Rambler Metals exceeds targets as copper recoveries rise
By Philip Whiterow October 01 2013, 7:47am
proactiveinvestors.co.uk
Rambler Metals and Mining ( LON:RMM CVE:RAB) is beating expected production levels thanks to higher than forecast recoveries of copper from its Ming mine in Newfoundland.
“We are now producing in excess of 2,000 wmt of copper concentrate on a monthly basis with August and September being 2,388 wmt and 2,484 wmt respectively," said George Ogilvie, Rambler’s president and chief executive, who added overall copper recovery is now exceeding forecast levels.
Recoveries of copper through the Nugget Pond milling facility averaged 95% over the past two months, with an average run of mine head grade of approximately 3.85% copper.
Peak production since May has also exceeded 100 wet metric tonnes (wmt) per day on occasion with an average of 83 wmt of copper concentrate (21 tonnes of contained copper metal).
Ogilvie said: "We have now supplied 26,000 wmt of copper concentrate which is 30% of our original commitment to supply 85,000 wmt, after only 16 months of production, including a five month commissioning and ramp-up period."
He also revealed Rambler had made its fourth shipment of copper concentrate from ore produced from Ming. Around 7,800 wet metric tonnes left the company’s bulk storage facility in Goodyear’s Cove, with the grades estimated by the company to average 30% copper, 6.5 grams per tonne (g/t) gold and 30 g/t silver.
It brings the total Rambler has shipped since Ming first went into production in May 2012 to approximately 26,000 wmt. Following the shipment, there remains 1,300 wmt of concentrate in storage at Goodyear’s Cove.
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