Blanket Gold Mine spurs CMC revenue
GOLD Miner , Caledonia Mining Corporation plc has highlighted that the year 2021 was a turning point for the company after commissioning Blanket Mine’s new central shaft.
The chief executive officer Steve Curtis said the period marked a turning point for the business.
“The Central Shaft has been a huge project costing approximately US$67 million, all funded through internal cash flow and I am delighted that it was commissioned in the first quarter of 2021,’’ Curtis added.
As the year ended 2021, revenue rose 21% to US$212 million, aided by a strong gold price and flat cost of production.
2021 production broke the record, as it rose to 67,476 ounces of gold compared to the 2020 records, (2020:57,899oz), having the target production for 2022 approximately tagged between 73,000oz-80,000oz, as the new shaft ramps up operations.
The chief executive officer also said the power supply at Blanket mine will be aided by a solar plant set to be constructed at the mine and completion expected mid-2022.
“To improve the quality and security of Blanket’s electricity supply, minimise our environmental footprint and help create a more sustainable future for our business, Caledonia is constructing the first phase of a 12 MWac solar plant that will provide approximately 27 of the average daily electricity demand at Blanket Mine.
“This project which is expected to yield a modest return to shareholders is expected to be complete by mid-22,” Curtis added.