Blanket achieves record gold production

Blanket achieves record gold production

Harare (New Ziana) – Gwanda based, Blanket Mine produced record gold output in 2020 of 57 899 ounces despite setbacks caused by the COVID-19 pandemic, its parent company, Caledonia Mining Corporation has said.

The company had targeted to produce between 53 000 and 56 000 ounces.

Commenting on the development, Caledonia chief executive officer, Steve Curtis said he was delighted by Blanket Mine’s continued strong operating performance.

“Despite the challenges of the COVID-19 pandemic, 2020 was a record year for Caledonia operationally, and we are on track for commissioning of Central Shaft to be completed in the first quarter of 2021,” he said.

“In December we also announced that we had entered into option agreements on two properties in Zimbabwe, delivering on our strategy of organic growth, while increasing the dividend for the fourth time at the start of January to 11 cents a share, creating genuine value and returns for our shareholders.”

For 2021, Blanket is targeting gold production of between 61 000 – 67 000 ounces.

Caledonia is currently implementing a six-year investment programme at Blanket under which it intends to invest $70 million from 2015 to 2021.

The Zimbabwe government is targeting gold output of 100 tons and earnings of US$4 billion per annum to anchor the attainment of a US$12 billion local mining industry by 2023.

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