(Alliance News) - Rambler Metals & Mining PLC on Monday said it achieved its highest saleable copper output in nearly five years during the recently ended third quarter.
In the three month period ended September 30, Rambler reported a saleable copper production of 1,475 dry metric tonnes, its best since the fourth quarter of 2014, and up 17% year-on-year from 1,266 tonnes.
Saleable gold output also rose from last year, by 35%, to 1,379 ounces from 1,020 ounces, Rambler added.
The Canada-focused gold and copper producer added that dry tonnes milled during the quarter climbed 15% year-on-year to 106,783 from 93,128. In the year to date, the figure stands at 317,873 dry tonnes milled, up 15% from 270,733 in the same period last year.
Rambler explained that it is on track to meet its 2019 throughput target of between 400,000 and 450,000 dry tonnes milled.
Saleable metal production of between 5,000 and 6,000 tonnes of copper and between 5,000 and 7,000 ounces of gold is targeted for 2019.
A copper head grade of between 1.3% and 1.5%, is forecast for 2019, though Rambler said it does not expect to meet its gold grade target of between 0.7 and 0.9 grammes per tonne.
President and Chief Executive Andre Booyzen said: "We have demonstrated over the first three quarters of the year that our operations are capable of reaching and exceeding our own throughput expectations. Given the productivity improvements in the mine, which have provided access to better grade material in both the Lower Footwall Zone and the Ming Massive Sulfide deposits, we are now turning our attention to increasing the tonnage and overall feed grade delivered to the mill.
"The remainder of 2019 will be an exciting time for us with plans in place to upgrade our lower grade ore and further improve mill feed rates. This is new territory for us, but it will start us on our longer-term journey towards further growth at the operation."
Shares in Rambler were 0.8% lower at 1.29 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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