(Alliance News) - Caledonia Mining Corp PLC on Monday reiterated its previously revised full-year guidance despite its third quarter production lagging below expectations.
In the third quarter ended September 30, Caledonia produced 13,646 ounces of gold, up 7.3% from 12,712 ounces in the second quarter. Year-on-year, production fell by by 2.4% in the quarter from 13,978 ounces.
So far in 2019, 38,306 ounces of gold has been produced, down 7.3% year-on-year from 39,559.
Caledonia maintained its full-year production guidance of between 50,000 and 53,000 ounces.
Chief Executive Steve Curtis said: "Production in the third quarter of 2019 was slightly below our target but showed steady growth in production on the previous two quarters. Production in the quarter had a difficult start due to significant interruptions in the supply of electricity in July and early August although the electricity situation improved substantially later in the quarter."
In August, the company cut its 2019 production forecast from the 53,000 ounces to 56,000 ounces range following operational difficulties at the Blanket gold mine in Zimbabwe.
By Eric Cunha; ericcunha@alliancenews.com
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Caledonia Min (CMCL)