Good times roll for Blanket

production of 11 560 ounces.
The latest quarter production was also 33 percent more than the 9 743 ounces produced during the same period last year.
The mine’s total gold production for the nine months to September 30, 2012 was 33 643 ounces, which is also a 33 percent increase in production compared to the first nine months of last year.
Caledonia president and chief executive officer Mr Stefan Hayden said the latest production results were the highest in over a century.
“The record gold production achieved during the quarter is the highest quarterly gold production ever achieved by the Blanket Mine since its first recorded year of production in 1906.
“The management and staff at Blanket are to be congratulated on this noteworthy achievement,” he said.
Although Blanket Mine is owned by Canadian firm Caledonia Mining Cor-poration, processes are underway for the completion of the mine’s indigenisation.
The company has since announced that it has completed the signing of conditional agreements to dispose 51 percent of its equity to several indigenous parties.Caledonia has since agreed to sell 16 percent stake in its Blanket Gold Mine to Zimbabwe’s National Indigenisation and Economic Empowerment Fund for US$11,74 million.
This agreement is in addition to the conditional agreements that have already been signed in accordance with the terms of the MoU.
An agreement has been signed for the sale of 10 percent of Blanket for a consideration of US$7,34 million to the Blanket Mine Employee Trust that was established for the benefit of the present and future managers and employees of the mine.
A second agreement has been signed for the donation of 10 percent of the mine to the Gwanda Community Share Ownership Trust, which would benefit the local community.
Under the terms of the MoU, Blanket would make a non-refundable donation of US$1 million to this trust.
The agreements were also in addition to the agreement for the sale of 15 percent ownership of Blanket to a consortium of indigenous Zimbabweans for a consideration of US$11 million.
Completion of the sale agreements is, however, subject to several conditions being met that include certain approvals from the Reserve Bank of Zimbabwe.
Caledonia also needs to get confirmation from the Government that full implementation of the terms of the MoU constituted compliance by Blanket and Caledonia with the requirements of the Indigenisation Act.