Home » Business » ZIMBABWEAN MINER METALLON REPORTS 18 PCT RISE IN Q3 GOLD OUTPUT

Metallon Corporation, Zimbabwe's biggest gold producer, has reported an 18 per cent jump in gold production of 26,622 ounces for the third quarter of 2016 compared with the same period last year.

It announced here Thursday that higher production at three of its mines -- How, Mazowe and Redwing -- buoyed the group's overall performance. Metallon owns five mines in Zimbabwe, the other two being Shamva and Arcturus, which is a loss maker and has been placed under care and maintenance.

The company also has assets in the Democratic Republic of Congo (DRC) and Tanzania.

"These exceptional results are due to improved production across our mines and the result of increased investment in our operations over the last year," said Chief Executive Ken Mekani.

He said the group had in the quarter also managed to reduce production costs to 737 US dollars per ounce from 764 USD previously.

Metallon said it was forecasting production of 102,000 ounces this year, with output to date totalling 69,680 ounces. It is forging ahead with the setting up of a new processing plant in Mazowe which is expected to be commissioned in the last quarter of the year.

Exploration activities are also underway at the Mazowe Mine with results set to be released in the last quarter of 2016. At How Mine, the company it is deepening the underground shaft, which would be commissioned in the first quarter of 2019.

Expansion work is underway at Redwing Mine, expected to boost production from 22,000 tonnes of ore to 50,000 tonnes per month, the company said. At Shamva Mine, Metallon said plans are afoot to improve production to 70,000 tonnes per month.

Source: NAM NEWS NETWORK.

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