Rambler losses widen

Canada-focused Rambler Metals saw losses widen in the last year as it worked to bring its Ming Mine into commercial production.

The company posted revenues of $1.2m in the year to the end of July, down from $3.5m in 2011.

This led to a net loss of $3.37m - or 0.026c loss per share - compared to a loss of $53,000 for the previous year, a loss per share of 0.001c.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

However, the firm said that during the 12 month period 14,918 ounces of gold was produced and sold during commissioning of the mine at an average price of CAD$1,650, generating revenue of $25.2m.

Ming Mine revenues were credited to the Mineral Properties asset and would continue to be until commercial production is declared, Rambler said.

It added that following the completion of construction and commissioning of its copper concentrator, revenue of $3m was realised from the sale of 1,271 tonnes of concentrate in July.

George Ogilvie, President and Chief Executive Rambler Metals & Mining said: "Commencing and accelerating production at our Ming Copper-Gold Mine has been a great achievement for the company this year".

"Generating revenue and a consistent focus on reducing cash costs has given us a strong balance sheet which will further support organic growth and acquisitions," he said.

MM