- Caledonia Mining Corporation reports Q1 2024 gold production decline
- ON annual performance Q1 2024 increased gold output compared to Q1 2023
- Caledonia maintains positive outlook for 2024 gold production
Harare- Caledonia Mining Corporation, the second-largest gold-producing company, experienced a notable decline in gold production on a quarter-on-quarter basis. In the fourth quarter of 2023, it produced 20,172 ounces of gold, which decreased to a lower figure of 17,050 ounces in the first quarter of 2024, setting a negative tone.
This performance was also lower compared to their third-quarter production of 21,772 ounces, as well as their production in the second quarter.
However, when looking at the annual performance, the first quarter of 2024 showed a 6% increase from the comparative production of 16,141 ounces in 2023. Nevertheless, it remained lower compared to their production in the first quarter of 2022, which amounted to 18,515 ounces.
On another positive note, the company sold 18,450 ounces of gold in the first quarter of 2024, marking a 17% increase from the sales of 15,797 ounces in Q1 2023. It's important to mention that the ounces sold in Q1 2024 included 3,057 ounces of gold work in progress that were classified as inventory at the end of 2023 (Q1 2024: 1,657 ounces).
The company has reaffirmed its gold production guidance for 2024 at the Blanket mine, estimating a range of 74,000 to 78,000 ounces. This range was slightly adjusted from the initial guidance of 75,000 to 80,000 ounces.
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