Business / Companies
Falcon Gold wins award for 2011 Best Performing Mining company
01 Aug 2012 at 12:10hrs | Views
New Dawn Mining said it is pleased to report that its 85%-owned Falcon Gold Zimbabwe Limited subsidiary recently received an award for the 'Best Performing Mining Company' on the Zimbabwe Stock Exchange for 2011.
The award was presented by the Zimbabwe Independent, the leading business weekly in Zimbabwe, in partnership with BancABC, a southern Africa regional bank. Falgold is listed and traded on the Zimbabwe Stock Exchange.
The screening criteria for the award were both quantitative and qualitative based on an 80:20 ratio, and included share price performance as the largest component (25%), followed by return on equity (20%), return on assets (20%), risk-weighted return (20%), and earnings yield (15%). The three subjective (qualitative) factors included in the awards selection process were corporate governance, investor relations and management quality.
"It is an honor for Falcon Gold to win such an award, as well as a tribute to the hard work of our employees over the past two years," commented Ian R. Saunders, Executive Chairman of Falgold and President and CEO of New Dawn, Falgold's ultimate parent company.
When New Dawn acquired control of Falgold in June 2010, it implemented a strategic recovery program to stabilise and reorganise the Falgold mines and resume operations at the mine sites by utilising New Dawn's technical mining capabilities, operational procedures and management expertise. The Falgold recovery was funded by an investment of US$5.7 million by New Dawn under intercompany loan arrangements. As a result, Falgold now has been able to generate substantial community-based job growth over the past two years, while also delivering steadily increasing gold production, strong growth in revenues and profits, and exemplary gains to the Falgold minority shareholders. Looking forward, New Dawn plans to continue to expand Falgold's operations and increase gold production through a combination of reinvesting operating cash flows and accessing outside debt and/or equity capital.
The award was presented by the Zimbabwe Independent, the leading business weekly in Zimbabwe, in partnership with BancABC, a southern Africa regional bank. Falgold is listed and traded on the Zimbabwe Stock Exchange.
"It is an honor for Falcon Gold to win such an award, as well as a tribute to the hard work of our employees over the past two years," commented Ian R. Saunders, Executive Chairman of Falgold and President and CEO of New Dawn, Falgold's ultimate parent company.
When New Dawn acquired control of Falgold in June 2010, it implemented a strategic recovery program to stabilise and reorganise the Falgold mines and resume operations at the mine sites by utilising New Dawn's technical mining capabilities, operational procedures and management expertise. The Falgold recovery was funded by an investment of US$5.7 million by New Dawn under intercompany loan arrangements. As a result, Falgold now has been able to generate substantial community-based job growth over the past two years, while also delivering steadily increasing gold production, strong growth in revenues and profits, and exemplary gains to the Falgold minority shareholders. Looking forward, New Dawn plans to continue to expand Falgold's operations and increase gold production through a combination of reinvesting operating cash flows and accessing outside debt and/or equity capital.
Source - Byo24News
