25 January 2013

Zimbabwe: New Dawn Gold Production Slumps 11,6 Percent

NEW Dawn Mining gold production slumped 11,6% in the last quarter to 31 December 2012 although sales surged 7,6% in the period, owing to an upward movement in the price of gold internationally.

Gold production in the period dropped to 9 069 ounces, which the group said was a flat outcome compared to 9 095 ounces recorded in the same period in 2011.

However, this was a slip compared to consolidated production of 10,256 ounces recorded in third quarter ended September 30, 2012.

Sales for the quarter to December 2012 increased to US$16,61 million, up US$15,4 million from the previous quarter.

The average sales price per ounce of gold grew to US$1,711 compared to US$1,684 in the same period the previous year.

New Dawn said as at 31 December 2012, an additional 2,029 ounces of gold awaited export documentation for sale in South Africa, and would be included in January 2013 sales.The company last week announced that the on-going strike has resulted in halt in production at its Dalny mine.

Meanwhile Mwana Africa Plc's Freda Rebecca gold production for the fourth quarter of last year grew 43% to 16 506 ounces while the mine maintained its annualised production rate of 70 000 ounces.

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