Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Caledonia Mining reports rise in Blanket Mine gold production
(Sharecast News) - Caledonia Mining reported a notable increase in gold production from its Blanket Mine in Zimbabwe for the first quarter of 2024 on Wednesday, despite a reduction in production days compared to the same period in 2023. The AIM-traded company said gold production for the quarter reached 17,050 ounces, making for a 6% rise from the first quarter of the prior year.
Despite operating with 9.3% fewer production days, the increased production was attributed to the company's strategy of setting a production cut-off for gold delivery by 21 March.
That decision contributed to streamlining operations and maximising output within a shorter timeframe.
Caledonia also reported that gold sales for the quarter stood at 18,450 ounces, reflecting a 17% increase compared to the same period in 2023, during which 15,797 ounces were sold.
It noted that the ounces sold in the quarter included 3,057 ounces of gold work in progress, which were classified as inventory at the end of 2023, while the comparable figure for the first quarter of 2023 was 1,657 ounces.
Looking ahead, Caledonia said it was optimistic about its gold production prospects for the year 2024, reaffirming its guidance for Blanket Mine at 74,000 to 78,000 ounces.
"I am pleased that 2024 production at Blanket has got off to a strong start with over 17,000 ounces produced in the quarter which, considering we had 8 fewer production days compared to the first quarter of 2023, is an excellent result," said chief executive officer Mark Learmonth.
"With the current high gold prices, it was good to see our gold sales ounces increase by 17% in the first quarter of 2024 versus the first quarter of 2023."
Learmonth said the company's "significant" investment in Blanket over the last seven years, and completion of the Central Shaft, had nearly doubled production, extended the mine life and allowed the restart of underground exploration in 2023.
"We continue to see Blanket as the solid foundation for growth as we pursue our strategy to become a multi-asset gold producer."
At 1225 BST, shares in Caledonia Mining Corporation was up 0.86% at 880p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.