(Alliance News) - Caledonia Mining Corp PLC Monday raised its production guidance for 2020 following a strong operational performance in the third quarter of 2020.
For the three months to the end of September, the St Helier-based miner reported production at 15,164 ounces of gold from the Blanket mine in Zimbabwe, up 11% from 13,646 ounces the same period the year before.
For the nine month-period, gold output was 42,896 ounces, 12% higher from 38,306 ounces the prior year.
As a result of this, Caledonia has increased its production guidance for 2020 to between 55,000 ounces and 58,000 ounces, from 53,000 and 56,000 ounces estimated in August. In addition, the group remains on-track to achieve its production target of 80,000 ounces by 2022.
"Notwithstanding the negative effect of the coronavirus pandemic on supply chains and operating arrangements, Blanket has delivered robust production results for the first nine months of 2020. Due to the strong production, I am delighted that we are now able to increase our production guidance from 53,000 to 56,000 ounces to 55,000 to 58,000 ounces. Along with the increased dividend, this really demonstrates the strength of our business and I would like to thank the team for this result," said Chief Executive Officer Steve Curtis.
Shares in Caledonia Mining were up 3.2% at 1,367.00 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Caledonia Min (CMCL)