Metals

Rambler Metals in Talks to Restructure Loans

By Anthony O. Goriainoff

Rambler Metals & Mining PLC said Friday that it was held back by working capital constraints in the third quarter, and that it was in conversations with several groups as it sought to restructure its finances.

The U.K.-based mining company said that central to this was Newgen Resource Lending Inc. as its principal secured creditor. It added that there was no certainty at this stage that Newgen will agree to defer or reschedule a loan repayment which is due to start being repaid at the end of October, or the terms on which any deferral is agreed.

On Sept. 9 the company said it required additional capital after a recent decline and volatility in copper prices and due to inflationary pressures.

The company said that gold recovery for the third quarter was 69.6%, compared with 75% in the second quarter. Copper recovery was 95.8% in the period, compared with 96.8% in the quarter prior.

Mine production in the period fell to 91,804 dry metric tons compared with 97,627 dry metric tons in the second quarter.

The company said that at quarter’s end it was well-placed to deliver 2,000 metric tons of copper in the fourth quarter.

Shares at 0947 GMT were down 0.50 pence, or 9.5%, at 4.75 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

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