Caledonia Mining Corporation Plc has recorded a 2.65-percent ($13.13) growth in its share price for the quarter ending Sept. 30 (Q3 2021).
The uptick in the company’s stock rode on the news of gold production from the Blanket Mine in Zimbabwe.
This narrowed its production guidance for the year to Dec. 31 at the top end of the previous guidance of 65,000 and 67,000 ounces.
Caledonia is a Jersey-based mineral exploration and development company with gold and base metal mines, primarily gold. The company lists on both the London and the New York stock exchanges.
The company’s geographical segment includes Zimbabwe and South Africa. However, its primary asset is the Blanket Mine in southwestern Zimbabwe, which it acquired from Kinross Gold Corporation in 2006.
Steven Curtis serves as its CEO.
“I am delighted that this quarter we have once again set a new production record as Blanket begins to reap the rewards of the substantially increased production capacity following the commissioning of the Central Shaft in March 2021,” Curtis said.
“The ramp-up in production towards our quarterly target of 20,000 ounces has met our best estimate and, consequently, we have been able to narrow our annual production guidance from 61-67,000 ounces to 65-67,000 ounces,” he added.
The quarter sets a new record, as gold produced in the nine months ending Sept. 30 was 48,872 ounces, 14-percent more than the 42,887 ounces produced in the same period last year. This is a far cry from the 6,475 ounces it declared in the same period in 2006.
The gold miner is on course to achieve its production target of 80,000 ounces in 2022.