Jan Nelson, chief executive of Xtract Resources PLC (LON:XTR), says the restructuring of the Chepica mine in the last quarter of last year is paying off. “I know it was very difficult and hard for investors at the time, but I think you can see that the plan in terms of stopping and redesigning the whole mine is paying off now.”
An all-time record for the mine in one quarter was achieved after a total of 18,212t was mined from stoping operations in the three months to March.
Investors have been told to expect a lot of news flow from Xtract’s Manica gold project in Mozambique. “Once we start mine construction and once the alluvials are up to speed I think we’ll probably reach mid-tier status. That would probably by the end of next year.”