Rambler Metals & Mining PLC: Transition Year - Annual Financial Statements
29.03.2017 | Marketwired
BAIE VERTE, NL--(Marketwired - Mar 29, 2017) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)
29 March 2017
Rambler Reports Financial Results
Five Months Ended December 31, 2016
London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today reports its audited financial results and operational highlights for the five month period ended December 31, 2016.
STUB PERIOD HIGHLIGHTS
- The Company has changed its fiscal year from July 31 to December 31. The current reporting period is the five month period from August 1, 2016 to December 31, 2016 ('SY2017'). The previous reporting period was for the year ended July 31, 2016 ('FY2016');
- Revenue of US$9.7 million (FY2016: US$30.4 million);
- C1 costs, averaged US$2.39 per lb during SY2017 compared to US$1.72 per lb in FY2016. The increase in C1 cost can be attributed to the lower grade copper ore being milled while the Company develops further into the Lower Footwall Zone ('LFZ'). Grades are anticipated to improve during the last quarters of 2017 when full production can be sustained from LFZ stoping areas;
- With the equity investment by CEII Mining, secured mid-2016 and a further exercise of 135 million warrants subsequent to the stub period end, the Phase II expansion plan for the Ming Copper-Gold Mine, targeting production of 1,250 metric tonnes per day ('mtpd'), is fully funded and well underway. Following expansion, the new life of mine for the project is 21 years;
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