11th May 2020 12:47
(Alliance News) - Rambler Metals & Mining PLC on Monday reported improved earnings in 2019, achieving its production guidance too, though focus now turns to the Covid-19 pandemic which has had a "significant" effect on the resource industry.
In 2019, Rambler's revenue was 25% higher at USD37.1 million from USD29.7 million. Its pretax loss narrowed to USD12.2 million from USD18.4 million.
Its throughput for the year climbed 12% to 406,298 dry metric tonnes, its best performance on record.
Copper output rose 27% to 5,299 tonnes and gold production was 17% higher at 4,887 ounces, the Canada-focused exploration and development firm said.
"The production growth and improved financial performance during 2019 once again showed the positive impact of our changes to the management and operating team and the impact of our ongoing continuous improvement efforts," Chief Executive Officer Andre Booyzen said.
"We achieved our 2019 guidance tonnes of ore mined, copper grade and saleable copper produced."
Since then, the Covid-19 outbreak has meant 2020 "production levels and guidance will be adjusted and communicated when required".
Rambler added: "The impact of the Covid-19 pandemic has been significant in the resource industry, most notably in the way work is accomplished within physical distancing guidelines. Significantly, there has also been an economic slowdown leading to a lower copper price. To manage these impacts, Rambler has scaled back production and reduced staff numbers, whilst also taking advantage of the Canadian government wage subsidy scheme. Production will slowly ramp up again as the copper price improves, with the aim to be at 1,500 metric tonnes per day by the fourth quarter of 2020."
Shares in the company were 5.7% lower at 1.65 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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