TIDMRMM
RNS Number : 2384C
Rambler Metals & Mining PLC
06 February 2020
6 February 2020
Rambler Continues Strong Performance in H2 2019 and FY 2019
And Provides Guidance for Full Year 2020
London, England - Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company"), a
copper and gold producer, explorer, and developer, is pleased to
announce that for the fiscal year ended December 31, 2019 it
achieved its highest annual saleable copper and gold production
since FY2014, at 5,299 tonnes and 4,887 ounces respectively. These
figures represent 27% and 17% increases over FY2018 saleable copper
and gold respectively. H2 2019 saleable copper and gold totalled
2,675 tonnes and 2,438 ounces, representing a 2% increase and 0.5%
decrease compared to H1 2019, and 12% and 5% increases over the
same period a year ago respectively. The 2019 annual performance
was supported by a 12% increase in mill throughput and 16% and 5%
increases in copper and gold head grades compared to the previous
year.
H2 2019 and Full Year 2019 Production Summary
-- The mining process improvement program begun in mid-2018 and
executive management changes since then have resulted in:
o Consistently higher ore production rate in H2 2019 vs H2 2018
(1,061 dry tonnes per day vs 1,014 dry tonnes per day),
representing a 5% improvement, and in the full year-over-year
figures (1,113 dry tonnes per day vs 998 dry tonnes per day),
representing a 12% improvement.
o Consistently higher rate of copper contained in ore mined in
H2 2019 vs H2 2018 (16.3 tonnes per day vs 14.0 tonnes per day),
representing a 16% improvement, and in the full year-over-year
amounts (16.1 tonnes per day vs 12.4 tonnes per day), representing
a 30% improvement.
-- During H2 2019, the Nugget Pond copper and gold milling
facility processed 195,208 dmt at a feed grade of 1.54% copper and
0.59 grams per tonne gold versus 186,571 tonnes at a feed grade of
1.38% copper and 0.60 grams per tonne gold in H2 2018. For the full
year, the plant processed 406,298 dmt at feed grades of 1.45%
copper and 0.59 grams per tonne gold.
-- Recovery of metal to concentrate was 92.8% and 74.0% for
copper and gold respectively in H2 2019, nearly unchanged from H2
2018 despite higher throughput. For the full year, metal recoveries
were 93.9% and 71.4% for copper and gold respectively.
-- During H2 2019, the operation produced 9,702 tonnes of
concentrate containing saleable metal of 2,675 tonnes of copper and
2,438 ounces of gold. Saleable tonnes of copper increased 12% from
H2 2018 and saleable ounces of gold increased 5% from H2 2018.
During 2019, the operation produced 19,924 tonnes of concentrate
containing saleable metal of 5,299 tonnes of copper and 4,887
ounces of gold respectively. These figures represent 27% and 17%
increases over F2018 saleable copper and gold.
Andre Booyzen, President and CEO, commented:
"The overall improved performance in 2019 has demonstrated the
effectiveness of our management changes, and our focus on
continuous improvement that was started in mid 2018 and still
continues. All of our staff and associates are absolutely committed
and determined to continue to produce safely while meeting our
production targets."
"Despite some challenging ground conditions encountered in
September 2019, we managed to set a new record for our monthly
development rate, which when sustained will support growing
production at higher grades from more production stopes. Our
efforts to develop our people and effect company-wide cultural
changes has continued the positive momentum in our workforce. We
are still seeing low staff turnover and low absenteeism. Our
commitment to local recruitment and training remains, and we have
recently stepped this up by utilising external consultants to
assist us."
"We achieved our 2019 guidance tonnes of ore mined, copper grade
and saleable copper produced. However lower than expected gold
grades resulted in less than forecast saleable gold ounces. We
expect to see similar lower gold grades in the areas of the ore
body we are planning to mine in 2020, and our guidance reflects
this.
"During 2019, we completed work ahead of schedule on the new
tailings facility and we have been depositing tailings at Camp Pond
under manual control since July 2019. The tailings project included
some critical control components necessary to sustain milling rates
in excess of 1,400 dry tonnes per day and these were in place and
operational by the end of August 2019. In the fourth quarter we
replaced some key mining equipment that had reached the end of its
useful life, as well as added to our underground fleet to enable
longer hauls as we mine deeper. We also made some improvements to
our plant, enabling us to ramp up throughput as mining rates
increase. We also recommissioned our Dense Media Separation (DMS)
plant, ready to process lower grade ore, mostly coming from on-ore
mine development. All in all, 2019 was a positive year for the
operations, and we look forward to building on the success we
achieved."
Table 1 below summarizes the Ming Copper-Gold Mine's production
comparisons against the year-ago period in 2018 and H1 of 2019.
Table 2 outlines the YTD comparisons.
Table 1 - Half-year Production Results
(See Note 1 below)
THROUGHPUT AND H2 H2 H1 H2
RECOVERY
2018 2019 2019 2019
--------
Dry Tonnes Milled 186,571 195,208 5% 211,090 195,208 -8%
--------
Copper Recovery
(%) 96.2 92.8 -4% 94.9 92.8 -2%
-------- -------- -------- --------
Gold Recovery
(%) 72.4 74.0 2% 68.9 74.0 7%
-------- -------- -------- --------
Copper Head Grade
(%) 1.38 1.54 11% 1.36 1.54 13%
-------- -------- -------- --------
Gold Head Grade
(g/t) 0.60 0.59 -2% 0.59 0.59 0%
-------- -------- -------- --------
CONCENTRATE PRODUCTION
------------------------ -------- -------- -------- --------
Copper grade (%) 28.0 28.7 3% 26.7 28.7 7%
-------- -------- -------- --------
Gold grade (g/t) 9.2 8.4 -9% 8.5 8.4 -1%
-------- -------- -------- --------
Dry Tonnes Produced 8,881 9,702 9% 10,222 9,702 -5%
-------- -------- -------- --------
SALEABLE METAL
PRODUCTION
------------------------ -------- -------- -------- --------
Copper (tonnes) 2,386 2,675 12% 2,624 2,675 2%
-------- -------- -------- --------
Gold (ounces) 2,328 2,438 5% 2,450 2,438 -1%
-------- -------- -------- --------
Table 2 - FY2018 over FY2019 Results Comparison
(See Note 1 below)
THROUGHPUT AND FY2018 FY2019
RECOVERY
Dry Tonnes Milled 364,176 406,298 12%
Copper Recovery
(%) 96.3 93.9 -3%
-------- --------
Gold Recovery
(%) 70.7 71.4 1%
-------- --------
Copper Head Grade
(%) 1.24 1.45 16%
-------- --------
Gold Head Grade
(g/t) 0.57 0.59 5%
-------- --------
CONCENTRATE PRODUCTION
-------- --------
Copper grade
(%) 28.1 27.7 -1%
-------- --------
Gold grade (g/t) 9.4 8.4 -10%
-------- --------
Dry Tonnes Produced 15,525 19,924 28%
-------- --------
SALEABLE METAL
PRODUCTION
-------- --------
Copper (tonnes) 4,187 5,299 27%
-------- --------
Gold (ounces) 4,189 4,887 17%
-------- --------
2020 Production GUIDANCE
Andre Booyzen, President and CEO, commented:
"We demonstrated in 2019 that our operations are capable of
reaching and exceeding our own throughput expectations. Our focus
in 2020 will be on consistency and to keep building towards our
ultimate target of 1,500 tonnes ore processed per day at 2% Copper
grade. Productivity improvements in the mine have provided access
to better grade material in both the Lower Footwall Zone and the
Ming Massive Sulfide deposits, so now we are now turning our
attention to increasing the tonnage and overall feed grade
delivered to the mill.
2020 will be an exciting year of improvements and change, with
the operation of the DMS plant to upgrade our lower grade ore and
further improvements in our plant feed rates. Although this is not
new territory for us, we need to consolidate our efforts and
successes to continue our longer-term journey towards increased,
but stable and consistent production and growth at the
operation.
Our guidance targets for 2020 are highlighted in Table 3 below.
We are forecasting improved performance and output in all areas
over the course of the year and our current focus is on sustaining
mine and mill production at over 1,350 metric tonnes per day. By
the beginning of Q3 2020 we expect to be consistently milling above
1,400 tonnes per day at 2% copper grade, whilst still targeting our
ultimate goal of 1,500 tonnes per day."
Table 3 - Fiscal 2020 Guidance
THROUGHPUT
Fiscal 2020
Guidance
430,000 -
Dry Tonnes Milled 480,000
Copper Head 1.60 - 1.90
Grade (%)
--------------
Gold Head Grade 0.50 - 0.605
(g/t)
--------------
SALEABLE METAL Fiscal 2020
PRODUCTION Guidance
------------------- --------------
Copper (tonnes) 6,000 - 8,500
--------------
Gold (ounces) 4,000 - 6,000
--------------
Tim Sanford, P.Eng., is the Qualified Person responsible for the
technical content of this release and has reviewed and approved it
accordingly. Mr. Sanford is an employee of Rambler Metals and
Mining Canada Limited. Tonnes referenced are dry metric tonnes
unless otherwise indicated.
Note 1: Results reported are accurate and reflective as of the
date of release. The Company performs regular auditing and
reconciliation reviews on its mining and milling processes as well
as stockpile inventories, following which past results may be
adjusted to reflect any changes.
Abbreviations:
g/t = grams per tonne
dmt = dry metric tonnes
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development company that in November
2012 brought its first mine into commercial production. Rambler has
a 100 per cent ownership in the Ming Copper-Gold Mine, a fully
operational base and precious metals processing facility and
year-round bulk storage and shipping facility; all located on the
Baie Verte peninsula, Newfoundland and Labrador, Canada.
Following the completion of its recent productivity improvement
initiative Rambler's focus is on sustaining mine and mill
production at over 1,350 metric tonnes per day at 2% Copper at the
Ming Mine. With a return to profitability and positive cash flow,
Rambler will continue advancing engineering studies and capital
asset additions to further increase production.
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer/Whales Back copper mines.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
Andre Booyzen Sanjay Swarup Tim Sanford. P. Eng.
President and CEO CFO Vice President and
Rambler Metals & Mining Rambler Metals & Mining Corporate Secretary
Plc Plc Rambler Metals & Mining
Tel No: +44 (0) 20 Tel No: +44 (0) 20 Plc
8652-2700 7096 0662 Tel No: +1 (709) 532
Fax No: +44 (0) 20 Fax No: +44 (0) 20 5736
8652-2719 8609 0313 Fax No: +1 (709) 800
1921
Nominated Advisor (NOMAD)
Ewan Leggat, Caroline
Rowe
SP Angel Corporate
Finance LLP
Tel No: +44 (0) 20
3470 0470
Website: www.ramblermines.com
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including
information relating to future financial or operating performance
and other statements that express the expectations of management or
estimates of future performance constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements regarding copper, gold and silver forecasts,
the financial strength of the Company, estimates regarding timing
of future development and production and statements concerning
possible expansion opportunities for the Company. Where the Company
expresses or implies an expectation or belief as to future events
or results, such expectation or belief are based on assumptions
made in good faith and believed to have a reasonable basis. Such
assumptions include, without limitation, the price of and
anticipated costs of recovery of, copper concentrate, gold and
silver, the presence of and continuity of such minerals at modeled
grades and values, the capacities of various machinery and
equipment, the availability of personnel, machinery and equipment
at estimated prices, mineral recovery rates, and others. However,
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
such forward-looking statements. Such risks include, but are not
limited to, interpretation and implications of drilling and
geophysical results; estimates regarding timing of future capital
expenditures and costs towards profitable commercial operations.
Other factors that could cause actual results, developments or
events to differ materially from those anticipated include, among
others, increases/decreases in production; volatility in metals
prices and demand; currency fluctuations; cash operating margins;
cash operating cost per pound sold; costs per ton of ore; variances
in ore grade or recovery rates from those assumed in mining plans;
reserves and/or resources; the ability to successfully integrate
acquired assets; operational risks inherent in mining or
development activities and legislative factors relating to prices,
taxes, royalties, land use, title and permits, importing and
exporting of minerals and environmental protection. Accordingly,
undue reliance should not be placed on forward-looking statements
and the forward-looking statements contained in this press release
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements contained herein are made
as at the date hereof and the Company does not undertake any
obligation to update publicly or revise any such forward-looking
statements or any forward-looking statements contained in any other
documents whether as a result of new information, future events or
otherwise, except as required under applicable security law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCKZGGZFVDGGZM
(END) Dow Jones Newswires
February 06, 2020 08:57 ET (13:57 GMT)
Grafico Azioni Rambler Metals & Mining (LSE:RMM)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Rambler Metals & Mining (LSE:RMM)
Storico
Da Apr 2023 a Apr 2024
