16 °c
London
Monday, April 19, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Mozambique: Xtract Resources agrees to sell Manica mining concession

FurtherAfrica by FurtherAfrica
June 20, 2017
in Africa, Commodities, Economy, Finance, Gold, M&A, Mining, Mozambique, Natural Resources
Reading Time: 1 min read
1
Three tons of gold illegally exported from Angola
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Xtract Resources on Monday said its Mozambique subsidiary Explorator has agreed a mining contractor deal with Omnia Mining and Moz Gold Group Limitida for its Manica mining concession in the company.

The two mining contractors, who are already operating in the area, have been appointed to mine the western half of the alluvials in the Manica concession. Initial mining is to take place no later than the beginning of September.

A minimum capacity of 220 000 tonnes per month is targeted to be achieved by the beginning of November.

An annual production target has been set at 2.6 million tonnes of alluvial materials. Assuming a base gold price of US$ 1 250 from November onwards, this is expected to produce monthly revenue of US$ 165 000 attributable to Explorator.

“The alluvial agreement is a very positive move for Xtract, providing potential significant cash flows with upside based on contractual minimums. We are currently negotiating the eastern half of the concession with other contractors and expect to make an announcement by the end of July 2017,” said Chairman Colin Bird in a statement.

“This agreement will begin early next week and we fully expect to receive some income during the build-up to September. In the meantime, we have further evaluated the Manica concession and see much potential to value add to our hard rock as well as possible further alluvial mining. We are also reviewing financing alternatives for the open pit mine and will keep the market informed with our progress,” Bird said.

Shares in Xtract were up 21% at 0.0169 pence Monday, one of the best performers on AIM.

 Source: Mining News

Related

Tags: Colin BirdExploratorManica miningMoz Gold Group LimitidaMozambiqueOmnia MiningXtractXtract Resourcesモザンビーク莫桑比克
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Angolan Government reinforces private investment in Cuanza Norte

Next Post

Mozambique’s Vodacom compensates users for dropped calls

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

Africa Oil & Power transforms into Energy Capital & Power
Energy

Africa Oil & Power transforms into Energy Capital & Power

by FurtherAfrica
April 19, 2021
SADC technical commission at work in Mozambique
Mozambique

SADC technical commission at work in Mozambique

by Club of Mozambique
April 19, 2021
Currency

Zimbabwe considering bank fines, suspensions over currency gouging

by Staff
April 19, 2021
gas processing plant Angola
Angola

Angola to launch oil and gas licensing round on April 30

by Duarte Marques da Cruz
April 19, 2021
Where To Invest In Africa 2020 – RMB Report
Economy

Sub-Saharan Africa’s economic growth set to recover in 2021 – IMF

by FurtherAfrica
April 19, 2021
Next Post
Mozambique’s Vodacom compensates users for dropped calls

Mozambique's Vodacom compensates users for dropped calls

Mozambican campaigners demand cancellation of secret debt

Angola foreign currency sale drops

Bloomberg: Mozambique Plans 12% Raise to 2017 Spending, Document Shows

Bank of Mozambique introduces minimum liquidity ratio for the banking sector

Comments 1

  1. Avatar Chifundo G Maloa says:
    4 years ago

    Wow,! Mozambique we were waiting for one of a kind (gold Mining) for me as operator this just made my day

    Reply

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

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

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • 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
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

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?