Mwana Africa (LON:MWA) - Metaphorical gold as well as literal
Aug 02nd 2012 - Edison Investment Research today published a report on Mwana Africa (MWA.L, LSE:MWA, LON:MWA) entitled "Metaphorical Gold As Well As Literal". In summary, the report says:
At the time of its full-year results (on 4 July) Mwana reported 17,950oz of gold of production from Freda Rebecca (FRGM) in Q113 at a milling rate of 2,700 tonnes per day (ie 245.7-248.4ktpq). This implied a material improvement in both grade and recovery since Q412 as mining schedules have been adjusted to mitigate past ore characteristic variability from a particular area of the mine. These improvements have since been confirmed in Mwana’s Q113 operations update, which demonstrated a 13.5% increase in grade in Q113 vs Q412 from 2.38g/t to 2.70g/t and a 13.9% improvement in recoveries from 72% to 82%.
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