Mozambique: Xtract Resources announces reduction in gold production – AIM

Login

Register

http://www.clubofmozambique.com/

Mozambique: Xtract Resources announces reduction in gold production – AIM

10:31 CAT | 13 Nov 2019

in file CoM

The British-based mining company Xtract Resources announced on Tuesday that in the third quarter of the year it mined 994 ounces of gold from its alluvial mine in Manica province in central Mozambique.

This is a nine per cent reduction on the 1,088 ounces of gold mined in the second quarter. In the first quarter of 2019, the company produced 1,293 ounces of gold.

According to Xtract’s executive chairman, Colin Bird, “the alluvial production at the Manica concession continues to be profitable for the Company and also provides the necessary cash flow whilst we develop the Fairbride Project in Mozambique as well as the Kalengwa Project in Zambia. The alluvials have provided positive cash flow on a monthly basis despite there being volatility in the gold yield, excess overburden removal or a combination of the two”.

The Manica gold project is situated four kilometres north of the town of Vila Manica, near the border with Zimbabwe. It covers 46 square kilometres and contains both hard rock and alluvial deposits.

The current gold price is 1,470 US dollars per ounce.

Source: AIM