- Q3 Output: 590.2kg (18,992oz), down 13% from 677.5kg (21,772oz)
- 9-Month Production: 1,768.2kg (56,815oz), up 1.8% from 1,718.5kg (55,244oz)
- 2024 Guidance: Reaffirmed gold production guidance of 2,300.2kg-2,424.9kg (74,000-78,000oz)
Harare- Caledonia Mining Corporation's gold output for the third quarter to September 2024 showed a slight decline from the record-breaking production achieved in the same period last year according to the group’s latest trading update.
Quarterly gold production reached approximately 590.2 kilograms (18,992 oz), falling short of the 677.5 kilograms (21,772 oz) recorded in Q3 2023, which was a quarterly record for the Blanket mine.
However, the company's cumulative gold production for the nine months ended September 2024 told a more positive story, with approximately 1768.2 kilograms (56,815 oz) produced, surpassing the 1,718.5 kilograms (55,244 oz) achieved during the same period in 2023.
This upward trend in year-to-date production despite Bilboes under maintenance, reflects the company’s commitment to maintaining steady output levels.
Looking ahead, Caledonia reaffirms its gold production guidance for 2024, anticipating output between approximately 2,300.2 kilograms (74,000 oz) and 2,424.9 kilograms (78,000 oz).
This guidance reflects the company's confidence in its operational capabilities and its ability to deliver consistent results.
Dividend Update
In a move aimed at streamlining board processes, Caledonia announced a change in its dividend declaration schedule.
Going forward, future dividends will be declared concurrently with the publication of quarterly results, specifically in mid-March, May, August, and November.
This adjustment affects the timing of dividend declarations only and does not signify any shift in the company's dividend policy.
“The board will continue to consider the dividend as appropriate in line with other investment opportunities and its prudent approach to risk management,” the group said.
This ensures that Caledonia maintains a balance between rewarding shareholders and investing in its growth and development.
The Q3 2024 dividend, if approved by the board, will be declared in mid-November, rather than at the start of October, as previously anticipated.
About Caledonia Mining Corporation
Caledonia Mining Corporation is a Canadian-based gold mining and exploration company with operations in Zimbabwe. The company's primary asset is the Blanket Mine, which has consistently delivered strong production results. Caledonia remains committed to responsible mining practices, community engagement, and creating value for its stakeholders.
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