Farai Mabeza, Senior Staff Writer 
CALEDONIA Mining Corporation (Caledonia) says its immediate focus is to complete underground development associated with its US$67 million Central Shaft project at Blanket Mine as it targets a 38 percent jump in production in 2023 from 2020.
This comes after the gold mining concern reported a gross revenue increase of US$21 million in 2021 from the $100 million realised in 2020 while gross profit for the year was at US$54 million compared to US$47 million for the year ended December 31, 2021.
The Central Shaft was commissioned in the first quarter of 2021.
“Caledonia’s immediate strategic focus is to complete the remaining underground development associated with the Central Shaft project, which is expected to increase production, reduce operating costs and increase the flexibility to undertake further exploration and development at depth, thereby safeguarding and enhancing Blanket’s long-term future,” Caledonia chief executive Steve Curtis said in a statement accompanying financials.
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.
