Caledonia nearly doubles production, capital investments yield positive results

CALEDONIA Mining Corporation Plc, which owns Blanket Gold Mine in Gwanda, Matabeleland South province, withstood a challenging first six months of 2023 to produce 75,416 gold ounces, nearly doubling output as the massive capital investments over the past seven years and the recent central shaft completion continue to yield positive results.

Fourth quarterly gold production at Blanket Mine was 20,172 ounces, the firm said on Friday.

Chief Executive Officer, Mr Mark Learmonth said: “I am pleased that, after a challenging first half, we successfully met production guidance for the year, producing 75,416 gold ounces.

“Our 2024 guidance of 74,000 to 78,000 ounces assumes that Blanket will broadly maintain the production rate achieved in 2023 and reflects the prudent decision to suspend mining in lower margin areas, which include lower grades and volumes, and higher costs,” he said.

In 2022 the firm produced a record 80 775 ounces against a set target of 80 000 ounces.

Last week, the gold producer declared a quarterly dividend of US$0,14 on each of the company’s shares in the fourth quarter ended December 31, 2023.

…more to follow