Zimbabwe-focused gold producer, Caledonia Mining Corporation has reached record production of 16 710 ounces at its Blanket mine in Gwanda spiking confidence that indeed the gold sector has what it takes in the achievement of the US$12 Billion mining roadmap.
The 16 710 ounces produced during the quarter ended June 30 2021 represents an increase of about 23.8 percent on the 13 499 ounces produced in the corresponding quarter of 2020.
The company announced that gold produced for the first half of 2021 was 29,907 ounces, approximately 7.8 percent above the 27,732 ounces produced in the first half of 2020.
Caledonia earlier this month said it maintains its 2021 full-year production guidance of 61,000 to 67,000 ounces and remains on track to hit the target of 80,000 ounces from 2022.
During the quarter the company announced the operation of its central shaft at its linchpin Blanket Gold Mine, the group has poured US$67 million using internal cashflow initiatives into Blanket Mine’s five-year central shaft sinking project.
Commenting on the announcement, Caledonia Mining Chief Executive Officer Mr. Steve Curtis said the company remains committed to achieving its goals towards making Blanket mine a world-class mine.
“Having got off to a slow start to the year, for production to be 7.8% above the first half of 2020 and 23% ahead of the corresponding quarter is an outstanding achievement and leaves us well placed to meet our full-year guidance.
“During the quarter we also announced that Central Shaft was operational; this has been a huge feat by the team. We are currently working hard to achieve the expansion and we remain on track to hit our 80,000-ounce target in 2022.” Curtis said.
Caledonia Mining is one of the mining companies expected to contribute significantly to the President’s vision 2030 with the economy achieving an upper-middle-income earner simultaneously leading mining to become a US$12 Billion industry by 2023.
Gold is expected to rake in US$4 billion a year, platinum US$3 billion, diamonds US$1 billion, while chrome, iron, steel, and coal will contribute US$1 billion. Lithium is expected to contribute US$500 million while other minerals will contribute US$1,5 billion.