Me­tal­lon Gold pro­duc­tion up 9 per­cent

Chronicle (Zimbabwe) - - Business Chronicle - Bianca Mlilo Busi­ness Re­porter

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

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