Caledonia Mining begins full operations at Central Shaft

The AIM-traded firm said the shaft is the deepest of any gold mine in Zimbabwe, adding that it could now start to hoist rock, material and its workforce on a daily basis.

Chief executive officer Steve Curtis said that would solve its hoisting constraints, and allow for the planned expansion in mine capacity, targeting 80,000 ounces of gold production per year.

“Commissioning the Central Shaft has been the culmination of a six-year project costing approximately $67m, all funded through internal cash flow,” Steve Curtis said.

“This has been an owner-funded and built project by the Blanket team and I would like to thank everyone for their hard work and especially for achieving the completion of the shaft without any serious accidents, recording only two lost time injuries.”

At 1132 BST, shares in Caledonia Mining Corporation were up 3.29% at 1,100p.