Banners
Banners

Latest News

Local female rapper Sasa Klaas (Sarona Motlhagodi) of Mmamongwato fame...
A three-men Court of Appeal (CoA) panel comprising Judge President Ian...
Botswana Public Officers Pension Fund (BPOPF) supports in full efforts...
 FRANCISTOWN: Masunga Senior Secondary School (MSSS) has trumped ...
Banners
Banners

Galane revenues fall on softer gold prices

PAULINE DIKUELO
Mupane Gold Mine
Softer commodity prices have seen the countryĺs sole gold producer Galane Gold recording decreased revenue from $40.5 million that was recorded in December 2014 to $26.2 million registered in December last year.

According to the group’s chief executive officer (CEO) Nick Brodie, the financial results for 2015 reflect the challenging gold price environment that has affected all gold producers during the past year.

“Gold sales for 2015 were 7,548 ounces less than in 2014. This was coupled with a reduction in the average gold price achieved between the two years of $126 per ounce. As a result revenue was $14.0 million less in 2015,” said Brodie.

Mining costs for 2015 were $9.1 million compared to $10.6 million for 2014, with the main variance being explained by the reduction in volume mined.

The CEO said management efforts were being put in place in 2016 to take advantage of an increasing gold price.

Last year, Galane acquired 66 percent of the outstanding Galaxy Gold, a gold mining company in the Mpumalanga Province in South Africa. The mine, which met all of their acquisition criteria as the property is near term production, has the ability to increase production with minimal capital requirement, has a drill plan ready to potentially increase the resource and is surrounded by prospective targets. When acquiring the mine, the CEO said they intended to turn around the mine and return it to a full and profitable production within the next 12 months, as

Banners
they believed that the mine would assist Galane in being able to operate in any realistic gold price environment.

Despite the challenging environment, Galane management team also managed two significant achievements in the previous year, which included the commencement of commercial production at Tau underground in the third quarter of 2015. The work required to build an underground mine and restructure an operation from an open pit mine.

“We have now started exploration from underground of the Tau ore body and are hopeful that this will form the long term backbone of the Mupane operations,” said Brodie.

The company also completed a new five-year mine plan for the Mupane property in 2015 with a focus on the optimisation of the mining operations and the expansion of the resource base. Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. It is a public company and its shares are quoted on the TSX Venture Exchange and the Botswana Stock Exchange under the symbol GG. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment and contributing to the communities in which it operates.            



Business

Banners
Banners ?>

Selefu

This calls for a serious security risk investigation

Latest Frontpages

Todays Paper Todays Paper Todays Paper Todays Paper Todays Paper Todays Paper
Banners
Adana Escort
Ad─▒yaman Escort
Afyon Escort
A─čr─▒ Escort
Aksaray Escort
Amasya Escort
Ankara Escort
Antalya Escort
Antep Escort
Ardahan Escort
Artvin Escort
Ayd─▒n Escort
Bal─▒kesir Escort
Bart─▒n Escort
Batman Escort
Bayburt Escort
Bilecik Escort
Bing├Âl Escort
Bitlis Escort
Bolu Escort
Burdur Escort
Bursa Escort
Çanakkale Escort
Çankırı Escort
Çorum Escort
Denizli Escort
Diyarbak─▒r Escort
D├╝zce Escort
Edirne Escort
Erzincan Escort
Elaz─▒─č Escort
Erzurum Escort
Eski┼čehir Escort
Giresun Escort
G├╝m├╝┼čhane Escort
Hakkari Escort
Hatay Escort
I─čd─▒r Escort
Isparta Escort
─░skenderun Escort
─░stanbul Escort
─░zmir Escort
─░zmit Escort
Karab├╝k Escort
Karaman Escort
Kars Escort
Kastamonu Escort
Kayseri Escort
K─▒br─▒s Escort
K─▒r─▒kkale Escort
K─▒rklareli Escort
K─▒r┼čehir Escort
Kilis Escort
Kocaeli Escort
Konya Escort
K├╝tahya Escort
Malatya Escort
Manisa Escort
Mara┼č Escort
Mardin Escort
Mersin Escort
Mu─čla Escort
Mu┼č Escort
Nev┼čehir Escort
Ni─čde Escort
Ordu Escort
Osmaniye Escort
Rize Escort
Sakarya Escort
Samsun Escort
Siirt Escort
Sinop Escort
Sivas Escort
┼×─▒rnak Escort
Tekirda─č Escort
Tokat Escort
Trabzon Escort
Tunceli Escort
Urfa Escort
U┼čak Escort
Van Escort
Yalova Escort
Yozgat Escort
Zonguldak Escort
Ala├žat─▒ Escort
Alia─ča Escort
Alsancak Escort
Bornova Escort
Buca Escort
├çe┼čme Escort
├çi─čli Escort
Gaziemir Escort
Kar┼č─▒yaka Escort
fethiye escort
iskenderun escort
iskenderun escort
iskenderun escort
iskenderun escort
iskenderun escort karata┼č escort ceyhan escort ankara escort etimesgut escort ├žankaya escort alt─▒nda─č escort mamak escort ke├ži├Âren escort