Caledonia Mining reports record gold output for th...

Caledonia Mining reports record gold output for third consecutive quarter

The mine produced 21,120 ounces of gold in the three months to end-September

Caledonia Mining Corporation reported record gold production from the Blanket Mine in Zimbabwe for the third consecutive quarter.

It produced 21,120 ounces of gold in the three months to end-September and reiterated that it expects output for the year to be at the top end of guidance of between 73,000 and 80,000 ounces.

In the nine months to end-September it produced 59,726 ounces, up 22% on the year-earlier period.

"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,” said chief operating officer Dana Roets.

“This has been an excellent year, the ramp-up in production towards our yearly target of 80,000 ounces has met our best estimate and, as a consequence, we are on track to hit the top end of our production guidance of between 73,000-80,000 ounces.”

Caledonia has a 64% share in the Blanket mine.

Last week, the miner said it will restart the oxides operation at its recently acquired Bilboes project, a large, high-grade gold deposit also located in Zimbabwe.

"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,” said Roets in today’s statement.

“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,” he added.