adminThe mining house is owned by Mwana Africa.
While the figures represent a 26 percent increase over the previous quarter, Mwana Africa said the statistics also show a 119 percent increase over the same quarter in 2011.
Mwana Africa chief executive officer Mr Kalaa Mpinga said Freda Rebecca would strive for volume and efficiency improvements at the mine.
“These second quarter results demonstrate the production levels that can be achieved at our Freda Rebecca Gold Mine and we continue to strive for volume and efficiency improvements at the mine. In addition, management focus has been on the recapitalisation and restructuring of Bindura Nickel Corporation and I look forward to providing an update on this process in the near future,” he said in a statement.
During the second quarter, the gold miner’s recoveries rose to 82 percent compared to 72 percent the previous quarter.
Freda Rebecca’s cash operating costs have dropped to $784/oz (previous quarter $952/oz).
Recently, Mwana Africa announced that it was in the process of selling 15 percent stake at Freda Rebecca to a Bindura businessman, Mr Kenneth Musanhi in a bid to complete an obligation the resource company made in 2005.
Following the disposal of the 15 percent, Mwana Africa’s shareholding in Freda Rebecca Mine would be 85 percent.
Mining operations at Freda Rebecca recommenced in September 2009.
Since then, Mwana Africa has successfully grown gold production at the mine to a current annualised rate of over 50 000 ounces of gold, and made a profit before tax of $11,5 million during the six months to 30 September 2011.
Mwana Africa is a pan-African, multi-commodity resource company and its principal operations and exploration activities cover gold, nickel and other base metals and diamonds in Zimbabwe, the Democratic Republic of Congo, and South Africa.
It was the first African owned and managed mining businesses to be listed on the London’s Alternative Investment Market.
Online Reporter