HARARE – Gwanda-based gold producer, Blanket Mine bumped its output for the first quarter by 18 percent to 12 794, placing it firmly on track to meet the set annual production target of 60 000 ounces.
The group is currently carrying out an expansion of the mine, which is expected to further boost gold production in the long-term.
Caledonia CEO Mr Steve Curtis said progress with the development below 750 metres at the mine was on schedule and had contributed to the increased output in Q1.
“Production continues to be supported by access to resources below the 750 meter level through the development of a second decline into the AR Main ore body as well as through the current decline at AR South and through the 6 Winze shaft,” said Mr Curtis.
On a quarter-on-quarter basis, however, production was down 6 percent.
However, the CEO is not concerned.
“Production in Q1 was six per cent lower than the previous record quarter, but remains within planned production for the full year.
“This trend is in line with the historical quarterly production profile at Blanket which typically experiences slightly lower production rates in the first quarter of each year due to holidays and mine scheduling,” he added.
The gold producer achieved a record 50 351 ounces of gold in 2016.
Meanwhile, Caledonia recently announced a quarterly dividend of $0, 01375 on each of the company’s common shares