Plans to boost gold production

DIVERSIFIED Pan-African resources company, Mwana Africa, has said gold production at its Freda Rebecca Mine near Bindura will start soon as reconstruction was nearing completion.

The company said the opening of the mine would boost gold production with a projected target of more than 75 ounces of pure gold per year.

“Gold production from the Freda Rebecca Mine in Zimbabwe is planned to resume soon and ongoing reconstruction works are expected to facilitate production at the rate of c75k oz per year by the end of 2008,” announced the company.

The mine was shut down last year and operations were supposed to resume around October.

However, Mwana Africa announced that opening was postponed since the expansion programme had been slower due to difficulties in sourcing materials and spares, and the shortage of workers with construction skills.  

The company said the fixed gold price and currency exchange conditions had also caused severe financial constraints on the operation. Mwana Africa purchased the Bindura-based mine from Anglo Ashanti for US$2,5 million in 2005.

Post published in: Economy

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