Blanket Mine boosts output

quarter of last year.
The mine’s gold production for the month of April stood at 2 737 oz. During the course of the period under review, average achieved price per ounce of gold was US$1 397 compared US$1 107 for the same period last year.
This performance constituted considerable progress in removing the remaining constraints that were hindering Blanket Mine from achieving the targeted annual production rate.
Blanket is majority-owned by Toronto-listed Caledonia Mining Corporation.
Commenting on the results, Caledonia chief executive officer Mr Stefan Hayden said the firm had taken strategies to limit the impact of constraints on the mine’s operations.
“We have made significant progress during the current quarter to address the remaining constraints which, once solved, should enable us to reach our target of 10 000 oz per quarter.
“A new ore pass was raise-bored and commissioned on May 13, 2011. The commissioning of the complete standby generating system commenced on May 16 and is expected to be completed by the end of May, after which Blanket will be able to maintain full operations during any interruption to the normal power supply.
“I am confident that Blanket will achieve its targeted quarterly production from the third quarter of the year,” he said.
On the 9th of this month, Caledonia submitted its indigenisation plan to the Government and it said that it “awaits their response.”
Meanwhile, another Toronto-listed gold producer New Dawn – whose Zimbabwe interests include Camperdown Mine, Dalny Complex, Golden Quarry Mine, Old Nic Mine and Venice Complex which are all located around Kadoma, and the Angelus and Turk mines – has reported that production over the quarter ended March 2011 increased 83 percent.
In view of its extensive portfolio New Dawn is one of Zimbabwe’s major gold producers.
The firm is also awaiting Government’s response to its indigenisation compliance plan, which targets pension funds and a listing on the Zimbabwe Stock Exchange.
In a statement issued earlier this week the company said consolidated gold output over the quarter to March 31 topped 6 226 oz, an 83,4 percent jump on the 3 395 oz produced over the corresponding period last year.
The increase in output as well as firming gold prices boosted revenues to US$8 million over the quarter ended March 31, representing a 110 percent increase.