Blanket output declines

Blanket Mine’s gold production in  the first quarter ended March 31, 2020 rose 19 percent to 14 233 ounces  from 11 948 ounces in the same period last year, its parent company has  said.

Caledonia Mining Corporation holds a 49 percent stake in Blanket Mine. In a trading update, chief executive officer Steve Curtis attributed  the output increase to improved operational efficiencies. Blanket Mine is poised to be commission its Central Shaft Project by  year end after which production can begin to ramp up. Shaft sinking at  Central Shaft was completed in July 2019 to the target depth of 1 204 meters.

After tax profit for the miner increased three fold to US$50,4 million  in 2019 from US$13,75 million in 2018 backed by a net foreign exchange  gain of about US$30 million. —  New Ziana.