JOHANNESBURG (miningweekly.com) – Gold output at the Zimbabwe-based Blanket mine has surpassed TSX- and Aim-listed Caledonia Mining’s target of 40 000 oz for 2014.
The company was now targeting gold production of 42 000 oz from its 49%-owned subsidiary this year, with further progressive increases in output expected from 2016 when the mine pushed first production from below 750 m from the No 6 Winze and the Central shaft.
The total output of 41 836 oz reported for the year under review, while representing a 8.1% decline on the 45 527 oz produced in 2013, was 4.6% higher than the 2014 production guidance.
Fourth-quarter production was 8.3% lower year-on-year at 10 482 oz but 6% higher than the third-quarter output.
“Production in 2014 was affected by the lower grade and underground infrastructure constraints. I expect that production in 2015 will be marginally higher than production in 2014,” said Caledonia CEO Steve Curtis, relaying his confidence in a revised investment plan adopted in November.
Caledonia would publish the financial results for the quarter and year to December 2014 on March 31.