Caledonia’s Q4 2019 gold production breaks record

  • Q4 production up by 24%
  • Total production stood at 55 182 ounces
  • Central shaft to be commissioned late 2020

Caledonia Mining Corporation Plc’s gold production from Blanket Mine rose by 24% to 16 876 ounces in the quarter ended December 31 2019 (Q4 2019) compared to the previous quarter and was 13% higher than the output recorded in Q4 2018.

Blanket Mine represents Caledonia’s primary asset in which it currently retains a 49% interest and Caledonia’s shares are listed on the AIM, TSX and NYSE.

The quarter’s production surpassed the record set in the final quarter of 2017 which stood at 16 425 ounces.

The Company’s Chief Executive Officer, Steve Curtis said, “an improvement in the electricity supply and vigilant focus on grade control and production tonnage” resulted in the increase in production in the period under review.

“This is a commendable achievement given the distractions posed by the challenging conditions experienced by our workers due to the economic environment in Zimbabwe”, Mr Curtis added.

Total gold production in 2019 was approximately 55 182 ounces ahead of revised production guidance of 50 000 – 53 000 ounces with production for 2020 expected to be between 53 000 and 56 000 ounces.

Going forward, Blanket Mine plans to increase production from 55 182 ounces of gold in 2019 to approximately 75 000 ounces in 2021 and approximately 80 000 ounces in 2022.

Mr Curtis also said “I expect 2020 to be a landmark year for our business: we look forward to commissioning the Central Shaft later in 2020 which we anticipate will then deliver increased operating cash flows and reduced capital expenditure will follow”.

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