Caledonia reaches record first-quarter gold production at Blanket

12th Apr 2022 12:12

(Sharecast News) - Caledonia Mining Corporation reported record first-quarter gold production at the Blanket Mine in Zimbabwe on Tuesday, at 18,515 ounces.

The AIM-traded firm said that was a 40% increase in quarterly production on the 13,197 ounces produced in the first three months of 2021.

Its board reiterated its expectations for gold production for 2022, of between 73,000 and 80,000 ounces.

"I am delighted that during this quarter we have set a new first quarter production record," saiud chief executive officer Steve Curtis.

"18,515 ounces is ahead of our expectations and reflects the increased capacity at Central Shaft.

"The ramp-up in production towards our quarterly target of 20,000 ounces means that we are on track to meet our annual production target."

Curtis noted that as the company previously announced, "very sadly" during the quarter a fatal accident resulted in the death of a Blanket employee.

"We always take the safety of our employees very seriously and I join my colleagues in expressing our sincere condolences to the family, friends and colleagues of the deceased."

At 1117 BST, shares in Caledonia Mining Corporation were up 5.47% at 1,176p.