adminoutput rose to an average 4 500 ounces.
Freda Rebecca general manager Mr Toindepi Muganyi said output had risen significantly and this has set the firm on a firm path to exceed its Phase II target.
“We are producing at a rate of 4 500 ounces per month, which exceeds our phase two target of 50 000 ounces. We have operated at
100 000 ounces per year before and we can get back to those production levels,” he said.
Production topped 27 400 ounces in period to March this year compared to 112 164 ounces in 2000 before output took a dip due serious economic downturn.
Freda Rebecca has set its sights on increasing annual production to 70 000 ounces provided the decision is approved by the board and financial resources permit.
The firm recently commissioned Mill 2 and this was achieved within budget. The ramp-up to Phase II-production target of 50 000 ounces per annum was expected by September.
Mwana said underground ore production was also being expanded to meet Phase II ramp-up and slot cutting of Block 7 started ahead of Mill 2 start-up.
While Freda’s Mill 2 has so far performed beyond expectation focus this quarter will be on optimising operating parameters for combined milling circuit.
Once this is completed further
improvements will be retrofitted to the existing Mill 1 circuit to improve recoveries by
optimising mill speed, liner set up and associated liner wear issues and synchronising the dual circuit.
The firm is aiming to ramp up production in the wake of bullish gold prices on international markets and liberalised foreign exchange rules.
Gold prices have rallied beyond the US$1 900 mark and look set to remain bullish in the foreseeable future on gloomy global economic outlook.
Freda Rebecca is wholly owned by Alternative Investment Market-listed Mwana Africa Plc, which also holds 53 percent of locally listed BNC Limited.
The London-listed conglomerate recently pledged that it would keep seeking funding to support Zimbabwean projects even under difficult circumstances.
BNC requires US$26,3 million for restart of Trojan Nickel Mine. The mine suspended production at the height of Zimbabwe’s economic downturn in 2008.
A report by SRK Consulting (UK) confirmed existence of 3,5 million tonnes of ore, with potential to increase, at an average grade of 1,29 percent per tonne.
Mwana Africa non-executive chairman Mr Oliver Barring last week said despite challenges around securing funding for local projects he remained the strategy to grow production in Zimbabwe remained correct.
“Zimbabwe remains a challenging country in which to finance projects, but I continue to believe that our strategy to grow production in Zimbabwe while continuing to invest in our most promising exploration projects remains the right one,” said Mr Barring in a statement.
Online Reporter