Tuesday, 3 September 2013

Rambler Metals uses record output to reduce Sprott debt

Copper and gold firm Rambler Metals and Mining (LON:RMMCVE:RAB) has used better than expected production and metal prices to pay off another chunk of its loan with the Sprott group.
The Canadian miner paid back C$500,000, reducing the total outstanding to C$5.4mln, adding it will use any additonal free cash it generates to further reduce the size of the loan.
Norman Williams, CFO, said: "The repayment of the Sprott facility continues to be a priority for the company. 
"With production and metal prices higher than Rambler forecasted, any additional free cash generated from operations can be used to eliminate this facility."
Rambler produced a record 5,244 tonnes of copper concentrate, 1,297 ounces of gold and 9,873 ounces of silver in the three months to July.

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