New Dawn Mining Reports Record Sales and Gold Production

New Dawn Mining Reports Record Sales and Gold Production
Published: 23 January 2012 (1819 Views)
New Dawn, which has five mines that are currently operational and producing gold in Zimbabwe, reported consolidated gold production for the quarter ended December 31, 2011 of 9,095 ounces (8,399 ounces attributable to New Dawn, after adjusting for the minority interests' share of gold production), as compared to consolidated gold production for the quarter ended December 31, 2010 of 4,808 ounces (4,577 ounces attributable), an increase of 89.2% (83.5% increase on an attributable basis).

As compared to consolidated gold production for the previous quarter ended September 30, 2011 of 8,814 ounces (8,212 ounces attributable),consolidated gold production for the current quarter ended December 31, 2011 increased by 3.2% (2.3% increase on an attributable basis).

Consolidated gold sales for the quarter ended December 31, 2011 totalled US$15,440,766 (US$14,238,642 attributable) at an average sales price per ounce of gold of US$1,684, as compared to US$6,458,735 (US$6,184,661 attributable) for the quarter ended December 31, 2010 at an average sales price per ounce of gold of US$1,370, an increase of 139.1% (130.2% increase on an attributable basis).

As compared to consolidated gold sales for the previous quarter ended September 30, 2011 of US$14,059,739 (US$13,145,209 attributable), consolidated gold sales for the current quarter ended December 31, 2011 increased by 9.8% (8.3% increase on an attributable basis).

100% of proceeds from gold sales were received in US dollars.

At December 2011 month-end, an additional 2,337 ounces of gold awaited export documentation for sale in South Africa, and will be included in January 2012 sales.

With December 2011 total gold production of 3,252 ounces, equivalent to annualized gold production of 39,024 ounces, the Company achieved its production target of 38,000 to 40,000 ounces of annualized gold production within its projected timeframe, despite four public holidays in Zimbabwe during December 2011.

The Company will file its unaudited consolidated financial statements and related materials for its fiscal first quarter ended December 31, 2011, and report its consolidated results of operations for such period, on or before the extended filing deadline of March 15, 2012. The filing deadline has been extended by 30 days from the standard February 15 filing deadline as the fiscal quarter ended December 31, 2011 is the first fiscal period in which the Company will be reporting financial information under International Financial Reporting Standards.

New Dawn has five mines that are currently operational and producing gold in Zimbabwe, and is currently expanding production to reach a targeted run rate of approximately 60,000 ounces of annualized gold production by December 2012.


- Byo24News

Tags: NewDawn, Gold, Mining,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

IMF offers to help Zimbabwe clear arrears

by Staff reporter | 21 September 2018 | 52 Views

Mugabe's party rejoins Mnangagwa's Zanu-PF

by Staff reporter | 21 September 2018 | 61 Views

Streak seeks ZC liquidation

by Staff reporter | 21 September 2018 | 30 Views

'Chamisa must not waste time fighting Mnangagwa'

by Staff reporter | 21 September 2018 | 49 Views

Chipanga appeal thrown out

by Staff reporter | 21 September 2018 | 48 Views

New minister cracks the whip

by Staff reporter | 21 September 2018 | 41 Views

Deal decisively with Parly delinquents

by Zvamaida Murwira | 21 September 2018 | 32 Views

Mthuli Ncube faces tough choices

by Lovemore Chikova | 21 September 2018 | 30 Views

Currency reform answer to Zimbabwe's economic woes

by Bongani Ngwenya | 21 September 2018 | 25 Views

Dabengwa ditches Chamisa, endorses Mnangagwa?

by Staff reporter | 21 September 2018 | 36 Views

Sibusiso Moyo alive & well

by Staff reporter | 21 September 2018 | 28 Views

'Mugabe University not a priority'

by Staff reporter | 21 September 2018 | 25 Views

Chamisa battles open rebellion

by Staff reporter | 21 September 2018 | 37 Views

Prophet up for pregnant woman rape

by Staff reporter | 21 September 2018 | 17 Views

Bulawayo pins hopes on devolution

by Staff reporter | 21 September 2018 | 24 Views

Nust shut down

by Staff reporter | 21 September 2018 | 31 Views

Zimbabweans want US or Zim dollar only, not SA Rand

by Staff reporter | 21 September 2018 | 32 Views

Chamisa's MDC Alliance starts merging into single party

by Staff reporter | 21 September 2018 | 28 Views

Vic Falls man hangs self after bar brawl

by Staff reporter | 21 September 2018 | 27 Views

Cholera hits Beitbridge

by Staff reporter | 21 September 2018 | 21 Views

Cop up for assault

by Staff reporter | 21 September 2018 | 14 Views

Gumbura hires Madhuku to challenge delayed trial

by Staff reporter | 21 September 2018 | 15 Views

Devolution will develop provinces with natural resources

by Staff reporter | 21 September 2018 | 12 Views

Family evicted, dumped in the bush

by Staff reporter | 21 September 2018 | 12 Views

Soul Brothers coming to Bulawayo

by Staff reporter | 21 September 2018 | 23 Views

Zimbabwean scientist wins Cambridge scholarship

by Staff reporter | 21 September 2018 | 13 Views

MDC Alliance activist jailed over arson threats

by Staff reporter | 21 September 2018 | 14 Views

Chamisa to pile pressure on Mnangagwa

by Staff reporter | 21 September 2018 | 17 Views

Mnangagwa commits 1% of GDP to research

by Staff reporter | 21 September 2018 | 16 Views

Muchinguri says she is not a figurehead, she has the power

by Staff reporter | 21 September 2018 | 26 Views

Mthuli Ncube's '0% political skills' certainly working

by Conway Tutani | 21 September 2018 | 31 Views

Exchange rate of US Dollar passes 100%

by Stephen Jakes | 21 September 2018 | 17 Views

UZ sues Catholic University

by Staff reporter | 21 September 2018 | 20 Views

Sibusiso Moyo in health scare .. coup announcer is alive

by Staff reporter | 21 September 2018 | 20 Views

Zesa, TelOne thieves jailed 10 years each

by Staff reporter | 21 September 2018 | 13 Views

Residents petition court over demolitions

by Staff reporter | 21 September 2018 | 13 Views

Cops, vendors clash

by Staff reporter | 21 September 2018 | 13 Views