• Record gold production of 20,773 ounces (648 kg) in Q2 2024
  • This pushed half-year output to 38,249 ounces (1,195.28 kg).
  • Full-year 2024 production targets range from 74,000 ounces (2,313 kg) to 78,000 ounces (2,438 kg)
  • Earnings more than doubled in the quarter
  • Gross profit surging 109.8% to $22.9 million and operating profit reaching $16.3 million, up from $2.6 million in the same period last year


Harare- Caledonia Mining Corporation, the second-largest gold producer, has reported a record gold output of 20,773 ounces (648 kg) during the second quarter ended June 30, 2024.

This has taken the company's half-year performance to 37 823 ounces (1072.41 kg) against a lower target of 74,000 ounces (2095.90 kg) and an upper target of 78,000 ounces (2210.30 kg) for the full fiscal year 2024 since one ounce is equal to 0.02835 kilograms.

Commenting on the results, Mark Learmonth, the CEO of Caledonia Mining Corporation, stated, "This has been an excellent quarter, during which profitability benefitted from higher gold production, a higher gold price, and lower costs per ounce. With today's results, we remain on track to achieve our production and cost guidance for the year."

As a result of robust production amid record high gold prices, earnings more than doubled during the period.

Gross revenues grew to US$50.1 million compared to US$37.0 million in the second quarter of 2023 ("Q2 2023") due to higher gold production and a higher gold price.

This resulted in gross profit more than doubling to US$22.9 million, a 109.8% increase from US$10.9 million in Q2 2023, due to both higher gold revenue and lower production costs.

 EBITDA of US$22.5 million (2023: 9.6 million) was realized.

During the quarter, the group recorded an operating profit of US$16.3 million (2023: $2.6 million) while net foreign exchange loss of US$2 million narrowed from US$3.6 million in 2023.

Learmonth added, "I was delighted that the 2023 drilling campaign resulted in a significant increase to Blanket's mineral resources and mineral reserves estimates as well as an increase in Blanket's life of mine.

“A 10-year mine life, based on reserves, indicates the robustness of the ore bodies at Blanket.

“Management anticipates that Blanket's mine life should extend past 2040 given past successful conversion of inferred mineral resources."

The group is progressing the new feasibility study on the Bilboes Sulphide Project, which is expected to be delivered during the first quarter of 2025.

During the quarter, the board took the decision to proceed with the single-phase development option for the Bilboes Sulphide Project.

The results of the PEA indicated production of 1.5 million ounces of gold over a 10-year life of mine at an all-in sustaining cost of $968 per ounce.

As such, Bilboes has the potential to almost triple Caledonia's gold production to over 200,000 ounces per annum, in combination with production from Blanket.

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