logo-loader
viewCaledonia Mining Corporation PLC

Caledonia Mining maintains 2019 guidance as second-quarter production ticks up

Gold production from the group's Blanket mine in Zimbabwe was 6.4% higher compared to the first quarter, with the full-year forecast maintained at between 53,000-56,000 ounces

Gold pieces
The group also said it was on track to reach 80,000 ounces at Blanket by 2022

Caledonia Mining Corporation PLC (LON:CMCL) has reiterated its 2019 production guidance after a second-quarter increase in output at its Blanket gold mine in Zimbabwe.

The AIM-listed firm reported that for the quarter ended 30 June it had produced 12,712 ounces of gold, 6.4% higher than the first quarter of the year, although production for the first half of 2019 was 3.4% lower year-on-year at 24,660.

WATCH: Caledonia Mining reports strong cash generation as it mulls options around electricity supply

Despite the first-half dip, the company maintained its 2019 full-year production guidance of 53,000-56,000 ounces. Adding that it remained “on track” for its target of 80,000 ounces by 2022.

Steve Curtis, Caledonia’s chief executive, said while second-quarter production had been “slightly below” target, the firm remained “comfortable” with its full-year guidance.

He added that the completion of the shaft sinking phase of the company’s central shaft project was expected later this month and would be a “significant milestone” for the business.

In early trading on Thursday, Caledonia’s shares were down 2.1% at 455p.

Quick facts: Caledonia Mining Corporation PLC

Price: 720 GBX

AIM:CMCL
Market: AIM
Market Cap: £82.91 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Caledonia Mining Corporation PLC named herein, including the promotion by the Company of Caledonia Mining Corporation PLC in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Caledonia Mining's Steve Curtis talks application to continue Blanket operations

Caledonia Mining Corporation PLC's (LON:CMCL)(TSE:CAL) Steve Curtis tells Proactive London's Andrew Scott the Blanket mine is continuing to operate despite a lockdown in the country as it has applied for an exemption on the grounds that it is able to operate in a manner that contributes to the...

4 days, 12 hours ago

2 min read