Caledonia Mining (LON:CMCL) (TSE:CAL) has posted a 14% increase in quarterly gold production from its Blanket mine in Zimbabwe.
The company produced 10,463 ounces of gold in the first quarter, up from 9,155 ounces in the same period last year.
Caledonia’s president and chief executive, Stefan Hayden, said: “Gold production reported in Q1 reflects production up to cut-off for the quarter, which was on 26th March due to the early incidence of Easter and therefore reflects only 84 working days.
“The daily rate of production achieved in the quarter was slightly ahead of target.”
Caledonia said gold production for the quarter is subject to minor revisions after receiving final assays for the last two deliveries to Rand Refineries.
The company’s plan is to lift gold production to 76,000 ounces a year by 2016, having pulled in 45,465 ounces in 2012.
It recently pledged to continue to declare dividends on at least an annual basis, after opening its account with a maiden dividend of half a Canadian cent.
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