Blanket Mine posts record quarterly and full-year output

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  • 15,012 ounces produced in Q4 2020
  • FY20 production was 57,899
  • Zimbabwe’s 2020 gold output declined 31% to 19 tonnes

HARARE – Gwanda based gold miner, Blanket Mine saw record output performance for the quarter ended 31 December 2020 (Q4 2020) and full-year (FY2020).

In a production update released today, London Stock Exchange listed Caledonia Mining Corporation which is parent to Blanket Mine with a 64% stake, said record total gold production during 2020 was 57,899 ounces up from 55,000 ounces recorded in 2019.

Approximately 15,012 ounces of gold was produced during Q4 2020. Overall output for the Group was 15,155 ounces during the previous quarter (Q3 2020).

Blanket Mine managed to continue its operations during the year after applying for an exemption in response to the COVID-19 induced lockdown.

The mine’s 2021 production is expected between 61 000 to 67 000 ounces while production guidance from 2022 onward is set at 80,000 ounces.

Commenting on the announcement, Caledonia’s Chief Executive Officer, Steve Curtis said: “I am delighted by Blanket Mine’s continued strong operating performance in the Quarter and that we were able to hit the top end of our revised annual production guidance. “Despite the challenges of the Covid-19 pandemic, 2020 was a record year for Caledonia operationally, and we are on track for commissioning of Central Shaft to be completed in the first quarter of 2021. In December we also announced that we had entered into option agreements on two properties in Zimbabwe, delivering on our strategy of organic growth, while increasing the dividend for the fourth time at the start of January to 11 cents a share, creating genuine value and returns for our shareholders.”

Blanket mine is Zimbabwe’s largest single gold mine by output and thus contributes the most to large scale produce per annum.

The country’s gold output took a major knock in 2020, declining 31% to 19 tonnes from 27,659 tonnes in the previous year.

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