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Caledonia Mining maintains 2019 guidance as second-quarter production ticks up

Gold production from the group's Blanket mine in Zimbabwe was 6.4% higher compared to the first quarter, with the full-year forecast maintained at between 53,000-56,000 ounces

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The group also said it was on track to reach 80,000 ounces at Blanket by 2022

Caledonia Mining Corporation PLC (LON:CMCL) has reiterated its 2019 production guidance after a second-quarter increase in output at its Blanket gold mine in Zimbabwe.

The AIM-listed firm reported that for the quarter ended 30 June it had produced 12,712 ounces of gold, 6.4% higher than the first quarter of the year, although production for the first half of 2019 was 3.4% lower year-on-year at 24,660.

WATCH: Caledonia Mining reports strong cash generation as it mulls options around electricity supply

Despite the first-half dip, the company maintained its 2019 full-year production guidance of 53,000-56,000 ounces. Adding that it remained “on track” for its target of 80,000 ounces by 2022.

Steve Curtis, Caledonia’s chief executive, said while second-quarter production had been “slightly below” target, the firm remained “comfortable” with its full-year guidance.

He added that the completion of the shaft sinking phase of the company’s central shaft project was expected later this month and would be a “significant milestone” for the business.

In early trading on Thursday, Caledonia’s shares were down 2.1% at 455p.

Quick facts: Caledonia Mining Corporation PLC

Price: 1360 GBX

AIM:CMCL
Market: AIM
Market Cap: £164.82 m
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