Output for the year is expected to exceed 40 metric tons, a new record and a remarkable turnaround from only 3 tons in 2008.
One of the top gold producers in Zimbabwe, Caledonia Mining, has experienced delays in getting samples from its exploration activities back from accredited laboratories in the country, Craig Harvey, the company’s vice president for technical services, told analysts. “It is very frustrating for us, but in the Zimbabwe context that’s actually very encouraging,” Harvey said. “There are a number of other companies on the scene and quite clearly this higher gold price environment has pulled the trigger on exploration.
This bodes well for Zimbabwe, which is completely under-explored,” he added.
Caledonia’s profit surged to $34. 8 million in the six months to June 30, compared with $12. 25 million previously, thanks to higher production and a 40% increase in the average gold price.
CEO Mark Learmonth told analysts that the company was working on options that would minimise equity dilution or impacting the company’s dividend policy when raising capital to develop its Bilboes project into potentially Zimbabwe’s biggest gold mine. (Reuters) Share this: Click to share on WhatsApp (Opens in new window) WhatsApp Click to share on Facebook (Opens in new window) Facebook Click to share on X (Opens in new window) X
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