The mine’s annual production guidance for 2025 was revised upwards in July to between 75 500 ounces and 79 500 ounces.
A record plant recovery rate of 94,4 percent, up from 93,6 percent in 2024, contributed approximately 175 additional ounces of gold in the quarter. “The improved recovery was due to the introduction of an additional tank in the carbon-in-leach circuit, closer attention to dosage levels of reagents and improved process controls,” the company said.
Caledonia said the level was likely to be sustained in the absence of changes to ore feed grade or mineralogy.
Gold remains Zimbabwe’s largest foreign currency earner, providing the bulk of mineral export receipts and crucial liquidity to the economy.
Blanket Mine’s strong performance feeds directly into national gold reserves and supports the Reserve Bank of Zimbabwe’s foreign currency holdings, which are made up of precious minerals and foreign currency.
Zimbabwe is targeting 40 tonnes of gold in 2025, with both small-scale and large-scale miners contributing.
Official data shows total gold output surged to 11,6 tonnes in the second quarter from about 8,5 tonnes in the first, spurred largely by small-scale miners’ strong deliveries.
Operating cash inflows for the quarter rose to US$41,3 million from US$28,1 million a year earlier, boosted by higher production and favourable gold prices.
The April sale of Caledonia Mining Services (Private) Limited, which owns a 12,2 megawatt (MW) solar plant, to CrossBoundary Energy Holdings brought in US$22,35 million pre-tax (US$21,97 million net), enhancing liquidity. “The successful sale of our solar plant in April has strengthened our balance sheet and ensured a reliable, long-term renewable energy supply for Blanket Mine,” Mr Learmonth said.
Total assets climbed to US$389,16 million from US$348,36 million a year earlier.
During the half year, US$17,7 million was invested in property, plant and equipment at Blanket Mine, while US$3,1 million went into exploration, mainly at Bilboes and Motapa.
A further US$18 million was placed into fixed-term deposits to optimise short-term returns.
Mr Learmonth also reported encouraging drilling results: “The grades and widths we are seeing from this drilling campaign are as good as and, in some cases, considerably better than results from previous drilling campaigns. ” The Bilboes feasibility study is advancing, with work at Motapa focusing on identifying both sulphide and oxide resources for near-term and long-term growth. “We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics. “At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth,” he said.
Revenue jumped 30 percent to US$65 million from US$50,1 million last year, while gross profit rose to US$33,8 million from US$22,9 million.
Net profit attributable to shareholders more than doubled to US$20,5 million from US$8,3 million. “Looking ahead, we remain focused on delivering our increased production guidance at Blanket and advancing our growth pipeline in a way that maximises long-term value for shareholders. “With a strong operational base and a clear strategic roadmap, Caledonia is well-positioned to continue building on this positive momentum,” said Mr Learmonth.
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