Caledonia Mining’s Blanket mine should return to production of around 20,000oz of gold in the next quarter, according to house broker Liberum, which has nonetheless reduced its price target to 1,102p from 1,225p.
That reflects the removal of oxide production guidance for the newly acquired Bilboes project in Zimbabwe, though total guidance for the year was unchanged at 75-80,000oz.
Shares have enjoyed a strong run recently added the broker, hence the reduction in its rating to ‘hold’ from ‘buy’.
Shares were down 2.5% at 1,185p.