22nd Apr 2014 12:15
LONDON (Alliance News) - Mwana Africa PLC Tuesday said its gold, nickel and diamond production increased in its fourth quarter 2014 as processing efficiencies and tailings retreatment improved the company's rates of production.
The pan-African, multi-commodity mining and development company said gold production at its Freda Rebecca site in Zimbabwe increased 2% to 13,380 ounces for the three months ended March 31 from 13,072 ounces in the previous quarter.
The company said tonnes milled during the period were 8% higher at 279,879 tonnes compared to the last quarter as throughput increased at the company's second mill following maintenance work in the previous quarter.
Mwana Africa said cash operating costs at Freda Rebecca for the quarter fell to USD1,053 per ounce from USD1,066 per ounce due to the gold production increase.
The company also said it achieved a 9.5% increase in production from its subsidiary Bindura Nickel Corp to 2,207 tonnes of nickel compared to the previous quarter, which was all sold during the period at a nickel price of USD14,075 per tonne.
Mwana Africa also noted that retreatment of the Marsfontein slimes dam at its Klipspringer Mine in South Africa has produced 12,383 carats of diamonds during the quarter, an increase of over 100% on the previous quarter, with an average price of USD21 per carat being achieved.
The company said commissioning is continuing for its Tailings Retreatment Project pilot plant at Freda Rebecca but a new transformer for the section had to be returned to the manufacturers for repairs whilst the agitator drives design has been revisited with upgraded drives expected during this quarter.
Mwana Africa shares were down 3.4% to 1.57 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Mwana Africa