HomeBusiness DigestTurk mine rakes in US$1,2 million

Mining sector: Call for workable policies

TURK Mine raked in US$1,2 million from the sale of 38,4 kgs of gold produced in February and is aiming at increasing its annual output to 23 000 ounces (about 652kgs) within the next 12 to 18 months.

Turk Mine is owned by Canadian based New Dawn and is situated in Matabeleland North.
The mine’s president and chief executive officer, Ian Saunders, said production increased by 6,3% to 38,4 kgs from 36,1 kgs in January.
“The increase in gold production during February 2010, as compared to January 2010, was primarily attributable to increased tonnages treated at New Dawn’s 580 tonne-per-day processing facility. The increase in tonnage treated reflects the impact of New Dawn’s expanded mining and development programme,” said Saunders.
He said the mine with a workforce of 950 people is producing approximately 1,5 kgs of gold daily.
“With our recently expanded mining and development programme, we are now producing gold at the rate of approximately 1,5 kgs per day as gold production continues to ramp up at the Turk/Angelus mine complex,” said Saunders.
He said the mining company was aiming at meeting its next production target of 22 000 to 23 000 ounces of gold on an annualised basis.
To achieve the targets, Saunders said: “We are continuing with our aggressive capital reinvestment campaign, which includes the purchase of new processing equipment that is being funded from the positive operating cash flow that we are generating from our current and expanding gold mining operations in Zimbabwe.”
On the controversial indigenisation regulations, Saunders said when implementing the new law government should take into consideration the fact that the mining industry is expected to take a lead in the country’s economic recovery.
He said New Dawn is reviewing the regulations “in order to understand the potential impact on the company’s Zimbabwe-focused mining operations and business plans”.

 

Nqobile Bhebhe

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