Victoria Falls Stock Exchange-listed, gold-focused miner Caledonia Mining Corporation Plc is set to release its full-year operating and financial results for the year and quarter that ended December 31, 2024, on Monday, March 24, 2025. The company will also hold an investor presentation on the same day, scheduled for 2:00 PM London time, providing stakeholders with an opportunity to ask questions, Mining Zimbabwe can report.
By Rudairo Mapuranga
The presentation, along with an outlook on Caledonia’s operations, will be available on the company’s website, enabling analysts and investors to gain insights into its performance and future plans.
This announcement follows Caledonia’s strong performance in 2024, during which the company recorded a 1.6% increase in production at its flagship operation, Blanket Mine in Gwanda. The mine produced 76,656 ounces (oz) of gold, surpassing the previous year’s output of 75,416 oz and meeting the annual guidance of 74,000 to 78,000 oz. This growth was driven by strong mine activity, including a record 797,000 tonnes milled for the year and an impressive hoisting achievement of 89,727 tonnes in December 2024.
Caledonia’s CEO, Mark Learmonth, expressed optimism for the future: “I am pleased to report that we achieved our production guidance for the year, producing 76,656 ounces of gold. In 2024, we set new records for tonnes milled and ore hoisted, positioning us well for a strong start in 2025.”
2025 Production Targets and Investment Plans
Looking ahead to 2025, Caledonia has set ambitious production targets and investment plans. Blanket Mine’s production guidance is between 73,500 and 77,500 oz, with a capital expenditure budget of $41.8 million allocated for various operational upgrades and projects. Of this, $34.9 million will be directed toward Blanket Mine, $5.8 million toward the Bilboes and Motapa projects, and $1.1 million for other operational enhancements.
Key investments include:
- $6.6 million for mine development
- $3.4 million for energy-saving initiatives
- $4.8 million to complete the tailings storage facility for environmental compliance
- $5.8 million for exploration at Motapa and the Bilboes feasibility study, expected to be completed in Q1 2025
The company is also prioritizing operational efficiency, with plans to modernize operations through IT upgrades and centralize key functions at a new office in Bulawayo. This move aligns with the upcoming Bilboes sulphide project and aims to enhance synergies across operations.
Rising Costs and Strategic Growth
Despite the rise in gold production, Caledonia has noted increased operational costs. On-mine costs for 2025 are expected to range between $1,050 and $1,150 per ounce, up from $950 to $1,050 per ounce in 2024. All-in sustaining costs (AISC) are forecasted to range between $1,690 and $1,790 per ounce, reflecting higher labor, HR, and IT expenses, as well as additional capital expenditure.
Learmonth emphasized Caledonia’s long-term strategy: “We are systematically building a mid-tier, Zimbabwe-focused gold producer with multi-asset profitable production. Our strategic investments in people and technology will, in due course, drive operational efficiencies and growth.”
With a strong track record and a clear roadmap for the future, Caledonia Mining Corporation is well-positioned to continue its growth trajectory in Zimbabwe’s gold mining sector. Investors will be keen to review the financial results on March 24, 2025, as the company focuses on increasing its resource base and extending Blanket Mine’s life to 2034.
