Caledonia gold output hits 50,000oz in FY 2016

Caledonia gold output hits 50,000oz in FY 2016

HARARE, January 12 (The Source) – Gold production at Caledonia Mining Corporation’s low cost Blanket Mine near Gwanda rose 18 percent up to 13,591 ounces in the three months to December 31 from 11,515 ounces in the prior year driven by improved infrastructure.

Annual production stood at 50,351oz, just over target and and 17,6 percent higher than the 42,804oz achieved in the previous year.

“The record level of production was due to the commencement of production below 750 meters following the successful completion of the No. 6 Winze and other infrastructure projects; improved underground infrastructure and the installation of the new ball mill late in 2016,” said the company’s chief executive Steve Curtis in a statement.

The company is targeting to produce 60,000oz this year and 80,000oz in 2021.
Curtis said that the increased production will benefit earnings through increased sales volumes.