Gold One output up

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IOL BR mining PIC001

Reuters.

Gold One International’s (GDO) gold production amounted to a total of 62‚904 ounces for the June 2012 quarter - 2% higher than the March 2012 quarter‚ despite the illegal industrial action that began at Modder East on 3 June.

Gold production at the Modder East Operation was 22%‚ or 7‚507oz below forecast primarily due to the illegal industrial action. This negative variance resulted in the group not achieving its forecasted quarterly production of 69‚000 ounces‚ the miner said.

With various contingencies in place‚ however‚ Modder East is continuing to operate profitability‚ albeit at lower levels of gold production.

The two-year turnaround programme at the Cooke Underground Operations is continuing to make good progress‚ as gold production increased quarter-on-quarter by 12% to 26‚041oz‚ which is marginally below the operations´ forecast of 27‚000oz‚ it said.

Production at the Randfontein Surface Operations increased by 42% quarter-on-quarter to 10‚370oz‚ which is 2‚370oz (30%) higher than forecast largely due to the increased volumes and grades that were delivered to the plant.

“The loss of production as a result of the illegal industrial action at Modder East‚ and the subsequent dismissal of a large majority of the operation´s workforce‚ is highly disruptive and disappointing‚” said President and CEO Neal Froneman.

“We‚ however‚ maintain our position and continue to manage the short-term impacts with a focus on creating long-term stability. I am especially pleased with the progress that we have made with the Rand Uranium acquisition‚ remembering that we are still only six months into the Cooke Operations´ two-year turnaround initiative‚” he concluded. - I-Net Bridge


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