Tuesday, 13 November 2012

UPDATE: Rambler Metals appoints veteran to run Ming mine

--Adds broker comment and share price---
Rambler Metals and Mining (LON:RMM, CVE:RAB) has appointed a veteran mining engineer to oversee the day-to-day running of its Ming copper and gold mine in Newfoundland, Canada.
Robert McGuire will take up the post of general manager at the mine, while previous incumbent Tim Sanford has been promoted to take charge of the technical aspects of Rambler’s expansion.
McGuire is a native of Atlantic Canada and has over 35 years experience in underground mining with a diverse background in supervisory and managerial positions. 
Rambler recently declared commercial production at Ming, which brokers said was an impressive achievement in the time taken and current difficult environment.
The miner owns 100% of the Ming, which is located in Baie Verte, Newfoundland. Production for 2013 is expected to be between 20-25,000 tonnes of copper concentrate or the equivalent of 5500-6500 tonnes of contained copper.
Shares in the company were little changed on news of the appointment at 37.55 pence, valuing Rambler at £53 million, but are up 35 per cent in last three months.
City broker WH Ireland repeated its buy and 62 pence price target. Ocean Equities, meanwhile, gave a bullish assessment of today’s appointment.
“This may appear to be a small change for Rambler but in our view increasing management capacity to achieve longer term objectives is a very important step for Rambler,” said analyst Christopher Welch.

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