VANCOUVER (miningweekly.com) – TSX-V- and Aim-listed Rambler Metals and Mining has received a repayable C$2-million contribution through the Atlantic Canada Opportunities Agency’s Business Development Programme towards the Phase 2 expansion of the Ming copper/gold mine, in Newfoundland and Labrador.
Rambler said Monday the interest-free contribution is unsecured and repayable over eight years, with the first repayment scheduled for May 2018.
The contribution by the federal government of Canada will be used to increase capacity at the Nugget Pond copper concentrator to at least 1 250 t/d, which will enable the copper concentrator to accommodate increased mining rates, as expected in the 21-year mine plan.
The Phase 2 expansion will allow the operation to increase output and lower unit costs, thereby strengthening the company’s ability to be a long-term producer in the region, it said.
Once fully executed, the project will support more than 200 full-time positions, including contract services.
Combined with a C$19-million equity investment earlier this year, the contribution will allow for full optimisation and expansion of all available infrastructure in support of a mine life spanning over two decades, stated president and CEO Norman Williams.