21 January 2018
'Zimbabweans mentally ill after Bob horror'
Chamisa, Speaker row over G40 MP purges
ZRP reverses decision to fire top cops
Bennett: Clues sought in chopper crash
EU, UN should observe elections: Pres
ANC agrees to force Pres Zuma out
Africa 'shithole' now tourism trump card
Tsvangirai golden handshake confirmed
Buyanga responds to investment call
ZTA targets domestic tourism
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
Cricket: ICC clears Zimbabwe's Vitori
Zidane fuels Neymar to Real talk
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
Miner to boost gold output 90pc
05/04/2013 00:00:00
by Business Reporter
Gold mine on course for 44,000 oz target
Blanket gold mine ups output by 4pc
One killed in Blanket mine blast
Blanket gold output up 26 percent
Blanket mine profits up 300 percent
Blanket Mine switches to alternative power
Blanket achieves 40 000 ounces target

BLANKET mine, owned by the Canada-listed gold miner Caledonia Mining, aims to increase gold production 90% to 76,000oz a year by 2016, its chief operating officer Stefan Heydan said this week.

The mine, which complied with the country’s 51% indigenisation law last year, said the expansion would cost about $40m. The latest financial s for the year ended December indicate nearly a quadrupling of production to 45,465oz, since gold mining resumed in 2009.

Output by the end of the fourth quarter last year reached 11,821oz, a 12% rise compared with 10,533oz in the same period in 2011.

Heydan also indicated that production costs per ounce had fallen 1.7% to $571, which made Caledonia one of the lowest-cost gold producers in the world.

"After the implementation of indigenisation at Blanket, Caledonia announced a strategy to lift production 90% to 76,000oz of gold in 2016," said Heydan.

"The target production of 76,000oz excludes any potential production upside from any of Blanket’s highly prospective 18 satellite properties ."

After compliance with indigenisation law, Caledonia owns 49% of the mine, Gwanda Community Share Ownership Trust and Blanket Employee Trust 10% each, and Fremiro, consortium arm for local investors, 15%.

The National Indigenisation and Economic Empowerment Fund holds a 16% stake.

Heydan said Caledonia had paid about $4m in indigenisation dividends to the various indigenous shareholders at its Blanket mine.

"As at March 28 2013 Blanket mine had made payments totalling $4m to the Gwanda Community Share Ownership Trust, comprising donations and advance dividends, with a further $1m advance dividend payment due by April 30 2013 ."


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker