Proactive Investors - Run By Investors For Investors

Rambler Metals & Mining PLC eyes better second half

Production in the second quarter was higher than a year ago
Rambler Metals & Mining PLC eyes better second half
Ouput is rising at the Ming mine

Rambler Metal & Mining PLC (LON:RMM CVE:RAB) expects a better performance over the remainder of the year as the benefit of recent cost cutting shows through.

Norman Williams, chief executive, said: "At the half year mark, the operation is on target to meet the forecasted guidance for the fiscal year.”

“With a continued focus on cost control, evident by the reduction in costs year to date, we anticipate returning a stronger financial performance in the second half of the fiscal year.

The Newfoundland–based copper miner was affected by the slide in the price of the metal in the six months to January, especially in the second quarter.

Interim revenues fell to C$19.5mln (C$22.8mln) while there was an operating loss of C$787,000 (C$675,000 profit).

After tax and currency movements however, the net loss reduced to C$1.5mln (C$5.5mln).

Production in the second quarter was higher than a year ago and Rambler expects to increase output even more during the second half of the year.

"Revenues are down slightly from the previous quarter mainly due to a reduced copper grade and lower copper price realized during the quarter,” said Williams.

Cantor Fitzgerald said the results reflect a balance being struck by management between controlling costs and beginning the development of the Lower Footwall Zone at the Ming mine.

"Full year production guidance, which has always assumed an acceleration in throughput during the year, has been reiterated, which should result in a strong second half performance." 

'Buy' with a target price of 24p, added the broker.


--update adds broker comment--

Why Invest In Rambler Metals and Mining PLC? Read More Here

Register here to be notified of future RMM Company articles
View full RMM profile

Rambler Metals and Mining PLC Timeline

May 04 2016

Related Articles

May 18 2016
Golden Saint Resources has raised new money to allow it to proceed with work on its Sierra Leone diamond prospects
April 20 2016
Prices have picked up recently says the Devon-based miner
Mawson Resources sitting on a new gold-uranium mining camp in Finland
April 14 2016
Times may be tough in the mining industry, but that hasn’t prevented Mawson Resources Limited from getting on and doing what it does best: exploring for new gold.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.