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Caledonia Mining notches consecutive records at Blanket gold mine in Zimbabwe

Miner produced 31,000 oz of gold in second half of 2017

Gold pour
Caledonia has had two consecutive record quarters

Zimbabwe-based gold miner Caledonia Mining Corporation PLC (LON:CMCL TSX:CAL) has racked up another record quarter at the Blanket mine.

Production at the 49% owned mine totalled 16,425 ounces of gold in the three months to December, 14% more than the previous quarter and 21% higher than a year ago.

For 2017 in total, production was 11% higher than the previous year at 56,135 ounces, which was just ahead of guidance and also a yearly record for Blanket. 

Steve Curtis, chief executive, said: “Full year production of 56,135 ounces for 2017 is a significant achievement especially when considering the relatively slow production we experienced in the first half of the year.

“To finish the second half of the year with two quarterly production records and the production of almost 31,000 ounces of gold in the six month period is an achievement of which all of our technical and production staff should be justifiably proud.

Caledonia is undertaking a major upgrade at Blanket to boost production to production to 80,000 ounces by 2021.

In the current year, Blanket is scheduled to produce between 55,000 and 59,000oz.

Quick facts: Caledonia Mining Corporation PLC

Price: 1780 GBX

AIM:CMCL
Market: AIM
Market Cap: £205.07 m
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Caledonia Mining's Blanket Mine 'a solid performer' despite challenging quarter

Steve Curtis, chief executive of Caledonia Mining Corporation PLC (LON:CMCL, TSX:CAL), tells Proactive's Andrew Scott gold output during the three months to the end of June was marginally higher than the first quarter of 2018, in line with expectations. The Zimbabwe-focused gold miner...

on 08/10/2018

2 min read