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.
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"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.
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“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.”