Caledonia Mining Corporation Plc (LON:CMCL) Chief Financial Officer Mark Learmonth talks to DirectorsTalk about Q1 production update and tells us what can we expect for the next quarter and the rest of the year.
Following the implementation of indigenisation in Zimbabwe, Caledonia Mining Corporation Plc primary asset is a 49% interest in an operating gold mine in Zimbabwe (“Blanket”). Caledonia’s shares are listed in Canada on the Toronto Stock Exchange as “CAL”, on London’s AIM as “CMCL” and are also traded on the American OTCQX as “CALVF”. Caledonia is debt-free and at 31 December 2015 had cash of US$12.6m. Blanket plans to increase production from 42,800 ounces in 2015 to approximately 80,000 ounces in 2021; Blanket’s target production for 2016 is approximately 50,000 ounces – a 17 per cent increase on the production achieved in 2015. Commenting on the production for Q1 of 2016, Steve Curtis, Caledonia’s Chief Executive Officer said: “Production in the first quarter was slightly higher than planned, although lower than the previous quarter due to the combined effects of the New Year and Easter holiday periods. Towards the end of the first quarter, production commenced from below 750 meters via the No. 6 Winze and an additional decline development into the AR South ore body. We remain on target to achieve our full year production target of 50,000 ounces.”