Copper and gold producer Rambler Metals and Mining has widened its third-quarter net loss to $2.2-million, as higher production expenses offset an increase in revenue.
Revenue rose from $7.3-million in the third quarter of 2017, to $9-million, while cash production expenses increased from $6.7-million, to $8.2-million.
The net of $2.2-million loss compares with a loss of $1.4-million in the third quarter of 2017.
Revenue was supported by increased copper production, which increased to the highest level in nearly three years. Saleable copper output increased to 1 266 t, from 1 004 t in the third quarter of 2017, while gold output rose to 1 020 oz, from 930 oz in the same period.
The Aim- and TSX-V-listed miner, which operates in Newfoundland and Labrador, has implemented a productivity improvement initiative at the Ming mine, which Rambler president and CEO Norman Williams said was making progress.
“The 24-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 at the nominal 1 250 dry tonnes per day processing rate. Headline targets of the project include mining and hauling a total 1 800 tonnes per day material, 1 300 dry tonnes per day of ore at an average grade of 1.4% copper and 500 tonnes per day waste.
"We are pleased with the step changes taking place at the operation and are experiencing a tremendous uplift in mine performance this far in quarter four. 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,” Williams stated.
Rambler is considering a Phase 3 expansion in mine production and mill throughput to about 2 000 t/d.