Caledonia Mining produced 21,772 ounces (oz) of gold at its Blanket mine in Zimbabwe during the three months ended September 30 — a new quarterly record for the company.
Gold produced at Blanket in the nine months was 55,244 ounces.
Caledonia maintained its production guidance for the full year at between 75 000 oz and 80 000 oz.
“Blanket is now operating as expected, having achieved record gold production in the quarter,” said company chief executive Mark Learmonth.
“Management is exploring initiatives to further improve mining efficiencies and manage operating costs.”
It said revenue for the quarter was $41.2 million, also a record quarterly performance.
Earnings before interest, taxes, depreciation, and amortisation for the quarter eased by 2.5% year-on-year to $15.9 million.
Meanwhile, Learmonth said that the Bilboes oxide mine had been a disappointment and as a result of operating losses incurred at the mine it has been returned to care and maintenance with effect from October 1.
“In due course, the remaining oxide material will be mined and processed alongside the sulphide ore. This outcome has no bearing on the viability of the much larger sulphide project, which was the reason for acquiring Bilboes,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
