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Blanket Mine to inject US$21m into operations

Gwanda-based mining concern Blanket Mine intends to invest about US$21,1 million this year to maintain its existing operations and implement the Central Shaft, the company revealed in a report.

In its latest management discussion and analysis of the consolidated operating results and financial position for the year ended December 31 2019 and for the period ended March 18 2020, Caledonia Mining Corporation (Caledonia), which holds a 64% shareholding in Blanket, said the funds would be used to implement the Central Shaft.

Caledonia announced in July last year that the Central Shaft had reached its target depth of 1 204 metres after pumping in about US$18 million.

Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe which produced 54,512 ounces of gold in 2018 at an All in Sustaining Cost of $802/oz.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.