Feds invest $2M to expand, extend life of Newfoundland mining operation
Rambler Metals to expand copper processing plant with ACOA loan
BAIE VERTE, N.L.—Rambler Metals and Mining Canada Inc. is getting a $2 million from the federal government to expand and extend the life of its Ming copper and gold mine on the north coast of Newfoundland.
Speaking at the 2016 Mineral Resources Review conference in St. John’s, Public Services and Procurement Minister Judy Foote announced the federal loan on behalf of the Atlantic Canada Opportunities Agency.
The funds will give the U.K.-based mining company the means to update equipment at its copper processing facility and increase the capacity of its copper concentrator to 1250 metric tonnes per day from 650 t/d.
“This repayable assistance, combined with the equity investment completed earlier this year, will allow for full optimization and expansion of all available infrastructure in support of an operation spanning two decades,” Norman Williams, the company’s president and CEO, said.
The Ming mine, located outside of Baie Verte, N.L., began producing copper and gold in 2012 with an original lifespan of six years. The ACOA loan and subsequent expansion will stretch the mine’s life to more than 20 years by increasing production and improving margins.
Rambler Metals is the largest employer in the area.