[miningmx.com] – METALLON Gold said it had targeted gold production of 150,000 ounces for 2015 and blamed heavy rains in December for narrowly missing its 2014 gold output target of 100,000 oz.
Zimbabwe’s gold mines are ramping up production levels as the southern African country gears up for re-admission into the London Bullion Market.
Toronto-listed Caledonia Mining Corporation, for instance, is extending the depth of its shaft at the Blanket mine to 750 metres – an expansion that is expected to boost production to 76,000 oz by 2016.
Metallon Gold, which is owned by controversial South African businessman, Mzi Khumalo, operates five mines in Zimbabwe: Shamva, Howmine, Arcturus, and Mazowe mines, and the recently re-opened Redwing mine.
Of its 150,000 oz target, approximately 130,000 oz will be achieved “… by ensuring full operating capacity for all our mines,” the company said in an announcement. Metallon Gold is the largest gold producer in Zimbabwe.
A gold retreatment project at the firm’s Mazowe mine, will contribute the other 20,000 oz. Gold production in 2014 totalled 99,000 oz.
Working capital expenditure of about $30m had been set aside to help fund the production ramp up programmes.
Citing Metallon Gold CEO, Ken Mekani, Reuters said today that the company had planned to ramp up output to half a million ounces a year within five years and would be looking for acquisitions.
