eBusiness Weekly
BH24 Reporter
HARARE – Gwanda-based gold producer Blanket Mine’s output hit a record high in the fourth quarter of 2017, increasing 21 percent to 16 425 ounces compared to the same period in the prior year.
Production for the quarter under review was 14 percent above the previous quarter, which was itself a record production quarter as the firm continues on an upward trend in gold volumes. On a year-on-year basis, total 2017 gold production was approximately 56 135 ounces, 11 percent above prior year figures as well as marginally ahead of the production guidance of 54 000 to 56 000 ounces.
As a result of the continued volumes growth, total 2017 gold production has represented a new annual production record for the mine. Blanket Mine is 49 percent-owned by Canadian gold producer, Caledonia Mining Corporation.
The TSX-listed Caledonia’s CEO Steve Curtis said this was a commendable annual result despite the challenging half of the year which resulted in slow production. He added the record production levels were also in line with the group’s expansion plan for Blanket Mine. Management says further investments will be made towards the Gwanda based mine as they move towards achieving 80 000 ounces of gold by 2021.
“As a business, we remain steadfast in our commitment to the production of safe profitable gold and pleased that the initiatives introduced during the 2017 to focus on the safe production of gold have been adopted and fully adopted at Blanket Mine.
“2017 was a pivotal year for Caledonia as we announced our plans to extend the current central shaft project deeper that we achieved last year,” he said.
Going forward, Curtis said the mining concern will continue building on the momentum for further growth in financial year 2018.
“This production achievement will set the business up well for 2018 as we target production of between 55 000 and 59 000 ounces of gold,” he said.
