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Caledonia Mining delivers increased gold production at Blanket and says guidance remains unchanged

Caledonia has a long track record of successful production in Zimbabwe

Caledonia Mining Corporation PLC -

Caledonia Mining Corporation PLC (LON:CMCL)(TSE:CAL) said it produced 14,233 ounces of gold from its Blanket mine in Zimbabwe during the first quarter ended March 31, 2020, up from the 11,948 produced in the corresponding period a year ago.

Gross revenues were US$23.6mln, a 48% increase on the $15.9mln achieved in the first quarter of 2019. All-in sustaining costs rang in at US$879 per ounce, down significantly from the 2019 number of US$1,039 per ounce.

The company said the coronavirus (COVID-19) pandemic has had a negligible effect on production and capital projects in the quarter.

Production continued at approximately 93% of target during the three-week lockdown which started in Zimbabwe on March 30, 2020, and has subsequently returned to normal levels. All told, production guidance for 2020 remains unchanged at 53,000 to 56,000 ounces.

What’s more, progress on construction at the Central Shaft continued in April, but at a slower pace due to a reduced contractor team.   

The Blanket mine has made substantial contributions to the in-country fight against COVID-19 and has undertaken to make further weekly donations.  

Caledonia's dividend of US$0.075 per share has already been declared and will be paid in May 2020. 

Quick facts: Caledonia Mining Corporation PLC

Price: 1300 GBX

AIM:CMCL
Market: AIM
Market Cap: £149.77 m
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