Investment reports

Caledonia Mining Corporation PLC Announces Record Gold Production for Third Consecutive Quarter

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) reported record gold production from the Blanket mine in Zimbabwe for the third consecutive quarter.

It produced 21,120 ounces of gold in the three months to the end of September and reiterated that it expects production for the year to be at the upper end of forecasts of between 73,000 and 80 000 oz.

In the nine months to the end of September, it produced 59,726 ounces, up 22% from the prior year period.

“We are delighted to have again set a new production record at Blanket this quarter and over the past three quarters we have met our quarterly ounce target,” Chief Operating Officer Dana Roets said.

“It has been an excellent year, the ramp-up of production towards our annual target of 80,000 ounces has reached our best estimate and as a result we are on track to reach the peak of our production target of between 73,000 and 80,000. oz.

Caledonia owns a 64% interest in the Blanket mine.

Last week, the miner announced it would restart oxide mining at its recently acquired Bilboes project, a large, high-grade gold deposit also located in Zimbabwe.

“We continue to work hard to complete the transaction for Bilboes and in the meantime we will restart the oxide operations in the expectation that they will return to profit in the second quarter of 2023,” Roets said in the statement. press release today.

“Caledonia is optimistic about the geological prospectivity in Zimbabwe and continues to evaluate other investment opportunities in the country with our long-term vision to become a multi-asset gold producer,” he added. .