Gold producer Caledonia Mining Corporation has announced the work at Central Shaft Project to be completed before this year ends despite being three months behind schedule.
In an interview with Tim Blythe, Caledonia Chief Executive Officer (CEO) Steve Curtis said equipping of the shaft will be finished before this year shuts down for they are already behind in terms of progress.
“We are behind schedule but the equipping will be finished in Q4 before the end of this year’s Christmas shutdowns.”
The company has been performing exceptionally well amid the covid-19 pandemic and the restrictions which came with it.
Gross revenues of $25.4-million were recorded a 27% increase on the $20-million achieved in the third quarter of 2019.
The company also managed to produce 15 155 oz of gold, up from the 13 646 oz produced during the comparative period in 2019.
The CEO also said this year has been a fruitful year mentioning the great cooperation from the authorities in Zimbabwe and South Africa making it a profit cash generation.
Despite the increase in production at the mine, the company dealt with the problem of electricity in Zimbabwe causing them to use diesel generators which are costly.
“Diesel generators were used a little bit more than the usual due to electricity issues in Zimbabwe.
He said the company will take full commission of the shaft in the first quarter of 2021 following all the safety precautions.
“Full commissioning of work at Central Shaft will start and it will be a structured and very organized programme with all safety precautions being considered.”
The company has set to produce 80 000 ounces of gold by the year 2022.
Another dividend will be announced in January 2021.