CALEDONIA Mining Corporation Plc experienced a near 15% drop in gold production to 18 992 ounces at flagship unit, Blanket Mine, but was bullish of meeting its annual target.
During the comparative quarter last year, Blanket Mine’s gold production was 21 772 ounces.
The drop comes as Caledonia is seeking to produce between 74 000 to 78 000 ounces of gold by year-end at its Blanket Mine on the back of increased production.
The drop does not bode well for the miner’s goals by year end.
“Quarterly gold production of 18 992 ounces (Q3 2023: 21 772 ounces; this was a quarterly record for Blanket). Gold produced in the nine months to the end of September was 56 815 ounces (2023: 55 244 ounces). Caledonia reiterates its gold production guidance for 2024 of between 74 000 and 78 000 ounces,” Caledonia said in a trading update released yesterday.
However, gold production is up 3% on a nine-month basis ending September 30, 2024, compared to the comparative last year.
“As previously announced, in the company’s last quarterly results, to streamline board processes, future dividends are expected to be declared at the same time as the publication of quarterly results (that are mid-March, May, August and November),” Caledonia said.
“This will mean that the Q3 2024 dividend, if approved by the board, will be declared in mid-November rather than at the start of October. This change relates only to the timing of future dividends and does not denote any change in the company’s dividend policy.”
Caledonia said the board would continue to consider the dividend as appropriate in line with other investment opportunities and its prudent approach to risk management.