https://www.miningweekly.com

Caledonia exceeds FY 2015 guidance to deliver 42 806 oz of gold

6th January 2016

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Caledonia Mining Corporation’s 49%-owned subsidiary the Blanket mine, in Zimbabwe, has lifted gold production by 2.5% year-on-year, delivering 42 806 oz in the year ended December 31, exceeding its full-year guidance of 42 000 oz.

The London-listed miner also lifted output by 10.6% year-on-year in the final three months of 2015, delivering 11 518 oz in the fourth quarter.
 
Caledonia has retained its targeted gold production of 50 000 oz/y for 2016 but expected to increase its rate of production over the course of the year as the No 6 Winze shaft was scheduled to start production from the middle of the first quarter, providing access to ore below 750 m.

Owing to the high fixed cost component at Blanket and the generally stable environment for input costs, this projected increase in production was expected to result in a lower average production cost per ounce. 

The quarterly production profile was expected to be about 10 700 oz of gold in the first quarter of the year, increasing to around 14 000 oz of gold by the fourth quarter.

“The increased production reflects the continued progress in implementing the revised investment plan, announced on November 3, 2014. Further, the completion of the tramming loop on 22 Level – slightly ahead of schedule in mid-2015 – was an important factor that contributed to the increased production by alleviating the underground logistical problems, which constrained production in 2014,” commented CEO Steve Curtis.
 
Caledonia expected to release its financial results for the quarter and year before March 31.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION