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.