9th Apr 2015 08:27
LONDON (Alliance News) - Caledonia Mining Corp on Thursday reported lower gold production quarter-on-quarter and year-on-year from its Blanket mine in Zimbabwe in the first three months of 2015, with sales also falling in the period, though it maintained its production target for the year.
Caledonia said it produced 9,960 ounces of gold in the first quarter of 2015 to the end of March, down 4.4% on the fourth quarter of 2014 and down 2.7% year-on-year.
It sold 10,770 ounces in the first quarter, a 12.1% decline on the fourth quarter of 2014 and an 11.8% fall year-on-year.
Despite the lower production, which the company attributed to a higher number of public holidays in the first quarter, the company maintained its guidance for 42,000 ounces of gold production in 2015.
Caledonia Chief Executive Steve Curtis said the company expects production to increase in the second half of 2015 after completion of work on the tramming loop at the mine, which is scheduled for completion in June.
Shares in Caledonia were untraded Thursday, having last traded at 39.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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