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Caledonia Q1 Production Up 40 Percent, Sets New Record

Victoria Falls Stock Exchange (VFEX)- listed miner, Caledonia Corporation posted a first quarter (Q1) record gold production in the three months to March 31, 2022 of 18 515 ounces, 40 percent above quarterly production of 13 197 ounces realised in Q1 2021 putting the group well on course to meet its 2022 targets.

Caledonia has set a target of 73 000 to 80 000 ounces of gold this year following the completion of the new Central Shaft at its Blanket Mine last year which is already propping up production.

“The ramp-up in production towards our quarterly target of 20 000 ounces means that we are on track to meet our annual production target,” said Caledonia chief executive Steve Curtis in the quarterly production update.

The Company’s strategy is focused on becoming a multi-asset gold producer and has already lined up investment projects in Zimbabwe and elsewhere after acquiring Malligreen in the Midlands in Zimbabwe last year.

The group declared a quarterly dividend of 14 United States Cents (US$ 0.14) on each of the company’s shares.

“Our dividend continues to be a central part of our strategy as we seek to grow the business and de-risk it from being a single asset producer. We continue to evaluate investment opportunities while balancing returning money to shareholders and investing in the company’s growth,” said Curtis.

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During the period under review, the company recorded one fatal accident resulting in the death of a Blanket Mine employee.

“We always take the safety of our employees very seriously and I join my colleagues in expressing our sincere condolences to the family, friends and colleagues of the deceased.”


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