was its first full quarter since it implemented its revised mine plan, and with the mine back to operating at a profit and with lower production costs, it believes this plan has "proven to be effective."
Shares in Rambler Metals & Mining are trading down 1.3% at 11.35 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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