Blanket Mine Production Increases 6%

Caledonia Mining Corporation's Blanket Mine

Victoria Falls Stock Exchange-listed gold miner Caledonia Mining Corporation’s Blanket Mine saw a 6% increase in production during the nine months to September 2024 compared to the same period last year, Mining Zimbabwe reports.

By Rudairo Mapuranga

According to a press release by the company, Blanket Mine in Gwanda produced approximately 1,591 kilograms of gold during this period, up from about 1,562 kilograms in the previous year.

“Gold produced in the nine months to the end of September was 56,815 ounces (2023: 55,244 ounces),” the company stated. “Caledonia reiterates its gold production guidance for 2024 of between 74,000 and 78,000 ounces.”

However, production for the quarter ended September 30, 2024, decreased compared to the same period last year, dropping from approximately 617 kilograms to 539 kilograms, a 13% decline.

“Quarterly gold production of 18,992 ounces (Q3 2023: 21,772 ounces) was a quarterly record for Blanket,” Caledonia said in the press release.

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The gold miner also announced that future dividends will be declared alongside the publication of quarterly results (mid-March, May, August, and November). As a result, the Q3 2024 dividend, if approved by the board, will be declared in mid-November rather than at the start of October.

This change in the timing of dividends does not affect the company’s dividend policy. The board will continue to consider dividends as appropriate, in line with other investment opportunities and its prudent approach to risk management.

The specific amount of the dividend will be determined and announced at the time of declaration.

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