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Rambler Metals achieves processing record at Ming mine

The Nugget Pond facility processed 97,997 tonnes in the fourth quarter

copper wires
Rambler will now look to boost grades

Canada-based copper miner Rambler Metals & Mining PLC (LON:RMM CVE:RAB) achieved record throughput at its Ming mine in Newfoundland in the last three months of 2017.

Production for the year overall was also a record with the level of ore processed rising by 27% to 339,631 tonnes, which generated 3,968 tonnes of saleable copper and 3,357 ounces of gold.

READ: Rambler Metals boosts coffers through advance purchase deal with Transamine

The Nugget Pond facility processed 97,997 tonnes in the fourth quarter at a copper grade of 1.17% and 0.65g/t gold.

Nugget Pond also ran for 17 days at an average of 1,260mtpd in December, close to its peak, with copper recoveries at 96.1% and gold 61%.

Guidance for saleable metal produced was met for copper and just under for gold, Rambler added.

Norman Williams, chief executive, said Rambler had nearly doubled the production rate at both the mine and the mill over the past 17 months.

READ: Rambler achieves record throughput at Nugget Pond

"The mine is now averaging 1,118 tonnes of ore per day from the underground, with the mill hitting peak production as high as 1,360mtpd while maintaining high copper recovery.

"Given the productivity improvements just around the corner we are now turning our attention to increasing the overall feed grade being delivered to the mill and returning the company to positive cash flows.”

Phase II expansion and sustained production of 1,250 tonnes per day mining and milling should be achieved towards the end of the first quarter this year, Williams added.

Shares rose 2% to 7.9p.

Shore Capital stated that Ramblers' "Full-year 2017 production parameters came in in-line with revised guidance...with the company expecting sustained mining and milling of 1.25ktpd to be achieved towards the end of Q1 2018."

--updated for share price and broker comment--

Quick facts: Rambler Metals and Mining PLC

Price: 0.3195 GBX

AIM:RMM
Market: AIM
Market Cap: £34.43 m
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