Caledonia Mining Corporation Plc Reports that The Blanket Mine’s Annual Gold Production for 2023 was 75,416 oz, Meeting the Guidance.

Published On: January 16, 2024Company: Caledonia Mining Corporation Plc (CMC.vx)
What is the projected capital expenditure for Caledonia Mining Corporation Plc in 2024 and what key projects does it cover?
The Caledonia Mining Corporation Plc's capital expenditure for 2024 is budgeted at $34.4m. It involves continuing exploration at Motapa, further studies on the feasibility of the Bilboes project, investment in a new tailings storage facility that's expected to last for approximately 12 years, and underground expansion. It also maintains a budget for sustaining investment and on-mine costs.

Summary of the CMC Q42023 Interim Report

  • The Blanket mine’s annual gold production for 2023 was 75,416 oz, meeting the guidance.
  • In Q4 2023, the Blanket mine produced 20,172 oz of gold.
  • The anticipated gold production at Blanket for 2024 is forecasted to be between 74,000 to 78,000oz.
  • The group’s budgeted capital expenditure for 2024 is $34.4m.
  • The on-mine cost guidance at Blanket is stated to be between $870 and $970/oz.
  • All-in-sustaining cost guidance ranges from $1,370 to $1,470/oz.
  • The anticipated group capital expenditure of $34.4m is composed of approximately $20m sustaining investment and $14.4m expansion expenditure.
  • The expansion expenditure will cover investment in a new tailings storage facility with approximately 12 years of lifespan and further underground development.
  • Additionally, $2m is allocated for preliminary exploration at Motapa and $3.5m will be used for further work on the Bilboes feasibility studies.
  • The on-mine costs for 2024 are expected to be consistent with the costs in 2023.
  • Caledonia continues to work on feasibility studies for the Bilboes sulphide project, including an update to the existing study which expects a production of 170,000oz of gold per annum, and work on a phased approach to the project.

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About Caledonia Mining Corporation Plc (CMC.vx)

Caledonia Mining Corporation Plc is a gold producer currently focused on Zimbabwe with its primary asset being a 64% interest in Blanket Mine. The Company is domiciled in Jersey with its primary listing being on NYSE and depositary interests in its Shares are admitted to trading on AIM. Caledonia Mining Corporation Plc listed on the Victoria Falls Stock Exchange

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