https://www.miningweekly.com
Gold|Mining|PROJECT|Waste|Maintenance|Waste
Gold|Mining|PROJECT|Waste|Maintenance|Waste
gold|mining|project|waste-company|maintenance|waste

Caledonia posts lower second-quarter profit

10th August 2023

By: Cameron Mackay

Creamer Media Senior Online Writer

     

Font size: - +

Gold producer Caledonia Mining has reported a gross profit of $10.9-million for the second quarter ended June 30, a decrease from the $17.9-million reported for the second quarter of 2022.

“While the Zimbabwe-based Blanket gold mine contributed $13.1-million, the group's gross profit was affected by the costs of waste-stripping at the Bilboes oxide operation, notwithstanding a small revenue contribution of $2.2-million in the quarter.

“Bilboes will be returned to care and maintenance with effect from October 1, and, pending the completion of the feasibility study for the sulphide project, the remaining oxides will be mined as part of the larger project,” the miner says.

For the quarter ended June 30, 1 076 oz of gold were produced from the Bilboes oxide operation.

The Blanket mine, meanwhile, delivered 17 436 oz of gold, compared with the 20 091 oz produced in the second quarter of last year.

Overall, Caledonia’s production for the first half of this year reached 34 653 oz, compared with the 38 605 oz produced in the first half of last year.

After an encouraging start to the quarter, continued operational challenges at the Blanket mine resulted in production being below expectations in May and the first half of June.

These challenges have been addressed and production improved substantially in the second half of June and in July, with 7 829 oz of gold produced at Blanket in July at an on-mine cost of $715/oz.

Caledonia maintains its production guidance of between 75 000 oz and 80 000 oz, and its on-mine cost guidance of between $770/oz and $850/oz for the full year.

"Mining is never without its difficulties, and the first half of this year has certainly not been without its challenges. Blanket is now, however, running better than expected, and I look forward to achieving production guidance of between 75 000 oz and 80 000 oz of gold for this year,” comments CEO Mark Learmonth.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

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







sq:0.097 0.13s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: