Caledonia Mining Corporation has announced a 2.84% increase in gold production at Blanket Mine, totaling 56,815 ounces in the first nine months of the year, compared to the same period last year.
Gold is Zimbabwe’s largest export, and the mining sector accounts for over 75% of the country’s total exports. This year, Zimbabwe aims to produce 40 tonnes of gold, up from 30.1 tonnes in 2023, with projections suggesting gold will generate US$4 billion in revenue next year, rising from US$3 billion currently.
In its recent update, Caledonia expressed confidence in achieving its production target of 74,000 to 78,000 ounces for 2024. However, third-quarter output fell 8.6% to 18,992 ounces, down from 20,773 ounces in the previous quarter. For comparison, Blanket Mine produced 17,436 ounces in the same quarter last year.
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“Gold production for the nine months ending September was 56,815 ounces, up from 55,244 ounces in 2023,” the company stated, reaffirming its guidance for the year. Last year, Blanket Mine produced 75,416 ounces.
Despite low global metal prices, gold has seen a rise, now exceeding US$2,500 per ounce, compared to US$1,900 last September, as it becomes a safe haven amid economic uncertainties.
To enhance its portfolio, Caledonia acquired the Maligreen Goldfields, Glen Hulme, and Bilboes Gold Limited. The Bilboes project, purchased for US$53.3 million in 2022, previously belonged to Anglo American Corporation Zimbabwe. The funding requirement for Bilboes is estimated at US$309 million, primarily to be raised through debt. Caledonia Mining
