Galane Gold Galaxy produced 5,489 ounces of gold at its Galaxy mine in South Africa in the six months ended June 30, 2022, compared to 3,236 ounces, a year earlier.
Galaxy gold is situated 45 km west of the provincial capital of Nelspruit in the Mpumalanga Province of South Africa.
The property, which covers 58.6 square kilometres, is part of the prolific Barberton Greenstone Belt.
Galane recorded earnings of $2.3 million in the first half of the year compared to $700 000 during the same period in 2021.
Company chief executive Nick Brodie said the Galaxy operation continued to generate positive operating cash flow during the second quarter despite severe flooding in Durban.
“Post quarter end, shipments of the flood-affected gold concentrate have recommenced from Durban, and it is expected that all the flood-affected gold concentrate will be fully paid during the fourth quarter of 2022,” he said.
Meanwhile, Galane said the sale of Mupane Gold Mining in Botswana has recharged their balance sheet with the removal of over $17 million in liabilities.
The company now has net debt of less than $1 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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