Caledonia gold output continues on growth trajectory defying COVID-19 interruptions

  • Q2 2020 output grew by 6.2%
  • HY 2020 production increased to 27 732 ounces
  • Company maintains full year production guidance

Harare – Caledonia Mining Corporation plc registered an increase in gold production from its Gwanda-based Blanket Mine for the quarter ended 30 June 2020 (Q2 2020) despite the challenges brought about by the COVID-19 pandemic.

The quarterly gold production rose by approximately 6.2% from 12 712 ounces in the prior comparable period to 13 499 ounces.

Commenting on the performance, Caledonia Chief Executive Officer, Steve Curtis said, “The production of 13 499 ounces in the second quarter is an outstanding achievement given the challenges faced during the quarter as a result of the COVID-19 pandemic. To have achieved a 6.2% increase on the comparable quarter of 2019 during a period where our workforce and supply chains were disrupted is a performance of which every employee should be justifiably proud. Thankfully the virus has not affected our operations or the broader Zimbabwean gold mining sector too seriously although we remain vigilant.”

The half year’s gold output increased by approximately 12.5% to 27 732 ounces from 24 660 ounces produced in the first half of 2019.

In light of this performance, the Company maintains its 2020 full years production guidance of 53 000 to 56 000 ounces and remains on track with progress towards its target of 80 000 ounces by 2022.

“For production to be 12.5% ahead of the corresponding 2019 level at the half year stage leaves us well placed for the full year and on track to meet our full year guidance of 53 000 – 56 000 ounces. This strong performance and high gold prices have ensured that the business remains on a very solid foundation as we prepare for the next phase of our growth with the completion of the central shaft in 2020 and increased production to 80,000 ounces by 2022”, Curt

Equity Axis News


Please enter your comment!
Please enter your name here