Blanket Mine gold output stagnates

Blanket Mine gold output stagnates
Published: 23 July 2018
LONDON Stock Exchange-listed resources firm Caledonia Mining Corporation says gold output at its Zimbabwean unit, Blanket Mine, went up one percent to 25 582 ounces for the half year ended June 30, 2018.

Steve Curtis, the group's chief executive, yesterday said Blanket remains on track to deliver its full year target of between 55 000 and 59 000 ounces in 2018.

"Production of 12 657 ounces in the second quarter of 2018 is consistent with the level achieved in the corresponding quarter of 2017 and the first quarter of 2018. Grade during the quarter was below our expectation although grade has reverted to budgeted levels in the recent weeks," he said in a market update.

Curtis said the lower grade was partly a result of normal variations in the ore body and a once-off consequence of some modified mining practices which were adopted to improve safety.

Blanket Mine plans to increase production from 56 136 ounces of gold in 2017 to approximately 80 000 ounces by 2021.

Caledonia has been in the past two years developing a central shaft that is expected to be one of its key production centres.

Curtis said the project is progressing well.

"The sinking of the central shaft is going according to plan and within budget, with the shaft currently at a depth of 1 073 metres. Sinking has currently been paused due to the process of cutting stations for horizontal development on 30 level. The project continues to progress well and we look forward to commencing production from the central shaft in 2020, which is expected to deliver the company's growth plan to achieve 80 000 ounces by 2021," he said.

- fingaz
Tags: BlanketMine,


Latest News

Latest Published Reports

Latest jobs