Tuesday, 28th March 2023

Aim-listed Xtract Resources has announced preliminary unaudited results for all alluvial and hard rock mining contractors for the Manica Concession and production at Fair Bride, for the three-month period ended September 30, 2022.

Total mining contractor gold production was 66.38 kg for the quarter, equivalent to about 2 134 oz.

A total of 11.90 kg (equivalent to about 382 oz) is attributable to Explorator. The value of Explorator’s share of gold produced is $651 641.

Explorator’s share of gold sales in the period was 343 oz.

The combined attributable revenue to Explorator from gold sales and other income for the period amounted to $534 899.

First mining contractor gold production from the Fair Bride deposit was 35.35 kg for the quarter, equivalent to about 1 136 oz.

“The alluvial and smaller hard rock deposits’ performance continued generally in a similar manner to previous quarters with the hard rock being determined by the vagaries of grade and vein consistency.

“I am pleased to report that Fair Bride has commenced production and, throughout the quarter, the activities were concentrated in two areas, by developing a protocol for openpit grade control and troubleshooting the numerous issues which inevitably occur on commission of a new processing plant.

“We anticipate that the financial results from Fair Bride, where we have a 23% net profit share will initially be reported semi-annually,” comments executive chairperson Colin Bird.

Xtract has also reported considerable progress at the recently completed plant in Manica, Mozambique.

On July 21, 2022, it announced that Mutapa Mining and Processing poured the first gold from ore that they mined at the Fair Bride concession with a total of 35.35 kg production in the third quarter of 2023.

Plant commissioning continued throughout the quarter, with progressive improvements in throughput. The company says it remains very confident for a positive 2023 as the operation matures and stabilises.

-Mining Weekly

About us

African News Centre is an online media company, which strives to bring you the very latest African news.

Contact us

If you have any contributions contact us on email: This email address is being protected from spambots. You need JavaScript enabled to view it.
African News Centre | Postal Address | P.O Box 90455 | Klein Windhoek | Namibia | 9000