24th Apr 2023 10:25
(Alliance News) - Caledonia Mining Corp PLC said on Monday its quarterly gold production fell in light of mechanical and logistical issues.
The Jersey-based gold producer focused on Zimbabwe said its first quarter gold production at Blanket mine was down 13% to 16,036 ounces from 18,515 ounces during the same period in 2022.
This attributed to mechanical breakdowns and logistical issues, which were resolved in early April, Caledonia Mining said.
Caledonia Mining also said its subsidiary Bilboes Gold Ltd commenced production of gold from oxides at the end of the quarter, which resulted in the production of 105 ounces of gold.
The company said oxide production has been "slower than anticipated" due to mechanical breakdowns and "poor availability" of spare parts and alternative equipment.
Looking ahead, Caledonia Mining re-iterated that its production guidance for Blanket for 2023 remains between 75,000 and 80,000 ounces of gold. It also added that its production guidance for Bilboes, which was expected to be around USD1,200 and USD1,320 per ounce, is being reviewed as a result of the initial challenges it faced during the quarter.
Shares in Caledonia Mining were down 5.9% at 1,195.00 pence each in London on Monday morning.
By Sabrina Penty; Alliance News reporter
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