Caledonia reports record yearly gold output at Zim operations
14th January 2013 Updated 5 hours ago By: Natasha Odendaal JOHANNESBURG (miningweekly.com) –
TSX- and Aim-listed gold producer Caledonia Mining on Monday reported that, despite an expected fall in its fourth-quarter gold production, its Zimbabwe-based Blanket mine achieved record output for the 2012 full-year.
The mine, which achieved its highest quarterly production in its 106-year history during the third quarter, produced in excess of 45 600 oz during 2012 – a 27% increase compared with the 35 826 oz produced in 2011.
Caledonia also exceeded its 10 000 oz quarterly target during the fourth quarter of the year, reaching 11 980 oz – 7% lower than the third quarter’s output of 12 919 oz, but 14% higher than the 10 533 oz produced in the corresponding quarter in 2011.
“As anticipated and as previously advised, gold production in the fourth quarter was lower than in the third quarter as the achieved grade returned to ... an average of 3.84 g/t,” commented Caledonia president and CEO Stefan Hayden.
The gold miner aimed to increase output at the Blanket operation to 76 000 oz/y of gold by 2016, up from the current 40 000 oz targeted for 2013.
The group’s fourth-quarter and 2012 financial year-end results were expected to be published on March 31.
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