Blanket Mine’s production increased by 6%, gold sales up 17%
Caledonia Mining Corporation, a gold-focused producer listed on the Victoria Falls Stock Exchange, reported that its Blanket Mine in Gwanda recorded a 6% increase in production during the first quarter of 2024 compared to the same quarter in 2023. Gold sales also increased by 17% in the first quarter of 2024 compared to the first quarter of 2023.
According to Caledonia CEO Mark Learmonth, the increased production was achieved despite 8 fewer production days (a 9.3% reduction) compared to the first quarter of 2023 due to the production cut-off for gold delivery set on March 21, 2024.
Learmonth stated that gold production at Blanket was 17,050 ounces during the first quarter of 2024, representing a 6% increase over the first quarter of 2023. Blanket sold 18,450 ounces during the quarter, a 17% increase from the first quarter of 2023 when 15,797 ounces were sold.
“I am pleased that production at Blanket has started strongly in 2024 with over 17,000 ounces produced in the quarter, despite having 8 fewer production days compared to Q1 2023, which is an excellent result. With current high gold prices, it was good to see our gold sales increase by 17% in Q1 2024 compared to Q1 2023,” said Learmonth.
“Our significant investment in Blanket over the past seven years and completion of the Central Shaft has nearly doubled production, extended the mine life, and allowed the restart of underground exploration in 2023. We continue to see Blanket as a solid foundation for growth as we pursue our strategy to become a multi-asset gold producer,” Learmonth added.