Caledonia’s Zim gold mine on track to deliver 80 000 oz/y by 2021
Gold miner Caledonia Mining is confident its Blanket mine, in Zimbabwe, will meet its full-year production guidance of 52 000 oz to 57 000 oz, as well as the longer-term output target of 80 000 oz by 2021.
The mine produced just over 25 000 oz of gold in the first half of this year, at an all-in sustaining cost of $856/oz.
Adjusted earnings per share of $0.45 were 6% higher than the $0.43 reported for the first half of 2016. Earnings per share for the second quarter of the year were, however, 38% lower year-on-year at $0.19.
Caledonia last week reported that operating cash flow for the second quarter of the year had reached $4.7-million.
“We, however, experienced a marginally weaker average realised gold price for the quarter of $1 235/oz, which was lower than expected,” CEO Steve Curtis said in a statement.
Production and financial performance at Blanket were adversely affected by lower grades and some logistical difficulties in underground materials handling during the second quarter.
“Management has implemented several remedial measures to improve underground materials handling capacity and address the logistical constraints,” Curtis said.
The central shaft project continues to progress well, with pleasing progress in shaft sinking during the quarter. The shaft is currently at a depth of 870 m below surface.
“We are now in the third year of the project and, once complete, it is expected to enhance the operating efficiency through reduced travel times for employees to get to mining areas, shorter tramming distances and reduced time required to hoist ore to surface.”
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