16th Apr 2015 10:21
LONDON (Alliance News) - Mwana Africa PLC on Thursday said its gold production and nickel sales both rose in the final quarter of its financial year, while it made progress on restarting its Bindura smelter but saw a big drop in diamond sales.
Mwana said gold production from the Freda Rebecca project in Zimbabwe in the three months to the end of March was up to 14,358 ounces from 14,298 ounces in the third quarter. Gold recovery rose to 83% in the quarter from 78% in the previous quarter.
The company said nickel sales from the Trojan mine in Zimbabwe rose 49% quarter-on-quarter to 2,072 tonnes, with its mill head grade 44% higher due to better equipment availability.
Mwana said it has made good progress on restarting the Bindura smelter in Zimbabwe, with all major components for the work on the smelter due to be delivered by June.
But in its Klipspringer diamond business in South Africa, diamond sales fell to 11,748 carats from 44,200 carats in the previous quarter. Its average sale price was slightly higher at USD19.50 per carat against USD19.31 per carat in the third quarter.
"The past quarter has been a period of significant progress across our existing operations and new projects, and we are working steadily towards major near-term developments in Zimbabwe and South Africa," said Kalaa Mpinga, Mwana's chief executive.
Shares in Mwana were down 4.5% to 1.70 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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