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Caledonia Mining ‘very much on track’ to hit production targets, says CFO

Thursday, October 6, 2016 5:21
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(Before It's News)

Gold production at Caledonia Mining Corporation’s (LON:CMCL) Blanket mine in Zimbabwe increased by almost a quarter in the three months to September. The 13,430 ounces of gold represented a 23% year-on-year increase and a 7% rise quarter-on-quarter.

Chief financial officer Mark Learmonth told Proactive: ”We’re benefiting from a falling average cost of production, increased sales because we’re producing and selling more gold and also, until the last couple of days, a significantly higher gold price – all three of which provide a fairly brisk following wind.”

The miner is also undertaking a major upgrade of Blanket, including opening a new central shaft to access deeper levels.

Story by ProactiveInvestors

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