Caledonia Mining reports strong first half at Blanket

Caledonia Mining announced strong gold production results for the quarter and half-year ended 30 June at its Blanket Mine in Zimbabwe on Wednesday.

The AIM-traded firm said that in the second quarter, Blanket Mine produced 20,773 ounces of gold, marking a significant 19% increase compared to the 17,436 ounces produced in the same period in 2023.

For the first half, it achieved gold production of 37,823 ounces - a 13% increase from the 33,472 ounces produced in the first half last year.

Caledonia maintained its 2024 gold production guidance for Blanket Mine at 74,000 to 78,000 ounces, as it focussed on optimising operations to sustain and enhance production levels.

“Blanket Mine continues to provide a solid foundation for growth as we prepare to become a multi-asset gold producer,” said chief executive officer Mark Learmonth.

“Production in the first half of 2024 was excellent and has exceeded our expectations.

“We remain on track to hit our annual production target of 74,000 to 78,000 ounces of gold.”

At 1155 BST, shares in Caledonia Mining Corporation were up 3.18% at 810p.

Reporting by Josh White for Sharecast.com.