LONDON (Alliance News) - Rambler Metals & Mining PLC Wednesday said its production and head grades increased in line with guidance in its fiscal second quarter, despite extreme cold weather.
The copper and gold producer, with operations in Newfoundland and Canada, said production increased 71% on the year in the three months ending January 31, to 6,818 tonnes of copper. That was a 3% rise on the previous quarter.
The company said its copper production for the whole of its 2014 fiscal year is forecast at between 5,700 and 6,840 tonnes of metal, with 4,000 to 5,500 ounces of gold in concentrate and 32,000 to 39,000 ounces of silver.
The company said the number of dry tonnes milled increased 10% to 50,957 tonnes in the second quarter, resulting in production of 1,978 tonnes of copper, 1,551 ounces of gold and 10,764 ounces of silver during the quarter.
Rambler said its copper head grade increased to an average 4.00%, from 3.14%, its gold head grade increased to an average 1.43 grams per tonne, from 1.13 grams per tonne, and its silver head grade increased to an average 8.89 grams per tonne, from 7.19 grams per tonne.
"Despite the extreme cold temperatures, and electrical power outages, the operation continues to produce at expected rates and we remain within our guidance forecasts," General Manager Robert McGuire said in a statement.
Rambler shares were down 0.5% to 30.60 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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