Caledonia Mining produced 80,775 ounces (oz) of gold at its Blanket Mine in Zimbabwe last year compared to 67,476 oz in 2021.
Company chief executive Mark Learmonth said 2022 marked a turning point for the business as they met their long-term target of just over 80,000 oz.
“The last couple of years have seen a tremendous amount of change in the company as we pivot the direction of the business towards becoming a multi-asset gold producer in Zimbabwe,” he said.
“We have always seen huge geological potential in the country and are very excited about the portfolio of attractive new assets that we have acquired.”
Caledonia acquired last November a company owning the mining lease for Motapa, a property contiguous to the Bilboes gold project in Zimbabwe with the potential of gold processing synergy.
The company’s 2023 combined gold production guidance is between 87,500 and 97,000 oz.
Meanwhile, Caledonia's gross revenues of $142 million in 2022 from the previous year’s $121 million., while its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year was $50.4 million compared to $46.4 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Company chief executive Mark Learmonth said 2022 marked a turning point for the business as they met their long-term target of just over 80,000 oz.
“The last couple of years have seen a tremendous amount of change in the company as we pivot the direction of the business towards becoming a multi-asset gold producer in Zimbabwe,” he said.
“We have always seen huge geological potential in the country and are very excited about the portfolio of attractive new assets that we have acquired.”
Caledonia acquired last November a company owning the mining lease for Motapa, a property contiguous to the Bilboes gold project in Zimbabwe with the potential of gold processing synergy.
The company’s 2023 combined gold production guidance is between 87,500 and 97,000 oz.
Meanwhile, Caledonia's gross revenues of $142 million in 2022 from the previous year’s $121 million., while its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year was $50.4 million compared to $46.4 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
