(Kitco News) - Caledonia Mining (NYSE: CMCL) today announced Q3 2022 production of 21,120 ounces of gold from its Blanket mine in Zimbabwe, a record gold output for any quarter, and an increase of 11% over Q3 2021.
The company said that gold produced in the nine months to September 30, 2022 was 59,726 ounces, 22% more than the 48,872 ounces produced in the nine months to September 30, 2021.
Importantly, Caledonia Mining reiterated that its gold production for 2022 is expected to be at the top of guidance of between 73,000 - 80,000 ounces.
COO Dana Roets stated, "We are delighted that this quarter we have once again set a new production record at Blanket and for the last three quarters we have achieved our quarterly target ounces. This has been an excellent year, the ramp-up in production towards our yearly target of 80,000 ounces has met our best estimate and, as a consequence, we are on track to hit the top end of our production guidance of between 73,000-80,000 ounces.
"We continue to work hard on completing the transaction for Bilboes and in the meantime will restart the oxide operations with the expectation that it will return to profit during the second quarter of 2023.”
Caledonia Mining’s primary asset is the Blanket mine in Zimbabwe. By 2022, the company plans to increase its annual production to 80,000 ounces. In November 2021, it entered into an option agreement to acquire the mining claims over Maligreen and in July 2022 announced that it had signed an agreement to purchase Bilboes Gold Limited.
