Total contractor-mined alluvial gold ore produced at Xtract Resources' Manica Concession in Kabwe, Mozambique, increased from 467 oz in the first quarter to 566 oz in the second quarter of this year.
Production was, however, down from the 1 045 oz produced in the last quarter of 2019.
In total, 158 oz of ore mined is attributable to Xtract’s Mozambique subsidiary Explorator, with combined attributable revenue to Explorator from gold sales and other income for the period amounting to $261 679.
This is down from the $508 537 generated in the first quarter of the year.
However, production costs also decreased to $694/oz in the second quarter, from $1 346/oz in the first quarter.
Xtract executive chairperson Colin Bird says the operating results have been fairly consistent, reflecting difficult operating conditions.
“During the current quarter, we have seen a reduction in overall costs and once again operating income over expenditure.”
He says Xtract anticipates a modest increase in production during the third quarter, which should also result in an improved financial performance with an increasing gold price.
In addition, Bird says negotiations to introduce further mining and processing for both alluvial and hard rock production are progressing.