[miningmx.com] – VILLAGE Main Reef (VMR) said in a June quarter operational update that pretax profit from its continuing operations Tau Lekoa and Consolidated Murchison was R76.6m, a R91.4m quarter-on-quarter turnaround.
Tau Lekoa, the company’s flagship asset, increased production about a third in the June quarter to about 28,000 ounces while antimony and gold producer, Consolidated Murchison produced 38% less gold and struggled in the quarter. It is due to be sold to Australian outfit Stibium Mining for R150m.
Some R24m will be recovered in pumping expenses from Harmony Gold for VMR’s discontinued underground gold mining asset, Buffelsfontein, which is currently re-mining surface gold. The money will reflect in VMR’s accounts in July.
VMR is due to report its June quarter operating and financial figures in August.
