Caledonia Mining says the new Central Shaft at its 64%-owned Blanket Mine in Zimbabwe, is now fully operational.
"We can now start to hoist rock, men and material [daily], which will solve our hoisting constraints and facilitate the planned expansion in mine capacity targeting 80,000 oz of gold production per year," said Caledonia chief executive Steve Curtis.
"This has been an owner-funded and built project by the Blanket team…"
The commissioning of the central shaft, which is the deepest shaft of any gold mine in Zimbabwe, had been the culmination of a six-year project costing about $67 million, all funded through internal cash flow.
Meanwhile, Caledonia said it is targeting an output of 61,000 to 67,000 ounces of gold in 2021 and 80,000 ounces of gold per annum from 2022.
It also announced an additional nine per cent increase in the quarterly dividend, the fifth increase in the past 18 months.
This represents a cumulative 75% rise in the dividend since the first increase in October 2019.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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