Gold output doubles

Canadian-based firm, New Dawn Mining, reports that its gold output at its Zimbabwean subsidiaries had doubled in the past year.

In a statement accompanying its financial results for the third quarter, the company reported it had produced more than 8 000 ounces of gold and was on course to meet its target of 60 000 ounces in 2012.

Consolidated gold sales for the quarter totalled $14 million at an average price per ounce of gold of $1,7.

New Dawn is expanding its production and aims to produce 100 000 ounces by the end of 2014.

It wholly owns Turk/Angelus Mine Complex, Old Nic Mine and Camperdown Mine. In addition, New Dawn has an approximately 85 percent equity interest in the Dalny, Golden Quarry and Venice Mines, and a large portfolio of prospective exploration acreage in Zimbabwe.

The company is one of several that have raised concern at plans by the government to ‘indigenise’ mining companies by ordering them to cede at least a 51 percent stake to indigenous Zimbabweans.

Post published in: Business

Leave a Reply

Your email address will not be published. Required fields are marked *