BY MTHANDAZO NYONI VICTORIA Falls Stock-Exchange-listed Caledonia Mining Corporation Plc has set a new first quarter production record after reporting a 40% increase in gold production in the first three months of the year.
Caledonia operates Gwanda-based gold producer Blanket Mine, which has been on an aggressive expansion drive over the past five years.
According to the company’s first quarter report, gold production increased by 40% to 18 515 ounces, a record for any first quarter for the firm.
Last year in the same period, gold production stood at 13 197 ounces.
Caledonia chief executive Steve Curtis said he was delighted that during “this quarter we have set a new first quarter production record. 18 515 ounces is ahead of our expectations and reflects the increased capacity at Central Shaft.”
“The ramp-up in production towards our quarterly target of
20 000 ounces means that we are on track to meet our annual production target,” he said.
“As previously announced, very sadly during the quarter, a fatal accident resulted in the death of a Blanket employee. We always take the safety of our employees very seriously and I join my colleagues in expressing our sincere condolences to the family, friends and colleagues of the deceased.”
The company reiterated that gold production for 2022 is expected to be between 73 000 to 80 000 ounces.
During the year ended December 31, 2021, gross revenue at Caledonia rose by 21% to US$121 million after it reported its biggest gold output.
Gross profit for the year was US$54,1 million, 16% higher than 2020.
Cash generated from operations before working capital increased by 17% from US$42,4 million to US$49,6 million
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
When you consent, your personal data will be used for personalization of ads
COMMENTS