CALEDONIA Corporation recorded production of 18 515 ounces of gold for the three months to March 31, 2022, a 40 percent rise from the 13 197 ounces achieved during the same period last year.
The Victoria Falls Stock Exchange-listed miner has set a target of 73 000 to 80 000 ounces of gold this year following the completion of the new Central Shaft at its Blanket Mine last year, which is already propping up production.
“The ramp-up in production towards our quarterly target of 20 000 ounces means that we are on track to meet our annual target,” said Caledonia chief executive Steve Curtis in the quarterly production update.
The group declared a quarterly dividend of 14 United States cents on each of the company’s shares.
The company’s strategy is focused on becoming a multi-asset gold producer and it has lined up investment projects in Zimbabwe and elsewhere after acquiring Malligreen in the Midlands last year.