HARARE — Recent upgrades at Falgold’s Turk Mine, near Bulawayo, will boost production and help the group return to profitability by the end of the year, New Dawn Mining Corporation chief executive Ian Saunders has said.
The Canada-listed New Dawn has an 85% controlling shareholding in Falgold.
Turk Mine recently undertook a number of key infrastructural and equipment upgrades, including installation of a new shaft and suspender.
“The equipment is still being commissioned. It will probably be fully operational by the end of October, which will push our production to be somewhere between 20 000oz and 25 000oz,” Saunders said.
“That will have a significant contribution to the performance of the overall group which is most likely to overturn the losses we have incurred.”
Falgold registered a $1,6 million loss for the six months ended March 31 from a $2, 6 million loss in the prior year.
In addition to Turk Mine, Falgold operates Golden Quarry and Venice mines. Its Dalny Mine in Kadoma has since been shut down and put up for sale.
— The Source
