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ASA resource in record loss

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HARARE


ASA resource  group ,formerly Mwana Africa  has registered a record loss of  $9,6 mln in the full year  to march   2016 compared to  a $7 mln profit  last year as  revenue was dragged lower by  weaker selling prices pf gold and  nickel. The groups executive chairman Yat Hoi Ning ,said revenue  in the year slumped  to $121,3 mln form $152,3 mln driven by  a 38% fall in nickel  prices and  8%  decline in gold prices. At the Freda Rebecca gold mine in Zimbabwe, gold sales grew to 67 672 ounces for the year from 57 799 for the year prior.  But the average realised price for the gold was $1 149 per ounce down from $ 1 247 per ounce the year earlier. At Bindura nickel corporation ,nickel in concentrate  sales fell to $6 613 tonnes from 7352 tonnes ,while the average realised  prices for the nickel slumped to $ 6 737 per tonne from $10 855 the year before. – Dailynews

 

 

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