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Rambler pauses Newfoundland mine operations

20th February 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Operations at the Ming mine, in Newfoundland, have been paused, pending the delivery of key supplies to the copper and gold mine, says London-listed Rambler Metals.

Operations were halted on Friday morning and should resume in the next seven days.

Rambler is continuing discussion with several groups around its financial restructuring, having warned earlier this month that its financial position is uncertain.

On Monday, Rambler reported that it had ten days from February 16 to either deliver 958 oz of gold or to make a cash payment to Sandstorm Gold in terms of a gold streaming purchase agreement.

Sandstorm and Rambler intend to enter discussions regarding a solution to the default, the company stated.

"At this stage there can be no guarantee that Sandstorm will agree to defer or reschedule the sale and delivery of gold pursuant to the agreement, or the terms on which any deferral will be agreed. Accordingly, the company's financial position remains uncertain," said Rambler.

In 2022, the firm produced 5 876 t of copper and 1 983 oz of gold.

Edited by Creamer Media Reporter

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