Caledonia meets Q1 production target
CALEDONIA Mining Corporation Plc, which owns Blanket Mine in Matabeleland South, is on track to achieving its full year output target after producing 12 924 ounces in the first quarter.
The Toronto Stock Exchangelisted group has announced a full year production guidance for 2018 at Blanket Mine which is projected to range between 55 000oz and 59 000oz.
Last year, the Gwanda-based gold mine produced a record high of 56 135oz.
In a quarterly production update for the period ended March 31, 2018, Caledonia revealed that output during the quarter under review at Blanket Mine was higher than the 12 794oz achieved in the comparable period last year.
“Approximately 12 924oz of gold were produced during the quarter, in line with production expectations for 2018.
“Caledonia maintains its 2018 full year production guidance of 55 000oz to 59 000oz and remains on track with progress towards its long-term target of 80 000oz by 2021,” said the mining ZIMBABWEAN entrepreneurs have been urged to take advantage of home equity loans being offered by the banking sector to finance their businesses and help develop the economy.
A home equity loan is a loan facility in which the borrower uses the equity of his or her home to borrow while equity is defined as the current market value of a home minus any outstanding mortgage balance.
As a fixed asset, a person’s house has the capability to move a business from one level of financial freedom to another through enhanced access to home equity loans.
Stanbic Bank is one of the few banks offering high value equity loans and has invited small businesses seeking funding to approach its branches for assistance.
Head of personal and business banking for Stanbic Bank, Mr Patson Mahachi, said: “Home equity is basically the current market value of your house compared to the price you bought it. Essentially the property would have group.
Group chief executive officer Mr Steve Curtis commented:“Production in the first quarter of 2018 is consistent with the level achieved in the corresponding quarter of 2017 as Blanket remains on track to deliver its full year guidance.
“While production is in line with expectations, our safety performance during the quarter was very disappointing as we announced during the quarter a fatal accident at Blanket.”
He, however, said his group remains fully committed to the safety of all the employees as management reaffirms its commitment to safe gold production.
“The sinking of the central shaft continues to progress according to plan and within budget, with the shaft currently at a depth of 990 metres.
“We look forward to commencing production from the central shaft in 2020, which is expected to deliver the company’s growth plan to achieve 80 000 ounces by 2021,” Mr Curtis said.
Meanwhile, Caledonia has also reaffirmed its commitment to a $4 million investment towards exploration and metallurgical test work to its satellite properties. The mining group also looks forward to continued exploration activities in order to expand areas of investment opportunities. — @ okazunga
Businesses urged to take up home equity loans
appreciated in value over time”.
Several financial institutions recently added this product onto their offerings but the values they offer differ across the market.
“You will find that some institutions offer 20 percent or 30 percent of the assessed value of your property, but we offer up to 50 percent,” said Mr Mahachi.
“Our offering is very competitive in the market and we would like to keep it that way to allow customers access to funds that will allow them to adequately cover their financial needs.”
According to Stanbic, several people have managed to use these funds to start businesses or add capital to expand their existing businesses successfully.
“This is a great way to invest the funds because it makes it possible to make profits that will cover the interest costs of the loan,” explained Mr Mahachi.
He added that people were also free to use these funds for anything else as long as it was legal, for example, covering school or university fees payments, settling medical bills and paying off other debts. Stanbic has said a home equity loan requires no deposit and can have a maximum tenure of 10 years.