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Blanket gold mine ups output by 4 percent
09/10/2013 00:00:00
by Roman Moyo
Gold mine on course for 44,000 oz target
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Miner to boost gold output 90pc
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Blanket achieves 40 000 ounces target

BLANKET Mine, the first fully indigenised mine in the country, has revealed that gold production increased by 3,9 percent to about 12,042oz over during the quarter to September. 

The company has revised its full year gold production guidance to 44 000 ounces from the 40,000oz after the group experienced a 6,45 percent increase in half year production to 22,060oz on last year’s 20 724oz.

In a statement, Canada-based parent company Caledonia Mining Corp, said increased production in the second quarter was due to increased daily tonnes mined and processed in response to the lower gold price.

“Total gold production for the nine months to September 30, 2013 was 34,103 oz, a 1,4 percent increase over the gold production in the first nine months of 2012 (33,643oz),” the miner said. 

However the group said gold production for the Quarter is subject to minor revisions following the receipt of final assays from the refinery. 

The company said it would continue to pursue its targeted 76,000oz annualised by 2016, which would exclude any additional growth from exploration projects within trucking distance of the Blanket plant.

Said group CEO and president Stefan Hayden said: “Increased production should help to reduce costs per ounce further as fixed costs are spread over more production.

“If we are able as planned to increase production moving forward, our average cost per ounce of gold produced may be able to be reduced somewhat.”

As at June 30, the group held US$22,5 million in cash and had no debt.

Exploration at Blanket and its satellite projects continues along with development and exploration to identify mineralisation which warrants further evaluation.


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