Rambler Metals and Minerals (LON:RMM CVE:RAB) has loaded and shipped the first batch of copper concentrate from its Ming mine in Newfoundland.
A bulk cargo transport was loaded with 8,873 wet tonnes of concentrate with grades estimated in a range of 26-30% copper with 6-10 grams per tonne (g/t) gold and 40-50 g/t silver.
Moisture content at the time of loading was 8.66%, below the products transportable moisture limit of 9.15%. The cargo is destined for Huelva in Spain.
Rambler added it will now start to repay C$7.5mln borrowed from Sprott Lending, with the first repayment of C$500,000 made on 30 November.
George Ogilvie, president and chief executive said: "The loading and shipment of our copper concentrate, destined for international markets, now completes the entire copper production cycle for our company.
“As the Ming Mine is in commercial production and starting to generate free cash flow, we feel it is now prudent to begin repaying the credit facility received in late 2011 from Sprott Lending. Subsequently, we have made our first repayment of C$500,000 towards the loan principal.”
Rambler Metals and Minerals (LON:RMM CVE:RAB) has loaded and shipped the first batch of copper concentrate from its Ming mine in Newfoundland. Rambler added it will now start to repay C$7.5mln borrowed from Sprott Lending, with the first repayment of C$500,000 made on 30 November.
Rambler Metals ships first concentrate from Ming
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