Blanket Mine post increase in gold output

BLANKET Mine has posted an increase in gold production to 14 389 ounces in the third quarter to September 30, 2017, a new quarterly record.

The Gwanda based gold miner said production for the previous quarter came in at 13 591oz. Blanket Mine is 49 percent-owned by Canadian firm Caledonia Mining Corporation. The balance of the shareholding is owned by indigenous people.

AIM-listed Caledonia said production in the quarter was higher than the prior quarter and as well as the corresponding quarter of 2016.

Said Caledonia CEO Mr Steve Curtis on the mine’s Q3 production: “We are very pleased to have achieved yet another production record at Blanket, which surpasses the previous production record of 13 591 ounces set in the fourth quarter of 2016,” he said.

“The Q3 2017 production of 14 389 ounces is a commendable achievement for which I would like to acknowledge the hard work and dedication of our technical and production staff.”

Mr Curtis said the company implemented various remedial measures aimed at alleviating operational challenges experienced in the preceding quarters.

“I am pleased to confirm that these measures implemented in the last three months have had the desired effect and have resulted in an improvement in both tonnage and grade at Blanket with associated higher production for the quarter,” he said.

He said production guidance for the full year was now set at between 54 000 and 56 000 ounces.

“We remain confident of achieving our long-term production target of 80 000 ounces in 2021 as the Central Shaft project continues to progress well.” — BH24

Petrotrade said.

Profitability was aided by a drop in operating costs by nearly $2 million.

Besides fuels, the firm’s other revenue streams include transport services, property rentals, interest from investments, gas trading, lubricant sales and commissions.

Petrotrade said the good performance was despite the fact that it was operating in a competitive sector dominated by other large international and local oil firms.

Management at the company said it was committed to ensure that the firm “does not fail the same way other state companies do.”

“The company’s desire is to continue to grow in all areas of its endeavour and be counted among the best petroleum product companies in Zimbabwe as well as the region,” the firm said. — New Ziana