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Caledonia Mining Corporation production report confirms its on-track to acheive targets

"Production in the third quarter of 2019 was slightly below our target but showed steady growth in production on the previous two quarters,” said chief executive Steve Curtis.

Caledonia Mining Corporation - Caledonia Mining Corporation production report confirms its on-track to hit targets
Some 13,646 ounces were produced in the three months ended 30 September

Caledonia Mining Corporation Plc (LON:CALE) has released third-quarter production numbers for the Blanket Mine, in Zimbabwe, where some 13,646 ounces were unearthed.

The quarterly production figure marks a 7.3% increase on the 12,712 ounces produced in the preceding three-month period, but, was 3.2% lower than the same three months of 2018.

AIM-quoted Caledonia told investors it maintains guidance to produce some 50,000 to 53,000 ounces for the full year and remains on track to reach 80,000 ounces per year by 2022.

READ: Caledonia expects better recoveries and lower costs from new plant

"Production in the third quarter of 2019 was slightly below our target but showed steady growth in production on the previous two quarters,” said Steve Curtis, Caledonia chief executive.

Curtis noted a difficult start to the quarter caused by significant electricity supply problems in July and early August but highlighted that the situation had improved substantially later in the quarter.

He added: "We are very pleased to have completed the shaft sinking phase of the central shaft project during the quarter, a significant milestone for our business.

“The shaft has now entered the equipping phase of the project which we expect to be completed in mid-2020.”

“We look forward to commencing production from the central shaft during the second half of 2020 which is expected to deliver the company's growth plan to achieve 75,000 ounces in 2021 and 80,000 ounces by 2022."

Quick facts: Caledonia Mining Corporation

Price: 611 GBX

AIM:CMCL
Market: AIM
Market Cap: £65.76 m
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Caledonia Mining reports 'excellent performance' at Blanket has continued...

Caledonia Mining PLC's (LON:CMCL) Mark Learmonth talks Proactive London's Andrew Scott through the miner's third quarter update. Production at its Blanket mine in Zimbabwe rose by 7% in the period. Gross profits increased 75% to US$8.5mln helped by a higher gold price, though the...

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