New Dawn Mining said that it had resumed mining operations at its Turk and Angelus mine in Zimbabwe. Mining had been stopped by underground mine workers at the mine last week, but now full mining operations are on track.
The junior gold company owns 100% of the Turk and Angelus mine in Zimbabwe. It also owns five other mines in the country. New Dawn Mining said that the resolution of the problem in a timely and efficient manner had resulted in minimal impact on the gold production of the mine.
The Turk and Angelus mine is situated 56 km north east of the city of Bulawayo in Zimbabwe. The mine has a production capacity of between 35,000 to 50, 000 ounces of gold per year. The mine is expected to have a life of about 20 years.
For the quarter ending September 30, 2011 the company said it had a net income of $2.56 million. This comes down to six cents a share which is an improvement over a three cents a share loss which it reported a year ago.
The company is hoping to expand its current production to meet a target of 60,000 ounces of gold by the end of 2012. This is to be further expanded to 100,000 ounces of gold per year by December 2014. The expansion of existing mines is likely to yield the production difference.