Caledonia’s Blanket mine delivers year-end production record
JOHANNESBURG (miningweekly.com) – Dual-listed Caledonia Mining’s 49%-owned Blanket gold mine, in Zimbabwe, has delivered another record production quarter, ending the year to December 31, 2016, on an all-time production high.
During the fourth quarter of 2016, gold output increased 18% year-on-year and 1.2% quarter-on-quarter to 13 591 oz, taking full-year output to a record 50 351 oz, a 17.6% increase on the prior year and surpassing the previous year-end record of 45 530 oz set in 2013.
"2016 was a significant year for Caledonia as the continued investment at Blanket begins to bear fruit,” Caledonia CEO Steve Curtis said in an update to shareholders on Wednesday, attributing the shining performance to the start of production from below 750 m, improved underground infrastructure and the commissioning of the new ball mill.
Blanket is now aiming for a 20% output increase in 2017, targeting gold production of 60 000 oz at an estimated on-mine cost of between $600/oz and $630/oz and an all-in sustaining cost of between $810/oz and $850/oz.
Blanket remains on track to increase production to 80 000 oz/y of gold by 2021.
“As we increase production, we expect earnings will continue to benefit from the increased sales volumes and from a lower average cost an ounce, as fixed production costs and overheads are spread across higher production,” Curtis said.
Caledonia will publish its financial results for the year ended December 31, on March 21.
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