MINING REFINING

Caledonia Mining increases gold sales by 17% as price soars

Wed April 10 2024

Caledonia Mining Corporation said production from the Blanket Mine in Zimbabwe increased by 6% in the latest quarter. First quarter output in three months to end-March 2024 was 17,050 ounces of gold, with 18,750oz sold over the period.

Caledonia added the increased production was despite eight fewer production days than the comparable e period a year ago. Mark Learmonth, chief executive, added he was pleased with the strong start to 2024, adding the 17% increase in sales would also benefit from the current high gold price.

 "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 added. Gold prices are currently at all-time highs and in US dollar terms more than US$2,350 per ounce.

Caledonia reiterated that production for the whole year is expected to be between 74,000 to 78,000oz of gold.

Source: https://www.proactiveinvestors.com/