13th Nov 2014 11:43
LONDON (Alliance News) - Caledonia Mining Corp on Thursday said its gold production fell in the third quarter, as its average gold selling price fell and its net profit dropped.
Caledonia's gold production in the third quarter to the end of September was 9,890 ounces, down from the 12,042 produced a year earlier. The fall pushed down its year-on-year figures for the first nine months, with 31,354 ounces produced in the year to date, against 34,102 ounces a year before.
The company's average realised gold price in the period was USD1,256 per ounce, down from the USD1,330 reported last year. Spot gold was quoted Thursday at USD1,162.15 per ounce.
Caledonia's gross profit in the quarter fell to USD4.3 million from USD7.7 million a year earlier.
The group was hit by lower-than-expected gold production at the Blanket Mine in Zimbabwe over the period. It said it remains on target to meet its full year gold production target of 40,000 ounces.
Caledonia shares were untraded on Thursday at 39.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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