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Rambler Metals and Mining posts maiden quarterly profit

27th March 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Dual-listed copper producer Rambler Metals and Mining on Wednesday posted its maiden quarterly profit of C$2-million and operating cash flows of C$5-million in its first full quarter as a commercial copper and gold producer.

The company, which owns and operates the Ming mine, in Baie Verte, in Newfoundland and Labrador, reported a net profit of C$1.95-million or 14 Canadian cents a share in the second quarter ended January 31, compared with a loss of C$718 000 or 5 Canadian cents a share in the first quarter.

Revenue for the period totalled C$11.4-million, a 20% increase quarter-on-quarter when compared with C$9.5-million in the prior quarter.

Rambler shipped the first copper concentrate, totalling about 8 873 wet metric tons (wmt), through the port facility at Goodyear’s Cove, Newfoundland and Labrador. Subsequent to the quarter end, the company shipped 3 150 wmt of at the request of the company’s offtake partner, Transamine.

The Ming operation produced 4 350 wmt of concentrate for the quarter, which was 12% lower quarter-on-quarter. Concentrate produced during the second quarter averaged 28% copper with 7 g/t gold and 51 g/t silver. Copper milling recoveries were slightly poorer at 88%, compared with 90% in the prior quarter, and gold-milling recoveries were 62% compared with 65% in the prior month.

Edited by Creamer Media Reporter

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