Blanket Mine exceeds targets

The Chronicle

Oliver Kazunga, Senior Business Reporter
CALEDONIA Mining Corporation-owned Blanket Mine in Gwanda, Matabeleland South Province, has exceeded its revised increased production guidance of between 65 000 ounces and 67 000oz for last year to reach 67,476oz.

The latest annualised record gold production figures are 17 percent above the 2020  figures.

The mining group said production for the fourth quarter ended December 31, 2021 stood at 18 604oz reflecting a 24 percent increase on the 15 012oz achieved in the corresponding period in 2020.

Caledonia predicts that gold production in 2022 would be at between 73 000oz and 80 000oz this year on the back of the recently installed Central Shaft as well as other areas of the mine’s growth strategy.

Caledonia chief executive officer Mr Steve Curtis had this to say: “This has been an outstanding performance and a tremendous team effort. I would like to thank all our employees for their hard work in achieving this result and that we were able to exceed our revised annual production guidance.

“The commissioning of the Central Shaft, record gold production, along with a continued commitment to safety, all in one year, is an outstanding achievement and testament to the quality of the Caledonia technical team.”

In March last year, the mining group whose flagship is Blanket Mine commissioned the US$67 million Central Shaft after the project commenced in February 2015.

“Now that the Central Shaft is complete, the Company will also focus on other areas of its growth strategy, as we continue to evaluate investment opportunities, with a vision of becoming a multi asset gold producer,” said Mr Curtis.

Meanwhile, in the fourth quarter ended December 31, 2021, Caledonia declared a quarterly dividend of US$0,14 on each of the firm’s shares and thus reflecting a 104 percent increase from the level of 6,875 cents since October 2019. —@KazungaOliver

Article Source: The Chronicle

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