11th Jul 2016 09:23
LONDON (Alliance News) - Caledonia Mining Corp PLC Monday said gold production from the Blanket mine in Zimbabwe has continued to steadily ramp up during 2016 and remains on track to hit expectations as the miner continues to move deeper underground.
The miner reiterated its aim to produce 50,000 ounces of gold in 2016, which, if delivered, would represent a 17% rise from the 42,804 ounces produced last year.
Gold production in the first quarter of the year totalled 10,822 ounces before rising 16% to 12,509 ounces in the recently-ended second quarter. Second quarter production was 20% higher than production a year earlier.
That leads overall first half production to 23,331 ounces, slightly lagging the guidance for the year. However, Caledonia is expecting production to continue rising as it moves deeper underground at the mine.
Caledonia said production should reach around 14,000 ounces in the final quarter of the year, over 29% higher than production in the first.
Caledonia shares were trading up 3.2% to 84.60 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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