Shares of Xtract Resources surged 11% on Thursday following the announcement of increased gold production at the Fair Bride deposit in Mozambique. The mining company provided the following details:
Fair Bride Production Increases
- In the first quarter of 2023, gold production at Fair Bride rose to 140kg, which is equivalent to approximately 4,522 ounces.
- The average gold sales price for the same period was $1,859 per ounce.
- Month on month, gold production has shown consistent growth, increasing from 37.6kg in January 1Q 2023 to 66.3kg in May 2Q 2023.
- Notably, the heavy rains had a positive impact on results, with plant throughput rising from 30,000 tonnes per month in 1Q 2023 to a current nameplate capacity of over 40,000 tonnes per month.
Other Manica Projects
- In the first quarter of 2023, the total gold production for the other Manica projects amounted to 36kg, approximately 1,156 ounces. Xtract’s share in this production was 183 ounces.
- The average gold sales price for these projects during the same period was $1,812 per ounce.
At 1440 GMT, shares were trading at 1.55 pence, representing a 0.15 pence increase.
For more information, please contact the company at [email protected]