Galane bounces back to profitability

Wednesday, August 24, 2016

Mupane is the sole gold miner in the country

The country’s sole gold miner, Galane Gold bounced back to profitability in the six months ended June 2016 as production picked up at Mupane Gold Mine.

According to the BSE-listed miner, net profit came in at $2.2 million (P23 million million) from a loss of $5.2 million (P35 million) in the same period last year with Mupane producing 7,855 ounces of gold.

The company owns Mupane and its recently acquired Galaxy Gold in South Africa. In the three months to June 2016, the company’s net profit printed at $99,173(P1 million), which included Galaxy restart costs of $423,769.

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