(Alliance News) - Caledonia Mining Corp PLC on Wednesday hailed "robust production and increased gold sales" at one of its mining projects in Zimbabwe.
The gold miner owns a 64% stake in the Blanket mine project in the south-west of the East Africa country.
During the first quarter ended March 31, operations at the mine were hampered by the loss of eight production days.
In spite of this, 17,050 ounces of gold was produced on a 100% basis at the mine, representing a 6% increase from a year before.
Gold sales rose 17% to 18,450 ounces sold in the first quarter from 15,797 a year before.
Chief Executive Officer Mark Learmonth said: "Our significant investment in Blanket over the past seven years and completion of the central shaft has nearly doubled production, extended the mine life and allowed 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.
Caledonia reaffirmed its 2024 gold production guidance at Blanket of 74,000 to 78,000 ounces. This will compare to 75,416 ounces in 2023.
Caledonia Mining shares were down 1.4% at 860.00 pence on Wednesday morning in London.
By Elijah Dale, Alliance News reporter
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Caledonia Min (CMCL)