12 °c
London
Monday, June 27, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Economy

Metallon’s Zimbabwe unit Q3 gold output falls 7 pct year-on year

FurtherAfrica by FurtherAfrica
November 22, 2015
in Economy, Energy, Finance, Government, Industry and Commerce, Natural Resources, Zimbabwe
Reading Time: 1 min read
803 25
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Metallon Corp, the biggest gold producer in Zimbabwe, reported a 7 percent drop in gold production year-on-year, during its third quarter due to equipment breakdowns and increased power disruptions.

Metallon Corp said in a statement that gold production for the third quarter ending September fell to 23,990 ounces compared with 25,882 ounces during the same period in 2014.

London-based Metallon, which is not listed, owns fives mines in Zimbabwe, three which are operational and two that are being revived, through its Metallon Gold unit.

Metallon said it is looking at possible solutions to supplement grid power supply but the company did not elaborate in its statement.

The lower output is another setback for Zimbabwe’s mining sector, which has been hit by slumping commodities prices and power shortage. Producers have asked President Robert Mugabe’s government to cut royalties and electricity tariffs by half to prevent the collapse of mines.

Gold is Zimbabwe’s third-largest export earner after tobacco and platinum and the sector is still reeling from a deep recession between 1999-2008, during which output fell to just 3.8 tonnes, its lowest since independence in 1980.

Gold prices hit their lowest levels in nearly six years, at $1,071.4 an ounce at 1030GMT and the metal is under pressure following expectations that the U.S. Federal Reserve is set to raise interest rates next month.

Source: Reuters

Related

Tags: exportgoldmetallonMetallon CorpMineMiningmugabezimbabwe
ScanSendShare331Tweet207Share58Pin75Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Government

Ramaphosa urges for UN Security Council reform

by FurtherAfrica
June 27, 2022
Energy

TechnipFMC awarded Angola offshore subsea contract

by Energy Capital & Power
June 27, 2022
Energy

Total renewables & gas – the way to Mozambique’s new electricity demand

by Fabio Scala
June 27, 2022
Economy

Zimbabwe plans triple-digit interest rate hike to tame inflation

by FurtherAfrica
June 26, 2022
Economy

World Bank forecast Mozambique average growth at 5.7% in 2022-2024

by FurtherAfrica
June 26, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Government

Ramaphosa urges for UN Security Council reform

by FurtherAfrica
June 27, 2022
0

President Cyril Ramaphosa says there is a need to urgently reform the United Nations Security Council so that it can...

Read more

TechnipFMC awarded Angola offshore subsea contract

June 27, 2022

Total renewables & gas – the way to Mozambique’s new electricity demand

June 27, 2022
Sonangol

Publication of Sonangol’s accounts awaits statutory obligations

June 27, 2022

Nigeria edtech startup Kibo Schoo raises US$2M

June 27, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?