viewCaledonia Mining Corporation PLC

Caledonia Mining adds additional back-up power at Blanket mine

In addition to an extra 6Mw of diesel capacity now being installed, a solar power option is being considered.

Caledonia Mining Corporation -
Caledonia is look at installing solar panels

Caledonia Mining Corporation PLC (LON:CMCL) says electricity supplies have improved in Zimbabwe in the past two months though it is installing additional diesel capacity to insulate the Blanket mine fully from any further grid outages.

A new US dollar-based electricity pricing schedule for the mining industry has been introduced by the Zimbabwe authorities, with an uninterrupted power supply agreement also now in place.

Caledonia added that Blanket continues to operate normally, while electricity pricing in US dollar terms is stable and not affected by the increases recently announced elsewhere.

In July and August, Blanket relied heavily on its diesel back-up generators and in addition to the extra 6Mw of diesel capacity now being installed, a solar power option is also being considered.

Steve Curtis, chief executive, said: "The disruptions we experienced early in the third quarter necessitated a larger than normal utilization of our diesel generator back-up.

“We have been pleased by the rapid and decisive response from both government and industry which has resulted in the alleviation of the supply shortages and a more stable US Dollar based pricing structure.”

Quick facts: Caledonia Mining Corporation PLC

Price: 651.5 GBX

Market: AIM
Market Cap: £70.12 m

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on 14/11/19

2 min read