14th Jan 2026 09:51
(Alliance News) - Caledonia Mining Corp PLC on Wednesday reported "nearly identical" production in 2025 as in 2024, in line with its guidance range.
The Zimbabwe-focused gold miner said output at the Blanket mine was 76,213 ounces of gold in 2025, in line with its 75,000 to 79,500 outlook range. For 2024, it had reported output of 76,656 ounces.
In the fourth quarter alone, however, gold output at the mine was 17,367 ounces, down 12% from 19,841 ounces.
"Production in the second half of 2025 was adversely affected by lower tonnages from higher grade areas (which is being addressed) and interruptions in the electricity supply at the end of the quarter," Caledonia Mining said.
Looking to 2026, the company sees Blanket output at 72,000 to 76,500 ounces.
"Quarterly production profile expected to be stronger in the second half of the year as higher-grade areas increasingly come on stream," Caledonia added.
It put on-mine cash costs at USD1,500 to USD1,700 per ounce sold for 2026 and sees all-in sustaining costs at USD2,100 to USD2,300 per ounce sold.
"Cost guidance for FY 2026 reflects higher direct operating costs at Blanket compared with the first nine months of 2025, primarily due to inflation and increased costs," Caledonia explained.
The company also said Chief Operating Officer James Mufara has left the company.
"The company confirms that its operations continue to be managed by the existing executive and operating team, and the operations and strategy remain unchanged. The company does not currently intend to appoint another chief operating officer," Caledonia said.
Shares in the firm were 3.7% lower at 2,350.00 pence each in London on Wednesday morning, but have risen more than three-fold over the past 12 months.
By Eric Cunha, Alliance News news editor
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