adminIn a quarterly production update yesterday, Caledonia Mining Corporation said 12 919 ounces of gold were produced in the quarter to 30 September, an increase of 12 percent from the previous quarter.
“The record gold production achieved during the quarter is the highest quarterly gold production ever achieved by Blanket Mine since its first recorded year of production in 1906,” Caledonia chief executive Mr Stefan Hayden said.
Since the beginning of the year, Blanket Mine, which is Caledonia’s cash cow, has produced 33 643 ounces of gold, an increase of 33 percent on the 25 331 ounces produced in the first nine months of 2011.
Caledonia is an African focused mining and exploration company with an operating gold mine in Zimbabwe, a copper-cobalt exploration project in Zambia and two platinum-nickel exploration projects in South Africa.
It is listed on the Toronto Stock Exchange and the London Alternative Investment Market.
The company is one of the foreign-owned mines that have come up with an indigenisation plan. It has proposed to sell 10 percent of its stake to an employee share trust and 15 percent to a consortium made of indigenous businesspeople.
Online Reporter
Blessing Chizhande