Metallon Gold production up 9 percent
METALLON Gold group production has increased by nine percent in the second quarter (Q2) of this year compared to the first.
In a statement accompanying its unaudited Q2 production results, Metallon Gold attributed the increase in its overall figures to How Mine which reportedly performed exceptionally well.
“Group gold production for Q2, 2016 was 22,565 ounces, nine percent higher than the previous quarter (Q1, 2016: 20,673 ounces).Production for the year to date stands at 43,238 ounces.
“The increase in gold production in Q2, 2016 was mostly due to an outstanding performance at How Mine.”
The mining entity said its second quarter group costs had decreased. It said this was a result of increased production and cost savings from overtime control and central procurement. Metallon Gold Group expects the costs to reduce further.
Chief executive officer of Metallon Corporation Ken Mekani said: “Metallon delivered a positive performance in Q2, 2016. Production increased almost 10 percent and all-in-sustaining-costs (AISC) reduced by 16 percent quarter on quarter, with the operations at How Mine especially achieving strong results.
“Metallon is investing significantly in Zimbabwe with the deepening of the shaft at How Mine, the refurbishment of the Processing Plant at Shamva Mine, the expansion at Redwing Mine and a targeted exploration programme across the Group.”
Metallon Corporation Limited is the leading gold mining company in Zimbabwe. It owns and operates four gold mining operations and has a gold resource of over 8.3 million ounces.
The mining entity owns How Mine near Bulawayo, Shamva and Mazowe Mines near Harare and Redwing Mine, near Mutare.— @BiancaMlilo