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Caledonia Mining reports record gold production in Zimbabwe

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(Kitco News) - Caledonia Mining Corporation (NYSE AMERICAN & AIM: CMCL) announced today its quarterly and annual gold production results from the Blanket mine in Zimbabwe.

The company reported a record total gold production of 57,899 ounces in 2020, which is the top end of the company’s revised increased guidance. For comparison, Caledonia Mining produced 55,182 ounces of gold in 2019.

Approximately 15,012 ounces of gold was produced during Q4 2020.

The company said that gold production for 2021 is expected to be between 61,000 – 67,000 ounces.

CEO Steve Curtis commented, "I am delighted by Blanket mine's continued strong operating performance in Q4 and that we were able to hit the top end of our revised annual production guidance. Despite the challenges of the Covid-19 pandemic, 2020 was a record year for Caledonia operationally, and we are on track for commissioning of Central shaft to be completed in the first quarter of 2021. In December we also announced that we had entered into option agreements on two properties in Zimbabwe, delivering on our strategy of organic growth, while increasing the dividend for the fourth time at the start of January to 11 cents a share, creating genuine value and returns for our shareholders.”

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