Caledonia Mining has produced 16,710 ounces of gold in the second quarter of 2021 at its Blanket mine in Zimbabwe, a 24% jump compared to 13,499 ounces in the second quarter of 2020.
The increased production meant that cash generated by operations was almost $15 million for the quarter, compared to $2.5 million in the preceding quarter and $5.4 million in the comparable quarter, said company chief executive Steve Curtis.
Its gross revenue was $30 million, a 31% increase on the $22.9 million recorded in the second of 2020, while gross profit was $13.9 million, a 51% jump from $9.2 million in the second quarter last year.
Caledonia’s EBITDA of $14.0 million in Q2 2021 was 103% higher compared to EBITDA of $6.9 million in Q2 2020.
"This has been a strong quarter and these results have left us well placed to achieve our guidance of between 61,000-67,000 ounces for the year,” said Curtis.
“Our immediate strategic focus continues to be to increase production to 80,000 ounces in 2022 while undertaking further exploration and development with the objective of extending the life of mine beyond 2034 thereby safeguarding and enhancing Blanket's long-term future.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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