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Business Reporter
GOLD output at mines owned by New Dawn Corporation fell by 11,2 percent in the quarter ending 30 September compared to the previous quarter as a result of the closure of Dalny Mine in Kadoma.In a statement, New Dawn, which is listed on the Toronto Stock Exchange, said the group produced 8 867 ounces of gold in the third quarter compared to 9 986 in the second quarter.
During the corresponding quarter last year, the company produced 10 256 ounces. It said consolidated gold sales for third quarter of 2013 were $12 164 070 compared to $16 486 612 for the quarter ended 30 September 2012, a decrease of 26,2 percent.
The average sales price per ounce was $1 313 for the quarter ended 30 September 2013 compared to $1,649 for the quarter ended 30 September 2012, a decrease of $336 or 20,4 percent.
New Dawn said consolidated gold sales for the third quarter declined by 10,7 percent compared to the previous quarter ended 30 June when $13 619 738 was realised from consolidated gold sales.
During the second quarter, gold prices averaged $1 399 per ounce. New Dawn said the drop in gold output was largely due to the closure of Dalny Mine, after power supplies were cut due to non-payment of bills.
Dalny Mine was closed on 31 August, resulting in 900 workers being sent on unpaid leave.
“The decrease in gold production and gold sales for the quarter ended 30 September 2013 was a result of the closure of Dalny Mine. Dalny Mine produced 1,323 ounces of gold for the quarter ended 30 September 2013, as compared to 2,762 ounces of gold for the quarter ended 30 June 2013, and as compared to 2,928 ounces of gold for the quarter ended 30 September 2012.
“Gold sales from Dalny Mine totalled $1,988,831 ($1,683,944 attributable) for the quarter ended 30 September 2013, as compared to $3,671,234 ($3,108,434 attributable) for the quarter ended 30 June 2013, and as compared to $4,769,111 ($4,038,007 attributable) for the quarter ended 30 September 2012,” said the statement.
New Dawn is a Zimbabwe focused company which owns a number of mines in the country including Turk and Angelus, Old Nic and Camperdown.
It also owns, through its Falcon Gold Zimbabwe Limited subsidiary, 84,7 percent of Dalny, Golden Quarry and Venice Mines.
Bongani Ndlovu
Online Reporter