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Caledonia delivers record quarterly gold production from the Blanket mine in Zimbabwe

Caledonia's expansion programme at the Blanket mine is now well advanced

Caledonia Mining Corporation Plc -

Caledonia Mining Corporation Plc (LON:CMCL)(TSE:CAL) has produced a record 16,876 ounces of gold during the quarter ended 31 December 2019.

In a statement, Caledonia’s chief executive Steve Curtis said that an improvement in the electricity supply and a rigid focus on grade control had helped boost production at the Blanket gold mine in Zimbabwe by 24% over the previous quarter, and by 13% compared to the corresponding quarter in 2018.

Total gold production during 2019 was approximately 55,182 ounces, ahead of revised production guidance of between 50,000 and 53,000 ounces.

Gold production for 2020 is expected to be between 53,000 and 56,000 ounces.

"I am also pleased to see that we have not lost this momentum as we start 2020 with the mine continuing to perform very well into the new year,” Curtis added.

“With the improved operational performance and the current buoyant gold prices leading to healthy operating margins we expect Caledonia to continue its track record of strong cash generation.”

He also struck an optimistic note in regard to Caledonia’s ongoing mine expansion programme.

“I expect 2020 to be a landmark year for our business: we look forward to commissioning the Central Shaft later in 2020 which we anticipate will then deliver increased operating cash flows and reduced capital expenditure will follow," Curtis said.


Quick facts: Caledonia Mining Corporation PLC

Price: 1175 GBX

Market: AIM
Market Cap: £142.4 m

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