Blanket Mine shines as Caledonia Mining reports 19...

Blanket Mine shines as Caledonia Mining reports 19% increase in gold production

Nyashadzashe Ndoro

Chief Reporter

The Victoria Falls Stock Exchange listed Caledonia Mining Corporation Plc, a Zimbabwean focused exploration, development and mining corporation, has reported robust production results for the second quarter and half year ended June 30, 2024, from its flagship Blanket Mine in Zimbabwe.

The company has released its gold production results for the quarter ended June 30, 2024, and the half year ended June 30, 2024, from its Blanket Mine.

According to the announcement, gold production at Blanket Mine for Q2 2024 was 20,773 ounces, representing a 19% increase compared to the 17,436 ounces produced in the same quarter in 2023.

For the half year ended June 30, 2024, gold production at Blanket Mine was 37,823 ounces, a 13% increase compared to the 33,472 ounces produced in the first half of 2023.

The company has reiterated its 2024 gold production guidance at Blanket of 74,000 to 78,000 ounces.

Mark Learmonth, Chief Executive Officer of Caledonia Mining Corporation, commented on the results, stating that "Blanket Mine continues to provide a solid foundation for growth as we prepare to become a multi-asset gold producer. Production in the first half of 2024 was excellent and has exceeded our expectations. We remain on track to hit our annual production target of 74,000 to 78,000 ounces of gold."

The company last week issued and allotted 5,000 new common shares after a consultant exercised share options issued in 2017 at a price of US$7.35 per share.

The company instructed the issue and allotment of the corresponding shares, and application was made for the depositary interests equivalent to the new shares to be admitted to trading on AIM, with trading commencing on Wednesday (yesterday) July 10, 2024. The total number of shares in issue increased to 19,199,860 common shares of no-par value each, with no shares held in treasury.

Caledonia Mining Corporation Plc is a mining and exploration company. Its asset portfolio comprises a 64% interest in the operational Blanket Mine, as well as 100% ownership of the Bilboes mine and the Motapa and Maligreen gold mining claims, all located in Zimbabwe.