Caledonia achieves a record quarterly performance in Zimbabwe
Gold miner Caledonia Mining produced 21 120 oz of gold at the Blanket mine, in Zimbabwe, for the quarter ended September 30 - a record for any quarter.
This was an increase of 11% on the 18 965 oz produced in the corresponding quarter of 2021.
Gold produced in the nine months to September 30 was 59 726 oz, 22% higher than the 48 872 oz produced in the nine months to September 30, 2021.
Caledonia has reiterated that its gold production guidance for the full year is expected to be at the top of guidance of between 73 000 oz to 80 000 oz.
“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 oz 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 oz to 80 000 oz,” says CEO Dana Roets.
“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,” Roets adds.
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