Rambler Metals and Mining PLC (CVE:RAB LON:RMM) expects a substantial improvement in its performance over the current year as grades improve and the copper price picks up.
Norman Williams, chief executive, said: "During the period the spot price of copper began showing good signs of recovery, which continued into the first quarter of 2017.
“We feel that the rise in copper price timed with our ongoing Phase II expansion, makes Rambler unique amongst its peers.
“As a Canadian producer, this expansion, combined with further potential for Phase III by incorporating the shaft hoisting and ore pre-concentration, will help position the Company as a low cost copper producer in the industry.”
The company is changing its year end and generated revenues of US$9.7mln in the five months to December.
Costs were US$2.39 per lb against US$1.72 per lb over the full year, reflecting lower grade lower grade copper ore being milled while the higher grade Lower Footwall Zone is developed.
Phase II expansion for the Ming Mine in Newfoundland will target production of 1,250 metric tonnes per day (mtpd) with a mine life of 21 years.
Losses before tax were US$6.1mln (US$15,2mln).