Xtract’s Manica booms in fourth quarter with significant production ramp up

18th January 2022 By: Donna Slater - Features Deputy Editor and Chief Photographer

LSE-listed brownfield miner and developer Xtract Resources reports that the total contractor alluvial gold produced at the Manica operation, in Mozambique, increased to 2 306 oz in the fourth quarter of 2021, from the 1 416 oz produced in the third quarter.

During the period, total hard-rock gold production from contractors also increased from 170 oz, to 505 oz.

Xtract executive chairperson Colin Bird says the fourth quarter was the best period for production since the company started gold mining at Manica in central Mozambique, with production performance “well surpassing” previous quarters despite any lost time as a result of rain.

Xtract’s wholly-owned Mozambican subsidiary Explorator’s share of gold produced increased quarter-on-quarter, from 437 oz, to 767 oz; while Explorator’s monetary share increased from $784 998 to $1.38-million.

Explorator’s share of gold sold quarter-on-quarter increased from 152 oz, to 360 oz in the fourth quarter; while its attributable revenue from gold sales reached $589 914 at period end.

However, Xtract’s income generated elsewhere decreased during the comparative period, from $153 044 in the third quarter, to $24 343 in the fourth quarter.

Explorator’s total direct operational production costs, quarter-on-quarter increased from $142 786 to $180 791, while Xtract’s production cost decreased from $474/oz in the third quarter to $338/oz in the fourth quarter.

Bird adds that Xtract’s development at the Guy Fawkes hard rock gold deposit at the Manica mining concession continued with the objective of exploring veins revealed by surface drilling.

Also, Bird says construction work for the Fair Bride project in Mozambique advanced satisfactorily, with the company being satisfied with the engineering standards employed on the build.

“The contribution of Fair Bride, ongoing Mozambican production and Zambian operations progressing favourably, leads us to be optimistic for production during 2022.”