24th Oct 2013 11:15
LONDON (Alliance News) - Mwana Africa PLC Thursday said gold sale volumes increased while costs fell at its flagship Freda Rebecca mine in Zimbabwe during its third quarter.
The multi-commodity mining and development company, with operations in Zimbabwe, the DRC and South Africa, said its gold sales volumes increased 19% to 17,536 ounces for the three months ended September 30 from 14,716 ounces the previous quarter.
The company also said its operating costs at the site decreased 12% during the period to USD837 per ounce from USD949 per ounce and its total attributable costs fell 9.4% to USD1,053 per ounce as a result of increased mill throughput and improved recoveries at the site.
Mwana said at its Bindura Nickel trojan mine in Zimbabwe nickel volume sales more than doubled to 1,505 tonnes from 686 tonnes and its total cash costs at the site halved to USD10,390 per tonne from USD21,521 per tonne.
The company said the high volumes and cost reductions are down to a new mine plan at the site which targets higher grade zones and ramped up underground production.
Mwana shares were up 2.0% to 1.29 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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