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    21 October, 2015
Joint venture to mine alluvial gold
 
London, 21 Oct (AIM) – The British based company Xtract Resources has entered into a joint venture with Mineral Technologies International to develop an alluvial gold mine in the central Mozambican province of Manica.
 
A statement from Xtract released on Tuesday said that the two companies plan to begin gold production within six months and expect to extract 32,000 ounces of gold per year. The current price of gold is around 1,200 US dollars an ounce.

According to figures from Xtract, the operating costs will be 203 dollars per ounce and under these conditions the cost of setting up the mine will be recouped in less than six months. The life of the mine is estimated to be ten years.
 
Chief executive Jan Nelson stated that “the operating costs of the joint venture project, for which Xtract is responsible, are extremely low and will help ensure a significant margin for the company”.
 
Xtract Resources is also developing an open pit gold mine in the same license area. This is due to begin production in 18 months, and will produce 48,000 ounces of gold per annum over the mine’s ten year lifetime.
 
Earlier this month, Xtract bought the Manica gold licence from the Australian company Auroch Minerals for 10 million dollars.
(AIM)
 
 
  18 November, 2019  
 
President addresses Catholic Bishops
 
President Filipe Nyusi on 16 November challenged the Catholic Church to continue its commitment to achieving the social well-being of Mozambicans and indicated that dialogue should be one of the paths chosen.

 
  17 November, 2019  
 
New water system for Gorongosa inaugurated
 
More than 30,000 people will benefit from clean drinking water in Gorongosa town, in the central Mozambican province of Sofala, thanks to a new water supply system that President Filipe Nyusi inaugurated on 15 November.

 
  15 November, 2019  
 
President Nyusi inaugurates rebuilt Beira – Zimbabwe highway
 
President Filipe Nyusi on 14 November inaugurated the rebuilt highway from the central port of Beira to the Zimbabwean border, a distance of 287 kilometres.

 


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