Freda gold output up 19pc

HARARE - Aim-listed resources group Mwana Africa plc (Mwana) says quarterly production at its Zimbabwe-based gold miner Freda Rebecca went up 19 percent quarter-on-quarter to 17,536 ounces.

The miner said cash costs fell from $112 per ounce to $837 per ounce during the period under review.

It also said its Bindura Nickel Corporation (BNC) subsidiary is making significant progress after deciding to target the higher grade zones at the Trojan mine.

Recoveries have increased markedly to almost 89 percent from 69,7 percent previously, while costs have dropped to $9,689 a tonne from $19,251 in the previous quarter.

Sales from Trojan more than doubled to 1,505 tonnes of nickel concentrate.

“In conjunction with these operational achievements, the company has successfully planned for and executed a strategy to de-risk its future development following the implementation of a number of cost saving initiatives and two share placings,” said Kalaa Mpinga, Mwana chief executive.

“The company is now stabilised and able to focus on delivering value on all of our projects,” he said.

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