Caledonia Mining has achieved its production target for the year ended December 31 at Blanket Gold Mine in Zimbabwe, as it produced 75,416 ounces (oz) of gold.
Company chief executive Mark Learmonth said the production guidance was met despite a challenging first half of the year.
Blanket produced 20,172 oz of gold in the fourth quarter of 2023.
“Our significant investment in Blanket over the past seven years and completion of the Central Shaft has nearly doubled production, extended the mine life, and allowed the restart of underground exploration in 2023,” he said.
Learmonth said that Caledonia’s 2024 guidance of 74 000 oz to 78 000 oz assumes that Blanket will broadly maintain the production rate achieved in 2023 and reflects the prudent decision to suspend mining in lower-margin areas, which include lower grades and volumes and higher costs.
The company’s budgeted capital expenditure (capex) for this year is $34.4 million, which includes planned exploration at Motapa and further work on the Bilboes feasibility studies.
On-mine cost guidance at Blanket is between $870/oz and $970/oz. All-in sustaining cost guidance ranges from $1,370/oz to $1,470/oz.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
