JOHANNESBURG (miningweekly.com) – Gold production from dual-listed Caledonia Mining’s 49%-owned Blanket mine, in Zimbabwe, increased 8.7% year-on-year for the three months to March 31.
About 10 822 oz of gold were produced during the quarter – an improvement on the 9 960 oz of gold produced by the mine in the same period in 2015. However, production decreased by 6% from the previous quarter’s 11 518 oz.
TSX- and LSE-listed Caledonia's CEO Steve Curtis said on Thursday that the company remained on track to achieve its full-year production target of about 50 000 oz for 2016, which was unchanged from previous guidance figures.
The miner also expected quarterly production for the remainder of 2016 at Blanket to “increase progressively” to about 14 000 oz by the fourth quarter, as production from below 750 m would increase over the course of the year.
Curtis explained that sales for the first quarter of 2016 would include production from the quarter plus the work in progress, comprising 671 oz of gold, brought forward from 2015.
“Production in the first quarter was slightly higher than planned, although lower than the previous quarter, owing to the combined effects of the New Year and Easter holiday periods.
“Towards the end of the first quarter, production commenced from below 750 m via the No 6 Winze and an additional decline development into the AR South orebody,” he said.
Edited by: Samantha Herbst
Creamer Media Deputy Editor
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