Maravi

(NEWZIMBABWE) Bulawayo Mine revenues grow 43 percent

Bulawayo Mine revenues grow 43 percent
by Gilbert Nyambabvu
15/01/2010 00:00:00

TURK Mine recorded a 43 percent jump in fourth quarter gold sales which saw revenues over the three months to December 31, 2009 topping US$4 million.

The mine, which is located some 56 kilometres north-east of Bulawayo is the principal asset of Canada-based New Dawn Mining, a junior resources firm which primarily focuses on opportunities in Southern Africa.

New Dawn said Turk Mine achieved “record gold production” levels with sales reaching US$3.9 million during the quarter ended December 31, 2009.

This was a huge improvement on the US$2.8 million recorded during the previous quarter.
And to put the achievement in even clearer perspective, revenues for the financial year ended September 2009 totalled US$5.6 million.

“I am pleased to report to shareholders that we achieved record sales during the quarter as a result of both increased production and the higher gold spot price.

“The higher gold prices have allowed us to accelerate our internally funded growth programme from which we expect to see the benefits in subsequent periods,” Ian Saunders, President and CEO of New Dawn said.

Operations at Turk mine were scaled-back to care and maintenance over the last couple of years as a result of the adverse political and economic conditions obtaining in Zimbabwe but production resumed in late March 2009 after the country’s political leaders reached a deal to form a coalition government.

Since then a series of positive policy measures by the government and firming world market prices for minerals have sent the country’s key mining sector begin to recover from years of negative growth.

“At the start of the New Year, our focus for 2010 is clear.
“We will continue our efforts to increase and accelerate production at Turk Mine and advance development of our exploration properties in Zimbabwe while continuing to pursue value acquisitions in the country,” Saunders said.

Apart from Turk, New Dawn’s other interests in Zimbabwe include Angelus Mines in the upper South-western area of the country which has the potential to produce an estimated 35 000 to 50 000 ounces of gold per annum.

The company also has a portfolio of exploration properties in the country which include the Consolidated Bubi Gold Fields, Consolidated Midlands Gold Fields and the Consolidated Shurugwi Gold Fields.

Labels: GOLD MINES, ZIMBABWE

posted by MrK @ 5:41 PM