Business / Companies
Blanket Mine increases gold production
16 Jan 2013 at 04:01hrs | Views
Gold production at Blanket Mine in Gwanda increased 27 percent to 45 623 ounces last year compared to 35 826oz during the same period in 2011.
The gold mine, which is partly owned by Caledonia Mining Corporation, ramped up production of the yellow metal by 14 percent to 11 980oz during the last quarter in 2012 compared to 10 533oz the same period in 2011.
In an update for the fourth quarter, Caledonia said despite the increase in gold output during the year, the fourth quarter production fell seven percent from the 12 919oz produced in the third quarter.
"Total gold production for the 12 months to 31 December 2012 was 45 623oz, a 27 percent increase over the gold production in the 12 months to 31 December 2011 (35,826oz).
Caledonia president and chief executive Mr Stefan Hayden said the production for the year set a record for the mine.
"As anticipated and as previously advised, gold production in fourth quarter was lower than in third quarter as the achieved grade returned towards the long term average of 3.84 grammes a tonne.
"The production of 11 980oz achieved in fourth quarter is an excellent performance by Blanket and is 16.5 percent higher than the targeted production of 10 000oz per quarter."
He said output at the mine reflected the outstanding performance of management and staff during the year with its multitude of challenges.
Last year, Caledonia Mining Corporation received a Certificate of Compliance from the Government, which confirmed that the mine was compliant with Zimbabwe's Indigenisation and Economic Empowerment Act.
The newly constituted Blanket Mine board that includes representatives of the indigenous shareholders approved a capital investment programme for 2013 and a four-year growth strategy for 2014 to 2017.
The mine has also commenced work on a new development project expected to result in 70 percent increase in ore production from 2015.
The gold mine, which is partly owned by Caledonia Mining Corporation, ramped up production of the yellow metal by 14 percent to 11 980oz during the last quarter in 2012 compared to 10 533oz the same period in 2011.
In an update for the fourth quarter, Caledonia said despite the increase in gold output during the year, the fourth quarter production fell seven percent from the 12 919oz produced in the third quarter.
"Total gold production for the 12 months to 31 December 2012 was 45 623oz, a 27 percent increase over the gold production in the 12 months to 31 December 2011 (35,826oz).
Caledonia president and chief executive Mr Stefan Hayden said the production for the year set a record for the mine.
"As anticipated and as previously advised, gold production in fourth quarter was lower than in third quarter as the achieved grade returned towards the long term average of 3.84 grammes a tonne.
"The production of 11 980oz achieved in fourth quarter is an excellent performance by Blanket and is 16.5 percent higher than the targeted production of 10 000oz per quarter."
He said output at the mine reflected the outstanding performance of management and staff during the year with its multitude of challenges.
Last year, Caledonia Mining Corporation received a Certificate of Compliance from the Government, which confirmed that the mine was compliant with Zimbabwe's Indigenisation and Economic Empowerment Act.
The newly constituted Blanket Mine board that includes representatives of the indigenous shareholders approved a capital investment programme for 2013 and a four-year growth strategy for 2014 to 2017.
The mine has also commenced work on a new development project expected to result in 70 percent increase in ore production from 2015.
Source - TC
