JOHANNESBURG (miningweekly.com) – Combined attributable income from Aim-listed Xtract Resources’ Mozambique-based Manica project amounted to $801 000 for the quarter ended December 31, 2017.
The project’s alluvial operational costs for the period amounted to $254 000, the company said in a statement on Thursday.
"The last quarter represented the commencement of operations with its attendant set-backs and problems. The contractors solved the issues with design modifications, extraction scheduling changes and increased equipment. The operations are progressing favourably, and we expect first-quarter results for the period ending March 31, 2018 to show an overall improvement in productivity and attributable income to Xtract,” noted chairperson Colin Bird.
Xtract said it would continue to explore opportunities to work with other operators and review other concessions in the Manica and surrounding areas.