Caledonia is a Mining, Exploration and Development company focused on Southern Africa. Caledonia’s primary asset is a 49% interest in the Blanket Mine ("Blanket") in Zimbabwe, which is fully compliant with local ownership requirements and produced 41,800 ounces of gold in 2014. In November 2014 Caledonia announced a fully-funded investment proramme to increase production at Blanket to approximately 80,000 ounces of gold in 2021. Caledonia's shares are listed on the Toronto Stock Exchange (CAL) and on AIM in London (CMCL) and are also traded on the OTCQX in the USA (CALVF). Caledonia pays a quarterly dividend of 1.5 canadian cents per quarter.
Caledonia Mining: Gold production from Blanket reaches all time high
Gold production at Caledonia Mining's (TSE:CAL, LON:CMCL) Blanket mine in Zimbabwe reached an "all time high" in the third quarter.
It produced 12,918 ounces of the precious metal - 12 per cent higher than the 11,560 ounces in the second quarter to June 30.
Production from the underground mining in the three months to September 30 was the highest ever produced by the mine since it first recorded production in 1906, the firm said.
President and chief executive Stefan Hayden said Q3 production had shown a "substantial" improvement in gold production.
"Increased gold production, further improvements in gold recoveries and continued close attention to costs contributed to a reduction in average operating costs from US$547 per ounce of gold produced in the preceding quarter to US$508 per ounce of gold produced," he said.
"Blanket is now one of the lowest cost gold producers in both Africa and the world."
Hayden added that work continued at Blanket's satellite properties and on the deeper level development and exploration at Blanket.
"Caledonia's financial position continues to improve. With almost $25 million of cash on hand Caledonia has sufficient cash resources to invest in its existing projects and also in potential new opportunities," he added.