Caledonia Mining Corporation PLC (listed on AIM: CMCL and NYSE-A: CMCL) anticipates a steady gold production for the year 2024, targeting an output of 74,000-78,000 ounces from its Blanket mine in Zimbabwe.
The company achieved its production target for 2023, producing approximately 75,100 ounces of gold, following the completion of the new central shaft at the Blanket mine.
The projected capital expenditure for the current year stands at US$34.4 million. This budget includes planned exploration activities at Motapa and ongoing feasibility studies for the Bilboes project.
The company estimates production costs for the upcoming 12 months to be in the range of US$870-US$970 per ounce on a cash basis, and US$1,370-US$1,470 per ounce on an all-sustaining basis.
Mark Learmonth, the Chief Executive Officer, commented: “I am satisfied that we met our production targets for the year, with a total of 75,416 ounces of gold produced, despite the challenges in the first half of the year.
“Our production guidance for 2024, set between 74,000 and 78,000 ounces, is based on the assumption that the Blanket mine will continue to produce at a rate similar to that of 2023. This also takes into account our cautious approach to suspending mining in areas with lower margins, which are characterized by lower grades, reduced volumes, and higher costs.
“We are also making headway in our feasibility studies for the Bilboes sulphide project, aiming to identify the most beneficial approach for the stakeholders of Caledonia.”
