LONDON, May 30, 2012 (Dow Jones) -- Rambler Metals & Mining PLC (RMM.LN), said Wednesday it has started trucking copper concentrate from the newly constructed processing facility at its Ming copper and gold mine in Newfoundland, Canada, and expects to reach commercial production in the second half of 2012.
Since commissioning in May, copper recovery from the facility has been exceptional, Rambler said. Recoveries during plant start-up have ranged between 91% and 99% and are now averaging close to 95%. This is a significant improvement over internal forecasts which have been nominally calculated at 92.4%, it added.
The copper concentrate grade has ranged between 25% and 31% copper, which is in line with its forecast grade of 28% copper. With further experience on ore processing capabilities from varying high-grade feed sources, Rambler will then be in a position to communicate its production forecasts on a quarterly and annual basis, it said.
Daily production is expected to fluctuate over the coming weeks as the entire system is optimized before being automated with a more consistent throughput.
"A major milestone for the company has been achieved with the commencement of copper concentrate production. To date, concentrator commissioning has been going well and we are pleased that copper recoveries are exceeding expectations at such an early stage," President and Chief Executive George Ogilvie said.
At 0745 GMT, shares were +0.01 pence, or 2.4%, at 0.3 pence.