Online Reporter
Sikhulekelani Moyo
Zimpapers Business Hub
LISTED gold mining entity Caledonia Mining Corporation Plc has revised its Blanket Mine production guidance from 74 000 to 78 000 ounces per annum to 75 500 to 95-500 ounces following a 5,1 percent increase in production during the first half of 2025.
Gold is of paramount importance to Zimbabwe’s economy and livelihoods. It’s the country’s leading mineral export, contributing significantly to the country’s economy and foreign exchange earnings.
Furthermore, artisanal and small-scale gold mining (ASGM) provides livelihoods for hundreds of thousands of people, particularly in rural areas.
Gold is Zimbabwe’s single largest export. Gold exports saw a significant surge in the first five months of 2025, reaching US$748 million from the US$599,2 million recorded in the same period last year
Zimbabwe’s gold production target for 2025 is 40 tonnes, and follows record output in 2024, when 36,48 tonnes were delivered.
The Government aims to support initiatives to increase gold output to back the country’s new currency, Zimbabwe Gold (ZiG) and bolster the national economy.
In a statement accompanying its half-year production results, Caledonia said the 2025 second quarter gold production was 21 070 ounces, setting a new record for a second quarter as compared to 20 773 ounces produced in the second quarter of 2024.
The 2025 half-year gold production was 39 741 ounces, a 5,1 percent increase on the 37 823 ounces produced in the first half of 2024.
Victoria Falls Stock Exchange-listed Caledonia’s chief executive officer, Mr Mark Learmonth, said: “Production in the first half of 2025 was excellent and has exceeded our expectations.
“As a result of this strong performance, we are increasing our annual production guidance. This performance is a testament to the dedication and hard work of our team.
“Blanket Mine continues to provide a solid foundation for growth. As we move forward, we are confident that it will continue to be a cornerstone of our success, driving value for our shareholders.”
Meanwhile, Caledonia is running a drilling programme aimed at evaluating the continuity of mineralised zones within the Blanket, Eroica and Lima orebodies, three of the main orebodies at Blanket Mine.
The objectives of the programme are to increase confidence in the existing mineral resource and to expand the mineral resource estimate below the 34 level of the mine. Mr Learmonth is on record as saying the ongoing drilling campaign continues to demonstrate encouraging results, further improving their confidence in the Blanket Mine mineral resource and pointing to additional future mineral resource growth.
“We anticipate that the positive grades and widths will result in an increased overall mineral resource estimate, which in due course should result in the extension of the existing life of mine,” said Mr Learmonth.
“We have invested heavily in Blanket Mine over the last seven years to increase production capacity, resulting in a mine infrastructure that can sustain production beyond the current production horizon.”
The drilling is currently focused on the Blanket and Eroica orebodies, where crosscuts have been developed to allow optimal access to drill the deeper zones of the steeply dipping orebodies.
“These results are extremely promising, and we look forward to the next phase of drilling and updating the market accordingly,” he said.
According to Caledonia, the results from 6 976 metres of underground drilling from January 2024 to the end of April 2025 indicate that the existing Blanket and Eroica orebodies have grades and widths, which are generally better than expected, while the Lima orebody is shown to continue below 22 level (750 metres).
The company said a new potential orebody has been intersected in the Blanket orebody area of the mine, with impressive grades and widths.
Caledonia continues to invest in Zimbabwe, with the company aiming to establish itself as a multi-asset gold producer, with an ambitious goal to produce more than 250 000 ounces of gold per year.
With its immediate strategic focus being Blanket Mine, the mining entity has also acquired Bilboes and Mutapa in a bid to build a portfolio of high-quality gold assets in Zimbabwe.
