Banking, Finance and Investments

NEW Dawn Mining aims to increase and accelerate production at its flagship Turk Mine as well as advance exploration within the country.

There is also a possibility that the company would acquire other entities which will increase value to the company.
Ian Saunders, New Dawn Mining chief executive, last week said they were enjoying the favourable gold price.
“We achieved record sales during the quarter ended December 31 2009 as a result of both increased quarterly production and the higher gold spot price,” Saunders said. “The higher gold prices have allowed us to accelerate our internally funded growth programme, from which we expect to see the benefits in subsequent periods.”
Saunders said their focus for the new year was to continue their efforts to further increase and accelerate production at Turk Mine and advance development on exploration properties in Zimbabwe.
New Dawn would also continue to pursue value accretive acquisitions in the country.
There was a 43% increase in gold produced from Turk Mine during the three months to December last year.
Turk Mine produced 3 239 ounces of gold and sales during the quarter were at US$ 3,969 million which was a significant increase on the US$2,779 million during the comparative period.
Gold was selling at an average US$1 101 during the quarter ended December 31, 2009, as compared to $956 for the quarter ended September 30, 2009
At December 2009 month-end, an additional 393 ounces or 12, 2kgs of gold awaited export documentation for sale in South Africa, and will be included in January 2010 sales. — Staff Writer