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Caledonia Mining says quarterly gold production up 11%

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By Alois Vinga


CALEDONIA Mining Corporation Plc has seen quarterly gold output rising by 11% on the back of records showing the top miner’s sustained productivity output.

For the third quarter period ended September 30, 2022, gold output production hit 21,120 ounces breaking a record high for any quarter to signify an 11% surge on the 18,965 ounces produced in the corresponding quarter of 2021.

Gold produced in the nine months to September 30, 2022 was 59,726 ounces which is 22 % more than the 48,872 ounces produced in the nine months to September 30, 2021 amid expectations for gold output to hit between 73,000 to 80,000 ounces.

Commenting on the latest developments, Caledonia’s Chief Operating Officer, Dana Roets, said the current output was in line with the set annual target.

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“We are delighted that this quarter we have once again set a new production record at Blanket and for the last three quarters we have achieved our quarterly target ounces.

“This has been an excellent year, the ramp-up in production towards our yearly target of 80,000 ounces has met our best estimate and, as a consequence, we are on track to hit the top end of our production guidance of between 73,000-80,000 ounces,” he said.

He vowed to continue working hard on completing the transaction for Bilboes and said in the meantime, the firm will restart the oxide operations with the expectation that it will return to profit during the second quarter of 2023.

“Caledonia is optimistic on the geological prospectively in Zimbabwe and continues to evaluate other investment opportunities in the country with our long-term vision to become a multi asset gold producer.

“This is an exciting time for the Company, and we look forward to continuing to update shareholders of our progress,” added Roets.