africa commodities gold military Mozambique Natural Resources

Xtract Resources announces an increase in gold mining in Mozambique

Sino Minerals Investment Company, a company contracted by Explorator, Lda, a subsidiary of British group Xtract Resources, to explore the eastern half of the Manica concession in central Mozambique, extracted 1,703 ounces of gold in the second quarter, a 42% increase on the 1,200 ounces mined in the first quarter, the British group said.

Xtract Resources’ chief executive Colin Bird said in the release that these figures represent a quarter-on-quarter increase in output, a three-month period that was affected by the rainy season in the country.

Bird said that the first quarter was affected by the rainy season and the second quarter was affected by difficult gravel processing conditions due to the occurrence of gold in very small pieces and in a very dispersed way.

Under the terms of the contract signed with Sino Minerals, Explorator, Lda receives 25% of all gold extracted and was entitled to 426 ounces, of which only 283 ounces were sold, providing revenue of US$291,000.

Source: Macauhub

One comment

  1. Operating Cash Costs per Ounce of Gold – Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however excludes depletion and depreciation and rehabilitation costs.

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