Caledonia Mining: Record Production And 14% Increase In Grade
Edison | Jan 12, 2018 06:11AM ET
Caledonia Mining Corporation's (TO:CAL) Q3 results indicate record gold production with moderate unit cost decreases. The company is now firmly on target for its FY17 full-year guidance of 54-56koz of gold. We also consider the marked increase in gold grade mined compared with the previous quarter, as a major positive for the company. Following a marked increase in higher confidence category gold resources situated at depth, the central shaft development has been extended to add further long-term mining flexibility.
FY17e: Production target narrowed further
As a result of Blanket’s improving operational performance over FY17 (Q3 gold grades up 14% q-o-q and tonnages milled up 10% from end Q117), Caledonia has narrowed its previous 52-56koz production target to 54-56koz of gold produced. We maintain our forecast for 54koz produced from Blanket in FY17.
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