SEATTLE (Scrap Monster): Caledonia Mining Corporation plc. announced robust quarterly gold production from its Blanket Mine in Zimbabwe. The record production in Q3 this year has prompted the company to lift its gold production forecast for the full year 2020.
According to company press release, nearly 15,164 ounces of gold were produced during the quarter, higher by 11.1% compared to 13,646 ounces produced in the corresponding quarter of 2019. The quantity of gold produced during the initial nine-month period of the year totalled 42,896 ounces. This is significantly higher by almost 12% when matched with the production of 38,306 ounces in the nine months until 30th September, 2019.
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Following the record production at the mine, the company has lifted its gold production guidance for the full year 2020 to be between 55 000 oz and 58 000 oz.
Commenting on the results, Steve Curtis, Chief Executive Officer, Caledonia Mining said that the Zimbabwean mine delivered robust production results for the nine-month period, despite the negative impacts on supply chains and operating arrangements due to the coronavirus pandemic.
The company remains on track to achieve its production target of 80,000 ounces of gold by 2022. Furthermore, it is engaged in talks to acquire more assets, as part of its plan to expand operations in Zimbabwe.
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