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Freda Rebecca output up


Alternative Investment Market-listed Mwana Africa chief executive officer Kalaa Mpinga says the 17 985 ounces of gold produced at Freda Rebecca mine in the quarter ended June 2012 is an indication of the potential the mining company has.

The figures indicated a 26% growth from the previous quarter.

“These second quarter results demonstrate the production levels that can be achieved at our Freda Rebecca gold mine and we continue to strive for volume and efficiency improvements at the mine,” said Mpinga in a statement on Tuesday.

“In addition, management focus has been on the recapitalisation and restructuring of Bindura Nickel Corporation (BNC) and I look forward to providing an update on this process in the near future.”

During the period under review, recoveries rose to 82%, compared with 72% in the preceding quarter and cash operating costs dropped to $784 per ounce from $952.

Freda Rebecca’s average monthly production for the quarter was 5 995 ounces.

BNC shareholders recently approved the $21 million rights offer that would result in Trojan Mine and the concentrator resuming production.

ZimNick Limited, a wholly-owned subsidiary of Mwana Africa, would be the underwriter.

BNC was put under care and maintenance in 2008.

The nickel miner posted an after-tax loss of $12,7 million for the full-year to March 2012 compared to a loss of $16,4 million recorded during the previous year.

BNC operations include Shangani Nickel Mine and Trojan Nickel Mine and Bindura Smelter and Refinery that are on care and maintenance.

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