Caledonia Mining Corporation PLC (AIM: CMCL, NYSE-A: CMCL) announced a record gold output from its Blanket Mine in Zimbabwe for the recent quarter.
During the three months that concluded on 30 September, the mine generated 21,772 ounces of gold, marking a 3% increase compared to the same timeframe last year.
Highlights
· Quarterly gold production of 21,772 ounces, a new quarterly record for Blanket mine
· An increase of three per cent on the 21,120 ounces produced in the corresponding quarter of 2022.
· Gold produced in the nine months to the end of September was 55,244 ounces.
· Caledonia reiterates its gold production guidance for 2023 of between 75,000 and 80,000 ounces
The year-to-date production has now reached 55,244 ounces. The company maintains its annual projection of producing between 75,000 to 80,000 ounces of gold.
CEO Mark Learmonth stated: “Over the past seven years, we’ve made significant investments in Blanket. This includes this year’s investment in a new tailings storage facility, anticipated to serve for at least 15 years based on our present production rate, ensuring sustained production for years to come.”
Preliminary results from continuous underground exploration suggest the presence of more minerals. Learmonth believes these might be extracted using the existing infrastructure, potentially prolonging the mine’s operational life.
Learmonth further commented, “Blanket remains a sturdy pillar for our company, laying the groundwork for our upcoming expansion endeavours in Zimbabwe.”
