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Caledonia boosts production and revenues at Blanket gold mine

Profits from gold mining at Blanket rose as costs fell
gold bars
Gold production hit record levels at the Blanket mine

Revenues from gold production at the Blanket gold mine in Zimbabwe rose to over US$18.2 mln in the third quarter, up from the US$17.6 mln generated in the corresponding period a year ago, according to operator and major shareholder Caledonia Mining Corporation PLC (LON:CMCL).

Pre-tax profit rose to US$6.2 mln, up from US$4.1 mln a year ago.

READ: Caledonia Mining to extend central shaft at Blanket mine after resource upgrade

"Gold production in the quarter achieved a new record:  14,396 ounces of gold were produced in the third quarter - seven per cent more than the third quarter of 2016 and 15 per cent more than in the preceding quarter,” said chief executive Steve Curtis. 

READ: Caledonia Mining ups resources at Blanket mine for sixth successive year

“The increased production was primarily due to higher grades, which was due to the improved mine flexibility as a result of the measures taken in previous quarters. The higher gold production resulted in higher revenues and a substantial increase in profit.  Net profit attributable to shareholders in the quarter was US$3.1 million - almost three times higher than the third quarter of 2016 and over four times higher than the preceding quarter.”

 

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