Business / Companies
Freda Rebecca gold production rises by 66 percent
12 Dec 2012 at 05:15hrs | Views
GOLD production at Freda Rebecca Mine increased by 66 percent to 36 335 ounces in the six months to 30 September 2012 compared to the same period last year.
According to unaudited interim financial results for the period under review released by Mwana Africa, which owns the gold mine, the increase in production was attributable to an increase in milled tonnage, grade and improved recoveries.
"Freda Rebecca has continued to ramp up production. The mine produced 33 335 oz of gold in the six months to September 2012, an increase of 66 percent from the same period last year.
"Average monthly production for the period was 6 055oz of gold, and the highest level of gold production achieved in a single month was in August 2012, when 7 242oz of gold was produced," said Mwana Africa.
"The six months to the end of September have seen us achieve considerable progress on all of our main projects. The company achieved the best quarterly gold production at our Freda Rebecca mine since its restart in 2009," said the group.
Mwana Africa said significant headway had also been made throughout the period at its Bindura Nickel Corporation (BNC) following the successful recapitalisation and restructuring of the nickel mine.
The development provides the necessary funding and conditions to restart operations at the Trojan mine.
The group said operations at Freda Rebecca have performed well throughout the period, with the current annualised rate of gold production now standing at around 72000 ounces.
"This makes Freda Rebecca the largest producing gold mine in Zimbabwe. The results of several efficiency programmes at the mine have been increases in milled tonnage, head grade and recoveries," the group said.
Recently, Mwana Africa invested $21 million into BNC through a rights issue.
The restructuring and recapitalisation of BNC was successfully concluded in September and work was now focused on restarting the Trojan mine with the sale of first nickel concentrate expected in the second quarter next year.
Mwana Africa said further funding will be required by BNC to take the nickel producer through to being cash flow positive.
Resource drilling programme at Trojan has yielded a number of significant intersections of high grade nickel mineralisation.
The group said while the immediate focus was on the Trojan restart, the longer term intention remains bringing Hunters Road into production and restarting the Bindura smelter and refinery.
According to unaudited interim financial results for the period under review released by Mwana Africa, which owns the gold mine, the increase in production was attributable to an increase in milled tonnage, grade and improved recoveries.
"Freda Rebecca has continued to ramp up production. The mine produced 33 335 oz of gold in the six months to September 2012, an increase of 66 percent from the same period last year.
"Average monthly production for the period was 6 055oz of gold, and the highest level of gold production achieved in a single month was in August 2012, when 7 242oz of gold was produced," said Mwana Africa.
"The six months to the end of September have seen us achieve considerable progress on all of our main projects. The company achieved the best quarterly gold production at our Freda Rebecca mine since its restart in 2009," said the group.
Mwana Africa said significant headway had also been made throughout the period at its Bindura Nickel Corporation (BNC) following the successful recapitalisation and restructuring of the nickel mine.
The development provides the necessary funding and conditions to restart operations at the Trojan mine.
"This makes Freda Rebecca the largest producing gold mine in Zimbabwe. The results of several efficiency programmes at the mine have been increases in milled tonnage, head grade and recoveries," the group said.
Recently, Mwana Africa invested $21 million into BNC through a rights issue.
The restructuring and recapitalisation of BNC was successfully concluded in September and work was now focused on restarting the Trojan mine with the sale of first nickel concentrate expected in the second quarter next year.
Mwana Africa said further funding will be required by BNC to take the nickel producer through to being cash flow positive.
Resource drilling programme at Trojan has yielded a number of significant intersections of high grade nickel mineralisation.
The group said while the immediate focus was on the Trojan restart, the longer term intention remains bringing Hunters Road into production and restarting the Bindura smelter and refinery.
Source - TC
