Freda Rebecca gold production in the six months to September increased 66% to 36 335 ounces leading to revenue of US$59,6 million from US$36 million.
Report By Staff Reporter
In a statement accompanying the interim results, parent company Mwana Africa said operations at Freda Rebecca Gold Mine have performed well throughout the period with the current annualised rate of gold production now standing at 72 000oz.
“At these production levels, the current gold resource will support a mine life in excess of 10 years,” said the group.
The group said there had been an increase in milled tonnage, head grade and recoveries whole cash costs had been reduced to below US$800 per ounce resulting in improved margins.
Freda Rebecca Gold Mine in Zimbabwe restarted operations in 2009.
In the year to March 2012, Freda Rebecca produced 47 770oz of gold.
Average monthly production for the six-month period was 6 055oz of gold, and the highest level of gold production achieved in a single month was in August when 7 242oz of gold was produced. Recoveries improved to 82%.
On Bindura Nickel Corporation (BNC), Mwana Africa said following the success of the rights issue, work commenced on the restart programme at Trojan Nickel Mine.
The work focused on the mobilisation of the workforce, the commencement of underground operations and the refurbishment of certain components of the milling, flotation and concentrate handling facilities.
BNC is planning to ramp up to a production rate of 7 000 tonnes per annum of nickel concentrate, with first concentrate expected in the second quarter of 2013. Nickel concentrate will be sold to Glencore International.