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Caledonia Mining sees sharp increase in first-quarter production

The quarterly production profile should be more evenly balanced throughout 2020 than in previous years

Caledonia Mining Corporation PLC -

Caledonia Mining Corporation PLC (LON:CMCL) (TSE:CAL) said production at its Blanket gold mine in Zimbabwe was up sharply year-on-year in the first quarter of 2020.

During the quarter, Caledonia said 14,233 ounces of gold were produced, up 19% on the 11,948 ounces produced in the first quarter of 2018.

“This is a credit to our operational team and indicates that the operational improvements in the latter part of 2019 have continued into 2020,” Steve Curtis, the chief executive officer of Caledonia said in a statement.

Notwithstanding restrictions in Zimbabwe, referred to in previous company news announcements, the Blanket mine remains in production and is maintaining good levels of output, the group added.

In previous years, gold production was lower in the first quarter of each year and increased in the following quarters but Curtis predicted that the quarterly production profile would be more evenly balanced throughout 2020 because of the increased focus on development, while adding the caveat that the coronavirus (COVID-19) pandemic could yet have an impact on production levels.

"To begin the year with a strong start, at a time of firm gold prices, has established a strong base which is helpful in withstanding any disruptions that may arise as a result of the current COVID-19 pandemic,” Curtis said.


 

Quick facts: Caledonia Mining Corporation PLC

Price: 1140 GBX

AIM:CMCL
Market: AIM
Market Cap: £138.15 m
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