Rambler's loss still expands as production at highest level since 2015

Rambler Metals & Mining reported on Wednesday that it its third quarter loss expanded even as production reached its highest level since the fourth quarter of 2015.

For the three months ended 30 September the copper and gold producer scored a loss before tax of $3.1m, up 63% from the same point last year but down from $4.5m from the second quarter, as saleable copper production reached 1,266 tonnes.

The company’s Ming copper and gold mine project has also seen its development rate rise by 26% since the start of a productivity improvement project in early June, with the average daily ore production rate up from 1000 wet metric tonnes per day to 1300 wmt/d.

Norman Williams, president and chief executive, said: "The company commenced a productivity improvement initiative in the mine. The twenty-four-week initiative is focused on productivity and efficiency improvements in three main areas: mine planning, mine operations and mine mobile equipment maintenance. The commitment of the project is to return the mine to profitability and positive cash flow."

The ramping up of operations led to a $0.6m increase in G&A costs but revenue of $9m constituted an 11% increase over the second quarter and a 23% increase over the prior year.

The AIM traded miner had cash and cash equivalents of $0.9m at the end of the third quarter, down from $3.4m at the same point last year.

"With this improved mine performance, the addition of high-grade mill feed from the successful drilling in the Ming North Zone (development of which has begun), and higher grades coming on line as we move deeper in the Lower Footwall Zone, we are setting up well for a stronger financial performance in 2019," said Williams.

Rambler’s shares were unchanged at 2.95p at 1149 GMT.