adminGOLD miner, Freda Rebecca recorded a 6,4 percent increase in gold output in the second quarter to 18 067 ounces on improved feed grade and recoveries.
Asa Resource Group, formerly Mwana Africa said average feed at Freda grade during the quarter increased by six percent to 2,15 grammes per tonne while gold recovery rate increased by two percentage points to 84 percent. Asa owns 85 percent shareholding in Freda. The company milled 309,102 tonnes, which was five percent higher than the previous quarter.
Asa Resources also reported that nickel production at the Trojan Mine rose by seven percent to 1,442 tonnes compared to the previous quarter, mainly due to an increase in average head grade and recoveries.
Asa Resources holds a 75,4 percent controlling stake in BNC. Trojan’s head grade was 31 percent higher at 1,62 percent while recovery was four percent higher at 87,6 percent. The nickel price averaged $6,847 per tonne, 19 percent lower on the previous quarter. Sales were 18 percent higher at 1,494 tonnes.
Cash costs for nickel in concentrate dropped by 23 percent to $6, 895 per tonne and all-in sustaining costs of nickel in concentrate also fell similarly to $7,539 per tonne.
Commenting on the performance of the two Zimbabwean subsidiaries, Asa Resources executive chairman Yat Hoi Ning — whose company China International Mining Group (CIMG) earlier this year took over control of the regional mining conglomerate from founder Kalaa Mpinga — attributed the improved performance to cost containment measures.
“With new management now firmly in place, operations during the financial year’s second quarter have started to improve with gold production five percent higher quarter on quarter at the Freda Rebecca mine and nickel concentrates seven percent higher at Bindura Nickel’s Trojan Mine. I remain confident that this pattern of steady improvement will persist until operating targets are reached.
“At both mines the operational focus has been on containing or reducing unit costs in response to weakening metal prices and grade control — and this will be our strategy while prices remain depressed and after they recover to more-acceptable levels,” he said. — BH24
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