HomeEconomyASA half-year bullion output up 6,4%

ASA half-year bullion output up 6,4%

THE parent company of Zimbabwe Stock Exchange listed mining concern, Bindura Nickel Corporation, has announced a 6,4% growth in gold output to 18 067 ounces for the quarter ending September compared to the preceding quarter, driven by improvements in feed grade, tonnes milled and recoveries.

ASA Resources group, formerly Mwana Africa Mwana – which has interests in gold and nickel mining operations – reported that cash costs during the period under review were 7% lower in the quarter under review at US$870/oz.

Tonnes milled, the company said, increased by 5% to 309,102t in Q2 FY2016.

Group Executive Chairman Yat Hoi Ning said the company is on course to meeting operating targets buoyed by strong performance in the second quarter.

“We have achieved these results by implementing a new mining plan at Trojan and improved grade control at Freda Rebecca. At the same time, the operating and overhead costs have been strictly controlled, again a process that will continue as metal prices move through and out of their current trough. The immediate, near-term outlook is for further price challenges,” he said.

“At both mines the operational focus has been on containing or reducing unit costs in response to weakening metal prices and grade control – and this will be our strategy while prices remain depressed and after they recover to more-acceptable levels.”

Mpinga, 55, in June was forced out of Mwana following a series of clashes with majority Chinese shareholders and a group of minorities, a day after an extraordinary general meeting in London ousted his allies from the board.

China International Mining Group Corporation (CIMGC) came on board in 2012 with a $21 million investment to restart Mwana’s Bindura Nickel Corporation (BNC).-Staff Writer

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