LONDON (Alliance News) - Rambler Metals & Mining PLC on Friday reported a record year of throughput at the Ming mine in the Canadian province of Newfoundland & Labrador.
Shares were 26% higher on Friday morning at 1.76 pence each.
Rambler processing 364,176 tonnes of ore at Ming, through the Nugget Pond copper and gold mining facility. This is 6% higher year-on-year, which itself was a record.
The average feed grade was 1.2% copper and 0.6 grams of gold per tonne of ore, and since the start of 2019 throughput has continued to rise.
Rambler recovered 96.3% of metal from concentrate for copper and 70.7% for gold, producing 4,187 tonnes of saleable copper at 4,189 ounces of gold, up 6% and 25% year-on-year.
Chief Executive Andre Booyzen commented: "2018 was a banner year for operations in several areas, including year-over-year improvements in mine output, mill throughput, concentrate production, and metal recoveries.
"Given the productivity improvements in the mine operation, which has provided access to better grade material in both the lower footwall zone and the Ming massive sulphide deposits, we are now turning our attention to increasing the overall feed grade delivered to the mill and returning the company to positive cash flows during a time that has seen significant run up and positive outlook on long term copper price forecasts."
