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Caledonia Mining strikes gold with record Q1 Zimbabwe production

Caledonia Mining shares spiked 6.3% to 1,186p in early afternoon trading on Tuesday after the company reported a record quarterly gold production of 18,515 ounces from its Blanket Mine in Zimbabwe.

The mining firm noted a 40% increase in quarterly production on its result of 13,197 ounces produced in Q1 2021, along with an expected reiterated gold production between 73,000 to 80,000 ounces for 2022.

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Caledonia Mining highlighted that its gold production had exceeded management expectations, reflecting the increased capacity at its Blanket Mine Central Shaft.

“I am delighted that during this quarter we have set a new first quarter production record,” said Caledonia Mining CEO Steve Curtis.

“The ramp-up in production towards our quarterly target of 20,000 ounces means that we are on track to meet our annual production target.”

Curtis also remembered 35 year old Andrew Clydon Phiri, a Caledonia employee who tragically passed away in an accident at the Blanket Mine Project over the past quarter.

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“As previously announced, very sadly during the quarter a fatal accident resulted in the death of a Blanket employee.”  

“We always take the safety of our employees very seriously and I join my colleagues in expressing our sincere condolences to the family, friends and colleagues of the deceased.”

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