21st Nov 2018 12:24
LONDON (Alliance News) - Rambler Metals & Mining PLC on Wednesday said its copper production rose in the third quarter of 2018, but loss widened on higher expenses.
The Canada-focused copper & gold producer said its pretax loss widened to USD3.1 million in the three months to September-end from USD1.9 million loss reported a year ago. Revenue climbed to USD9.0 million from USD7.3 million a year ago.
The result was hurt by a rise in administrative expenses to USD2.2 million from USD730,000. Production expenses also rose to USD8.2 million from GBP7.5 million in the second quarter of 2018.
Copper production in the third quarter stood at 1,266 tonnes compared to 978 tonnes produced in the prior quarter. Average copper price decreased during the period to USD2.77 per pound from USD3.13 in the second quarter of 2018.
"Increased copper production supported an increase in revenue relative to the first two quarters, despite the lower copper price," said President & Chief Executive Norman Williams.
Meanwhile, gold output fell to 1,020 ounces from 1,136 ounces quarter-on-quarter, with average gold price rising to USD1,216 per ounce from USD1,307 per ounce.
Rambler Metals shares were untraded on Wednesday, last quoted at 2.71p each.
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