(Alliance News) - Caledonia Mining Corp PLC on Friday said Chief Operating Officer Dana Roets will step down in the new year, after 10 years at the company.
The Zimbabwe-focused gold producer said it has begun the process to identify a suitable successor.
Roets, who took up the role in 2013, will leave on February 29.
Caledonia Mining described Roets as being "instrumental" in the development of the business over the following decade, pointing to increased production of over 80,000 ounces in 2022 from 45,00 ounces at the start of his tenure.
In the most recent quarter ended September 30, Blanket Mine achieved record quarterly production of almost 21,800 ounces, Caledonia Mining, while over the same ten-year period, group all-in sustaining costs reduced to USD878 per ounce from USD978 per ounce.
"Dana has made an outstanding contribution to Caledonia over the last ten years - as evidenced by the increased production, reduced costs and exploration success which we believe will, in due course, extend Blanket's life of mine. This was achieved against the backdrop of a challenging operating environment and the Covid-19 pandemic, which introduced a new set of unanticipated operational challenges," said Chief Executive Officer Mark Learmonth.
"Dana is leaving the business not only having seen Blanket Mine hit its long-term target of 80,000 ounces (in 2022), but also with an operational solar plant providing around a quarter of Blanket Mine's daily electricity requirements, thereby reducing our dependence on diesel generators. More recently, he has overseen the construction of the first phase of a new tailings' storage facility which, when fully built, is expected to serve the mine for at least the next fourteen years at the current production rate."
Shares in Caledonia Mining were down 1.2% to 896.45 pence each in London on Friday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Caledonia Min (CMCL)