Freda Rebecca

Freda Rebecca is the largest gold producer in Zimbabwe. It's located close to Bindura's Trojan Nickel mine, c.90km north of Harare. The Group holds an 85% interest and is engaged with government regarding further implementation of indigenisation legislation.

The process of matching the gap between Freda's annual milling (1.2m/t) and mining capacity (1.8m/t) is progressing. The difference of 0.6m/t has been the reason for some inconsistent results over the years. Adding new mill capacity will improve efficiencies, reduce costs and ensure results are more consistent from quarter to quarter.

Two small additional mills were sourced from within the group and added in 2016 and a further two will come on stream in 2017. This new capacity will start to replace Freda's larger mills which are old and vulnerable to breakdown. 

 

gold Quarterly Tonnes Mined Milled v2@2x

 

Equalising mine and mill capacities will help Freda bring annual production closer to its original plant design capability of 17,500 /oz to 25,000/oz per quarter over the medium term.

 

Quarterly_gold_Production v2@2x

 

Annually, production should increase steadily in 2017/18 to over 70,000/oz and reach over 90,000/oz per annum over the medium term.

 

annual_gold_sales_price@2x

 

It is worth noting that in previous quarters, Freda has reported quarterly gold production above 18,000/oz with AISC C3 costs below $1,000/oz. These are major objectives for the Group.

 

gold_C1_C3_cost@2x

 

 
 Annual results    FY2016 FY2015 
Tonnes mined (t)  1,215,089 1,187,070
Tonnes milled  (t) 1,199,074  1,203,468
Head grade (g/t) 2.1 2.0
Recovery (%) 84.0 78.9
Gold produced  (oz) 67,673 58,714
Gold sold (oz) 67,672 57,799
Average price ($/oz) 1,149 1,247
Cash cost (C1) ($/oz) 943  1,067
All-in sustaining cost ($/oz) 1,076 1,259

 

The Reserve Bank of Zimbabwe introduced a 2.5% export incentive scheme to large mining exporters in 2016. This was to address the challenges of low productivity and promote export earnings. Freda Rebecca earned US$1.3m in export incentive cash credits for the period to December 2016. Freda Rebecca has also won the inaugural Best large Scale Top Producer award, which attracts an additional 2.5% export incentive bonus credits for the period January to December 2017. Freda Rebecca therefore will have a total export incentive in 2016/17 of 5%, which translates to more than $4.5 million in cash rebates from the Reserve Bank of Zimbabwe.

Underground operation access via ramp systems massive long hole open stoping, LHD loading, dump truck transport to surface.

  • Well understood orebody
  • Underground ore body hosted by two main shear systems
  • 2.3 Moz JORC resource @ 2.47 g/t
  • Underground access is via ramp systems
  • Mining method is massive longhole open stoping
  • LHD loading and dump truck haulage to surface
  • Primary crushing, SAG milling, gravity and CIP circuit processing approx 100ktpm

 

temp_mine_illustration@2x

 

Classification Cut off (g/t) Tonnes (t) Grade (g/t) Gold (oz)
Indicated 1.5 14,658,000 2.39 1,126,000
Inferred 1.5 7,252,000 2.49 581,000
Total   21,910,000 2.42 1,708,000