Caledonia Mining (AIM: CMCL)
Announced quarterly gold production from the Blanket Mine and from the Bilboes Oxide Project in Zimbabwe for the quarter ended June 30, 2023 and the half year ended June 30, 2023.
|Caledonia Mining||AIM: CMCL|
|Market cap||£170 m @ £8.90|
RNS Number : 1475G
Caledonia Mining Corporation PLC
17 July 2023
Caledonia Mining Corporation Plc Q2 2023 Production Update
St Helier, July 17, 2023 – Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL)
(“Caledonia” or the “Company”) announced quarterly gold production from the Blanket Mine (“Blanket”) and from the Bilboes
Oxide Project (“Bilboes Oxides”) in Zimbabwe for the quarter ended June 30, 2023 (the “Quarter”) and the half year ended June 30, 2023.
Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:
“After an encouraging start to the second quarter at Blanket, production was below expectations in May and the first half of June.
“Management interventions to identify and address the problems appear to have been successful and production improved substantially in late June and early July.
“Production in the first week of July was at a record level and was almost 400 ounces better than planned.
“Whilst we have much work to do to make up for the production shortfall from the first six months, we are confident that we will do so and we therefore re-iterate our production guidance for 2023 of between 75,000 and 80,000 ounces of gold.
“The outlook for the Bilboes Oxides is insufficiently certain unless it is done in conjunction with the waste stripping for the sulphide project. Accordingly, we have decided to return this project to care and maintenance until the work commences on the larger sulphide project when the remaining oxide material will be mined and processed alongside the sulphide ore.
“This outcome has no bearing on the quality of the much larger sulphide project which was the sole reason for acquiring Bilboes.”
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