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Friday, January 27, 2023
HomeBusinessCaledonia Posts Record Gold Production At Blanket Mine

Caledonia Posts Record Gold Production At Blanket Mine

Gold producer, Caledonia Mining Corporation has announced record production of 21,120 ounces at its Gwanda subsidiary, Blanket Mine, for the quarter ending September 30 representing 11 percent increase from the 18,965 ounces produced in the corresponding quarter in 2021.

Gold produced in the nine months to September 30 hit 59,726 ounces, representing 22 percent more than the 48,872 ounces produced in the nine months to September 30, 2021.

In a statement released to the media, the company’s Chief Operating Officer, Dana Roets, said Caledonia expects to match or top a year’s production guidance of between 73,000 and 80,000 ounces.

“We are delighted that this quarter we have once again set a new production record at Blanket and for the last three quarters we have achieved our quarterly target ounces.

“This has been an excellent year, the ramp-up in production towards our yearly target of 80,000 ounces has met our best estimate and, as a consequence, we are on track to hit the top end of our
production guidance of between 73,000-80,000 ounces,” Roets said.

Meanwhile, in July, Caledonia signed an agreement to purchase Bilboes Gold Limited, the holding company for a large, high-grade, open-pittable gold resource. The company plans to restart the oxides operation at Bilboes under the terms of a tribute arrangement with a view to create a cash-generative operation within approximately six months.

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“We continue to work hard on completing the transaction for Bilboes and in the meantime will restart the oxide operations with the expectation that it will return to profit during the second quarter of 2023.

“Caledonia is optimistic on the geological prospectivity in Zimbabwe and continues to evaluate other investment opportunities in the country with our long-term vision to become a multi-asset gold
producer,” said Roets.

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