LONDON (Alliance News) - Rambler Metals & Mining PLC on Thursday said its ore production rate increased significantly at its Canadian Ming mine in the first quarter of 2019 following an improvement programme.
Shares in the copper and gold exploration and production company were up 32% at 3.62 pence in morning trade.
Rambler achieved an ore production rate of 1,157 dry tonnes per day of ore in the three months to March-end, 20% higher than the 965 dry tonnes per day for the same quarter a year ago.
This was attributed to Rambler's mining process improvement programme, which it began late in the second quarter of 2018.
The programme was also credited with the 27% increase in copper contained in ore - 16.3 dry tonnes per day in the first quarter of 2019 versus 12.8 dry tonnes per day the year before.
Development rounds per week rose to 23 from 12, up 92%. This higher development rate, Rambler said, has resulted in "the best developed state of the mine since the expansion project began".
The Nugget Pond copper and gold milling facility processed 98,411 dry metric tonnes from Ming at a feed grade of 1.3% copper and 0.58 grammes of gold per tonne of ore in the quarter. This compares to 83,016 tonnes at a feed grade of 1.1% copper and 0.41 grammes of gold per tonne of ore in the year ago period.
Daily production from the Nugget Pond facility averaged 1,266 dry tonnes per day, including a monthly peak in February of 1,309 dry tonnes per day. March 12 included a one-day record throughput of 1,492 dry tonnes per day.
Recovery of metal to concentrate was 96% for copper and 69% for gold. For the three month period, 4,797 tonnes of concentrate with 1,207 tonnes of saleable copper and 1,128 ounces of gold. Saleable copper was up 47% from 2018 and gold was up 70%.
Rambler President & Chief Executive Andre Booyzen said: "We have started work on our new tailings facility and intend to have it completed by Q4 2019, after which it will support production for 6 years. The tailings project includes some critical control components necessary to sustain milling rates in excess of 1,400 dry tonnes per day. 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 reflect longer hauls as we mine deeper.
"I am delighted to report in this, my first quarterly production commentary, that we have the right operational teams in place at the Ming mine and Nugget Pond mill to reach our production targets and they are ably supported by our executives and board managers."