JERSEY-DOMICILED miner, Caledonia Mining Corporation, is on course to achieve its gold production target for the year after recording a near 4% increase to 58 846 ounces in the nine months ended September 30, 2025.
Earlier this year, Caledonia projected a gold production target of between 75 500 and 79 500 ounces mostly from its gold-producing Blanket Mine.
This was predicated on better efficiencies and allocation of its US$41 million capital expenditure for the year, which has been supported by the miner leveraging rising global gold prices to increase internally generated funds.
In May, Caledonia revealed plans to sweat its Blanket Mine asset through record gold prices to build cash reserves of up to US$60 million by year-end for future commitments and exploration efforts.
In an update, Caledonia said it achieved quarterly gold production of 19 106 ounces for the third quarter, compared to 18 992 ounces last year.
“Gold produced in the nine months to the end of September was 58 846 ounces (2024: 56 815 ounces),” the miner said.
“Caledonia reiterates its increased gold production guidance for 2025 of between 75 500 and 79 500 ounces.”
Caledonia is a Zimbabwe-focused exploration, development, and mining corporation that owns the local gold-producing Blanket Mine, Bilboes Mine, and the Motapa and Maligreen gold mining claims.
- Caledonia profits up 16% after record production
- Power crisis pushes Blanket Mine into fresh costs
- Caledonia profits up 16% after record production
- Caledonia splurges US$4m on Zim gold mine
Keep Reading
“We’re pleased to report another quarter of solid performance at Blanket, building on the exceptional start to the year,” Caledonia chief executive officer Mark Learmonth said.
In September, Caledonia reported a loss of life at Blanket following an accident related to secondary blasting.
“On behalf of Caledonia, I extend our heartfelt condolences to the family and colleagues of the deceased. The safety and well-being of our workforce remain our highest priority,” Learmonth said.
In the outlook, Caledonia will move away from Blanket Mine to focus on Bilboes Mine, which is expected to start producing gold within the next three years.
Blanket Mine has a life of 10 years remaining, with Bilboes expected to become Caledonia’s flagship and deliver an annual production target of 5 tonnes.
