Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) expects stable gold output in calendar year 2024, with guidance for production of 74,000-78,000oz from the Blanket mine in Zimbabwe.
Production in 2023 was in line with guidance at around 75,100oz following the completion of a new central shaft at Blanket.
Capital expenditure for the current year is forecast at US$34.4 million, which will include planned exploration at Motapa and further work on the Bilboes feasibility studies.
Production costs for the 12 months ahead are estimated at between US$870-US$970/oz on a cash basis and US$1,370-US$1,470/oz all-sustaining.
Mark Learmonth, chief executive, said: "I am pleased that, after a challenging first half, we successfully met production guidance for the year, producing 75,416 gold ounces.
"Our 2024 guidance of 74,000 to 78,000 ounces assumes that Blanket will broadly maintain the production rate achieved in 2023 and reflects the prudent decision to suspend mining in lower-margin areas, including lower grades and volumes and higher costs.
“We continue to progress our feasibility studies for the Bilboes sulphide project with a view to determining the best option for Caledonia stakeholders.”