JOHANNESBURG (miningweekly.com) – Dual-listed Rambler Metals and Mining said on Thursday that its first-quarter production results were in line with its guidance for the 2015 financial year, despite a weaker quarter-on-quarter production performance.
During the three-month period to the end of October, the TSX-V- and Aim-listed company milled 58 546 dry metric tonnes of ore at its Ming mine in Newfoundland and Labrador, producing 5 072 t of copper concentrate, containing 1 477 t of copper metal, 1 464 oz of gold and 10 781 oz of silver. Copper production decreased by 15% quarter-on-quarter, gold output by 31% quarter-on-quarter and silver output declined by 35% quarter-on-quarter.
Head grades for the quarter averaged at 2.79% for copper, which was significantly below that of the preceding quarter and the year-earlier quarter, but remained within the communicated guidance range for the 2015 financial year. Gold and silver head grades averaged at 1.26 g/t and 9.12 g/t.
“Although grades came in slightly below the planned run-of-mine head grade of 3%, the company managed to meet its forecast metal production on the lower end of the guidance range for the three-month period,” said CEO Norman Williams.
The company’s 2015 production guidance for dry tonnes milled is between 215 000 t and 230 000 t. Its head grade guidance for the full year is between 2.5% and 3.5% for copper, 1 g/t to 2g/t for gold and 6 g/t to 8 g/t for silver.
Meanwhile, Rambler continued to advance its plans for the lower footwall zone at the Ming mine, which would add to reserves through a low-capital expansion programme.