Xtract Resources PLC - London-based metals and minerals producer - Says total alluvial mining contractor gold production was 400 ounces for the quarter to the end of 2020, down from 787 ounces mined in the third quarter of 2020. Cost per ounce of gold produced rose, however, to USD1,371 from USD611 in the third quarter.
"The quarter ended December 31, proved to be a challenging period, impacted by local storms as well ongoing Covid-19 restrictions imposed on our contractors, reducing our operating capabilities. However, despite this our contractor was able to carry out limited production. Local weather conditions worsened during the first quarter of 2021 again impacting operating capability and operations at Guy Fawkes and our second alluvial license are being progressed. The Company is expecting a drier season from the second quarter of 2021 onwards with improved operating conditions," says Executive Chair Colin Bird.
Current stock price: 5.80 pence, down 3.3% on Friday
Year-to-date change: more than tripled from 1.78p on December 31
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Xtract (XTR)