Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL)’s latest update is confirmation that the recovery underway at its Blanket gold mine in Zimbabwe is sustainable, says house broker Liberum.
Full-year production guidance of 75-80,000oz was reiterated, but cost guidance has been upped to US$850-920/oz on-mine and US$1,130-1,230/oz AISC, respectively.
The updating of the feasibility study for a large-scale Bilboes sulphide project is well advanced; initial results on phased development are slated for early 2024.
Liberum’s target price is now 1,209p a share against 902.5p, up 0.6%.