africa Economy gold Mining Mozambique

Xtract Resources output falls at Manica concession in Mozambique

Xtract Resources said alluvial production at the Manica concession in Mozambique continued to fall in the third quarter, though remained profitable for the company.

Total alluvial mining contractor gold production in the three months through September was of 30.92 kilograms, equivalent to around 994 ounces and down from 1,088 ounces in the second quarter and 1,293 ounces in the first.

Combined attributable revenue to Explorator from gold sales and other income was $467,683.

Preparations to commence a drilling program in Zambia were currently being finalised, Xtract said.

Executive chairman Colin Bird said profitable alluvial production at the Manica concession provided the necessary cash flow whilst the company developed the Fairbride project in Mozambique as well as the Kalengwa project in Zambia.

“The alluvials have provided positive cash flow on a monthly basis despite there being volatility in the gold yield, excess overburden removal or a combination of the two”, he said.

“At the same time, we have generally been quite cost efficient with matters under our control, which has assisted to maintain profitability during difficult operational periods”.

Source: Shares Magazine

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