TORONTO Stock Exchange-listed Caledonia Mining Corporation has reported a 4% growth in gold production quarter on quarter in three months to September despite a projected fall in commodities prices.
Acting Business Editor
The company said 12 042 ounces (oz) of gold were produced during the period under review, a 3,9% increase on gold production in Q2 2013 (11 588oz).
“Total gold production for the nine months to September 30, 2013 was 34,103 oz, a 1,4% increase over the gold production in the first nine months of 2012 (33 643oz). The gold production for the quarter is subject to minor revisions following the receipt of final assays from the refinery,” said the company in a statement.
Production for the nine months was 34 103 ounces, a 1,4% improvement on the same period last year.
Earlier, the company’s management said Blanket was on course to produce around 44 000oz in 2013, which would be 10% higher than the previous guidance of 40 000oz.
Caledonia is a mining, exploration and Development company focused on Southern Africa. Caledonia’s primary assets are a 49% interest in the Blanket Mine in Zimbabwe and a 100% interest in the Nama base metals exploration project in Zambia.
The development comes at a time government has revised downwards the projected bullion output for the year to 15 000kg from 17 000kg.
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Despite this downward revision, mining continues to be the mainstay of the economy.
“The continued decline in international gold prices has also weighed down on gold output volumes during the first four months of 2013. Metallon Gold, which is the largest gold mining house in Zimbabwe, recently rationalised its operations by switching from shaft mining, which is relatively costly, to predominantly open-cast operations, especially at two of its loss-making mines, Arcturus and Redwing,” said Treasury in its Mid-Term Fiscal Policy statement.
