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Grade issues resolved at Blanket Mine says Caledonia Mining CFO Learmonth

Caledonia Mining PLC (LON:CMCL) expects to complete the sinking of its new central shaft at the Blanket mine in Zimbabwe within two weeks.

That is despite electricity outages affecting the country and hampering progress said Mark Learmonth, Caledonia’s chief financial officer.

Equipping and readying the new shaft will take a year, he added.

Once finished,  annual production will rise from an estimated 53-56,000oz this year to 80,000oz.

Higher dividends will follow as more cash is generated said Learmonth, who added grade issues at the mine had been resolved and it is on track to hit this year's production target.

Quick facts: Caledonia Mining Corporation PLC

Price: 1352.5 GBX

AIM:CMCL
Market: AIM
Market Cap: £163.91 m
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on 13/8/20

2 min read