7th Apr 2016 08:29
LONDON (Alliance News) - Caledonia Mining Corp PLC on Thursday said the Blanket Mine in Zimbabwe achieved higher year-on-year gold production in the first quarter of 2016, although it was lower quarter-on-quarter, and said it is on track to meet its full-year production target.
In the three months ended March 31, 10,822 ounces of gold were produced, representing an 8.7% increase on the 9,960 ounces produced in the first quarter of 2015. This was, however, 6.0% lower than the 11,518 ounces produced in the fourth quarter of 2015.
Caledonia said targeted gold production for 2016 is approximately 50,000 ounces, with quarterly production expected to increase progressively to around 14,000 ounces by the fourth quarter, as production from below 750 metres increases over the course of the year.
Caledonia owns a 49% interest in the Blanket mine.
"Production in the first quarter was slightly higher than planned, although lower than the previous quarter due to the combined effects of the New Year and Easter holiday periods," Chief Executive Steve Curtis said in a statement.
"Towards the end of the first quarter, production commenced from below 750 meters via the No. 6 Winze and an additional decline development into the AR South ore body. We remain on target to achieve our full-year production target of 50,000 ounces," he added.
Shares in Caledonia Mining were untraded on Thursday, having last traded at 62.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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