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Caledonia Mining completes shaft sinking at Blanket mine

"We now commence the equipping phase, which will take approximately 12 months, after which we can commence the production ramp-up towards our target of 80,000 ounces of gold in 2022."

The Blanket mine in Brazil
In November 2018, Caledonia announced that it had signed a legally binding sale agreement to increase its holding in Blanket Mine to 64%

Caledonia Mining Corporation PLC (LON:CMCL) (TSE:CAL) has completed the shaft sinking at the new Central Shaft at its Blanket gold mine in Zimbabwe.

The Central Shaft project has been in progress since early 2015 and the company has spent about C$44mln sinking a new shaft from the surface to a depth of more than 1,200 metres.

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

With the shaft sinking now completed, the project moves to the equipping phase. Production from the shaft is expected to commence in the third quarter of next year, after which production at the mine is expected to ramp up to the target of 80,000 ounces of gold per year from 2022 onwards.

"Completion of the shaft sinking is an important milestone in Caledonia's investment plan,” said Steve Curtis, Caledonia's chief executive officer.

Quick facts: Caledonia Mining Corporation

Price: 636 GBX

Market: AIM
Market Cap: £68.45 m

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