HARARE – The country’s mining giant Caledonia, on Tuesday said that gold production from its Blanket mine was above guidance with a record production of 67,476 ounces.
This follows the completion of the Central Shaft project that commenced in February 2015. The new shaft is poised to improve production to 80 000 ounces of gold per annum from 2022 onwards, almost double the level of 2014.
“Record total gold production during 2021 was 67,476 ounces, exceeding the company’s revised increased guidance and a 17 per cent increase on 2020 annual production,” the company said in a statement.
Commenting on the announcement, Steve Curtis, Chief Executive Officer, said, “This has been an outstanding performance and a tremendous team effort. I would like to thank all our employees for their hard work in achieving this result and that we were able to exceed our revised annual production guidance.”
Quarterly production of 18,604 ounces of gold; a 24 per cent increase on the 15,012 ounces in 4Q 2020.
The miner said its gold production for 2022 is expected to be between 73,000 to 80,000 ounces, which will be another record as the central shaft continues to deliver.
Curtis added that, “The commissioning of the Central Shaft, record gold production, along with a continued commitment to safety, all in one year, is an outstanding achievement and testament to the quality of the Caledonia technical team.
“Now that the Central Shaft is complete, the Company will also focus on other areas of its growth strategy, as we continue to evaluate investment opportunities, with a vision of becoming a multi asset gold producer.”
In December 2021, the miner became the latest counter to list on the foreign denominated Victoria Falls Exchange (VFEX) and it issued 620 000 shares for local investors uptake. The company joined SeedCo International and Padenga Holdings on the country’s secondary bourse since its inception in October 2021.