Mining & Energy
Mozambican legislation considered favourable for investment in the extractive industries
File photo / Xtract's drive towards cashflow and self-sufficiency continues apace
Omnia Mining, one of the contractors working the Manica mine in Mozambique owned by Xtract Resources PLC has now commenced production on the western half of the concession.
The alluvial collaboration agreement was concluded on 18 June 2017 and provides for monthly payments to Xtract’s wholly-owned Mozambican subsidiary, Explorator Limitada, against monthly-run-of mine performance.
Omnia Mining commenced processing alluvial material through its plant on 11 October 2017.
At this stage, there are 40,000 tonnes of alluvials ready for processing and 30,000 tonnes exposed in pit.
First income is anticipated at the end of November 2017
“We look forward to a stable operation and rapid increase in hourly production to 400 tonnes per hour or more,” said Xtract executive chairman Colin Bird.Source: Proactive Investors
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