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Sikhulekelani Moyo, Business Reporter
VICTORIA Falls Stock Exchange (VFEX) global investor, Caledonia Mining Corporation Plc, which owns Blanket Gold Mine in Gwanda, Matabeleland South, has announced a 21 percent revenue growth to US$107,9 million for the nine-month period ended 30 September 2022.
In a latest update, the gold mining group said its gross profit also grew by 26,1 percent when compared to the previous year with its Blanket Mine unit contributing solid performance.
Gold production at Blanket rose 22,2 percent to 59 726 ounces compared to the 48 872 ounces produced in the first nine months of 2021.
During the quarter to September 30, 2022, Blanket Mine produced 21 120 ounces of gold which was 11,4 percent higher than the 18 965 ounces produced in the same quarter in 2021.
“Caledonia announces results for another terrific quarter, revenue for nine months of US$107,9 million, which is 21 percent increase on 2021,” said Caledonia.
It said the gross profit for nine months of US$50,5 million represents a 26 percent increase compared to the previous year.
The company said gold production in the quarter ended 30 September 2022 was 11,4 percent higher when compared to the third quarter of 2021 due to increased tonnes milled and higher grade.
It said Blanket Mine production for the third quarter was 21 120 ounces, an 11 percent increase from the comparable quarter.
“Production for the quarter exceeded our expectations and represents a new quarterly production record. The production excludes a surface stockpile of approximately 16 500 tonnes of crushed ore containing approximately 1 750 ounces of recoverable gold,” said the company.
Online Reporter