Caledonia Mining Q1 gold production rises

Caledonia Mining Corporation reported a rise in gold production from the Blanket Mine in Zimbabwe for the three months ended 31 March on Thursday.

The firm said a total of 14,233 ounces of gold were produced during the quarter, an increase of 19% year on year.

“In previous years, gold production was lower in the first quarter of each year and increased in the following quarters.”

Caledonia said that, subject to any unforeseen production interruptions associated with the Covid-19 pandemic, he expected the quarterly production profile to be more evenly balanced throughout 2020 due to the increased focus on development.

“To begin the year with a strong start, at a time of firm gold prices, has established a strong base which is helpful in withstanding any disruptions that may arise as a result of the current Covid-19 pandemic,” the company said.

At 1250 BST, shares in Caledonia Mining Corporation were up 8.81% at 778p.