adminOutput for the 2012 first quarter was 9 155 ounces.
However, the company said production figures for the just-ended quarter were subject to minor revisions following receipt of final assays for the last two deliveries to South Africa’s Rand Refineries.
“Gold production reported in the first quarter reflects that production is up to cut-off for the quarter, which was on March 26 due to the early incidence of Easter and therefore reflects only 84 working days.
“The daily rate of production achieved in the quarter was slightly ahead of target,” Caledonia chief executive officer Mr Stefan Hayden said in a statement.
Gold production at Blanket rose 27 percent in 2012 to a record 45 465 ounces, surpassing its production capacity of 40 000 ounces per annum. The mine intends to invest US$40 million into its operations, which will see output rising by 90 percent to 76 000 ounces a year by 2016.
Last year, Caledonia complied with the country’s indigenisation laws by transferring shares in the company to the Gwanda Community Share Ownership Trust and Blanket Employee Trust.
The two got a 10 percent stake each in the company, and another 15 percent was taken up by a consortium of local investors.
The National Indigenisation and Economic Empowerment Fund holds the remaining 16 percent stake.
Recovery of the gold sector has been slow but steady, spurred by the liberalisation of gold marketing, high bullion prices on international markets and the country’s changeover to multiple currencies.
Zimbabwe’s gold output, which reached an all-time peak of 29 tonnes in 1999, rose slightly above 14 tonnes last year.
The Chamber of Mines has said gold production in the country could reach 50 tonnes in the next five years.
However, this was dependent on the gold sector securing US$1 billion in fresh capital over the next five years, and availability of reliable power supplies. — New Ziana.
Online Reporter