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Mettalon misses Q1 gold output by 15 percent
22/04/2015 00:00:00
by Reuters
 
 
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LONDON-BASED gold mining company Metallon Corporation said on Wednesday its Zimbabwe unit missed a first quarter target of 28,654 ounces by 15 percent due to equipment breakdowns but was on course to produce 150,000 oz this year.

Unlisted Metallon said in a statement it produced 24,385 oz during the January-March quarter and although this was below target, output was 8 percent above the same period in 2014.

Metallon runs five gold mines in Zimbabwe through its Metallon Gold unit and is the largest bullion producer in the southern African country.

Zimbabwe's gold mines are struggling with power shortages, weak prices and high borrowing costs.

Metallon said it was gradually replacing equipment, including crushers and mills to improve production.

Zimbabwe produced 14.7 tonnes of gold last year, 13 percent up on 2013 but is still way below the record production of 28 tonnes achieved in 1990.

The government last September cut the royalties on gold to 5 percent from 7 percent to help boost production.

Minerals and precious metals account for 52 percent of Zimbabwe's export income and gold is ranked the third biggest earner after tobacco and platinum.



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