Zimbabwe: Blanket Mine Sets for 45 Percent Gold Production Increase

30 November 2020

The completion of the equipping phase of the central shaft at Caledonia Mining Corporation-owned Blanket Mine has placed the company on realizing of its targeted 45 percent increase in gold production, the company Chief Executive Officer Steve Curtis has said.

In a statement released by the company on Monday, Caledonia CEO, Steve Curtis expressed joy over the completion of the mining upgrade.

"The completion of the equipping phase is a huge milestone for the Company, and no-one should underestimate this achievement. The last five years have been a tremendous team effort and we commend our employees for their hard work and their commitment to safety. Shaft sinking is widely regarded as one of the most dangerous activities in mining and I am proud to report that over more

than five years the crew achieved 1,850 fatality free shifts to date with only two LTI and achieving more than one million LTI free man hours worked since the last LTI," Curtis said.

If successful, Curtis indicated that the shaft will extend Blanket's life of mine while production will move up by 45 percent.

"Central Shaft is one of the largest gold mining investment projects in Zimbabwe and will be transformational to our business: our target production is set to increase by 45 per cent to 80,000 ounces by 2022 while our long-term all-in sustaining costs are expected to drop to $700-$800 per ounce. Central Shaft will also position us to step-up our deep level exploration which, if successful may extend Blanket's life of mine, which is currently to 2034," he added.

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