All that glitters is gold for New Dawn

increased by 61,8 percent to US$61,9 million compared to the US$38,3 million generated last year.
Management has projected that its output will again increase by 41 percent in the 2013 fiscal year to 53 000oz. The Zimbabwe-focused gold firm owns in whole the Turk and Angelus Mine, the Old Nic Mine and the Camperdown Mine.
In addition, New Dawn — through Falgold — owns approximately 85 percent of the Dalny Mine, the Golden Quarry Mine and the Venice Mine (currently not in operation), and a portfolio of prospective exploration acreage in the country.
For the quarter ended September 30, 2012, New Dawn’s gold production was 10 256 ounces compared to output for the prior comparable period of 8 814 ounces, an increase of 16,4 percent.
Production for the current quarter increased by 7,6 percent compared to gold production for the previous quarter (ended June 30, 2012) of 9 536 ounces.
The company’s gold sales for the latest quarter amounted to US$16,4 million, compared to US$14 million during the same period last year, representing a 17,3 percent increase.
Compared to gold sales for the June quarter of US$15,1 million, sales for the current quarter increased by 8,7 percent.
New Dawn attributed the increase in revenue for the September quarter to higher output and a marginally higher average price per ounce of gold sold.
The gold producer has also reported that as at the close of the latest quarter, an additional 2 618 ounces of gold awaited export documentation for sale in South Africa, which will be included in October sales.
New Dawn has since received approval from the High Court of Zimbabwe to take over equity owned by minority shareholders in Falgold as the miner seeks to rationalise its group and capital structure.
At the same time, the company has also said it is in the process of implementing its indigenisation compliance plan, which so far includes non-binding term sheets with three indigenous investor groups.