Categories: Stories

Boon for Blanket Mine as gold production rises

Caledonia Mining Corporation, says planned increases in production at 50 000 ounces and 65 000 ounces in 2016 and 2017 respectively are expected to result in a lower average cost of production at its Blanket mine near Gwanda, boosting dividends.

Blanket produced 42 806 ounces in the full year to December, just passing the target of 42 000oz for the year.

In an interview published by Caledonia mining group at the company’s declaration of a dividend, chief executive Steve Curtis said the group is now confident of achieving the target production.

“I am now increasingly confident that the projected production targets of 50 000 ounces in 2016 and 65 000 ounces in 2017 will be realized,” he said.

In late March, he said production had started at Blanket Mine’s ore bodies below 750 meters following completion of the No. 6 Winze.

The decline development into the AR South ore body below 750 meters was also completed which further improved Blanket’s operational flexibility.

The group declared an increased quarterly dividend payout to $0.01375 a share, representing an annualized dividend of 5.5 cents per share compared to the previous annualized dividend of 4.5 cents.

Curtis said the increase was a reflection of confidence that earnings and cash flow will increase.

Production at Blanket mine increased 8.7 percent to 10 822oz in the first quarter of this year.-The Source

 

(61 VIEWS)

This post was last modified on %s = human-readable time difference 3:10 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024

Zimbabwe government biggest loser when there is a discrepancy in the exchange rate

The government is the biggest loser when there is a discrepancy between the official exchange…

October 10, 2024