Caledonia Mining Corporation Plc (CMCL) has announced robust gold production and increased gold sales at its Blanket Mine in Zimbabwe for the first quarter of 2024 (Q1 2024).
Despite having eight fewer production days compared to Q1 2023, Blanket Mine produced 17,050 ounces of gold in Q1 2024, reflecting a 6% increase.
Sales were even stronger, with Blanket selling 18,450 ounces of gold in Q1 2024, a 17% increase from the same period last year. This growth is attributed in part to the sale of 3,057 ounces of gold work-in-progress that had been classified as inventory at the end of 2023.
Caledonia reiterated its 2024 production guidance for Blanket Mine at 74,000 to 78,000 ounces.
“I am pleased that 2024 production at Blanket has gotten off to a strong start,” said Mark Learmonth, the Chief Executive Officer.
“With over 17,000 ounces produced in the quarter, considering we had eight fewer production days compared to Q1 2023, this is an excellent result. With the current high gold prices, it was good to see our gold sales ounces increase by 17% in Q1 2024 versus Q1 2023.”
Learmonth credits Caledonia’s significant investment in Blanket over the past seven years, including the completion of the Central Shaft, for nearly doubling production, extending the mine life, and allowing the restart of underground exploration in 2023.
“We continue to see Blanket as the solid foundation for growth as we pursue our strategy to become a multi-asset gold producer,” he added.
