Dual-listed mineral concern, Caledonia Mining Corporation is targeting a gold production output of between 73 000 to 80 000 ounces this year after realizing 67 000 ounces last year on huge potential from new investments.
The group, which owns Blanket Mine in Gwanda, Zimbabwe, increased its investment in the country when it completed the acquisition of mining claims at Maligreen in the midlands province last year.
Maligreen has an estimated inferred resource of 940,000 ounces of gold.
The company is also evaluating mining claims over an area known as Connemara North in Midlands province.
“Target production of 73,000 to 80,000 ounces of gold in 2022. The Company’s strategy will focus on becoming a multi-asset gold producer. Caledonia continues to evaluate investment opportunities in Zimbabwe and elsewhere,” the group said in its latest quarterly dividend statement.
The company is aiming at becoming a multi-asset gold producer to achieve its targets.
A multi-asset gold producer is a company which owns and operates multiple mining operations that extracts, processes, mills and smelts the precious metal.
“I am very excited with the opportunity that we have to evolve our business, with Blanket Mine as the foundation for our growth. This marks a strategic pivot in the future direction of Caledonia as it pursues its strategy to become a multi-asset gold producer,” the group said.