Caledonia gold production in 29% surge

GOLD production at Victoria Falls Stock-Exchange (VFEX)-listed Caledonia Mining Corporation Plc increased by 29% to 38 606 ounces in the first half of this year compared to the same period last year.

Last year in the first half, gold production stood at 29 907 ounces.

Caledonia, which is also listed on the New York Stock Exchange and London Stock Exchange, operates Gwanda-based gold producer Blanket Mine.

The mining firm has been on an aggressive expansion drive over the past five years.

The company’s chief operating officer Dana Roets said production in the first half of 2022 was “excellent” and exceeded “our expectations.”

“Production excluded an estimate of approximately 1 500 ounces of recoverable gold included in an ore stockpile which will be processed after the commissioning of additional milling capacity in the next few weeks,” Roets said.

Roets said they have now achieved their quarterly target of 20 000 ounces and are on track to hit the annual production target of between
73 000 and 80 000 ounces of gold.

The company said the second quarter gold production of 20 091 ounces was a record for any quarter. In the second quarter of last year, gold production stood at 16 710 ounces.

Following Caledonia’s successful secondary listing on the VFEX in late 2021, the firm increased the proportion of revenues received in United States dollars.

The company said it would continue to evaluate further investment opportunities in the gold sector in the country, with the long-term vision of becoming a mid-tier, multi-asset gold producer.-newsday