Blanket gold mine
Caledonia Mining Corporation has secured US$13 million for the construction of a solar power plant to supply electricity to its Blanket gold mine in Zimbabwe.
Gold producer Caledonia Mining, the 49%-owner of the Blanket gold mine in Zimbabwe, has entered into a sales agreement which will allow the company to raise proceeds to fund the construction of a solar power plant to supply electricity to the mine.
"I expect the quarterly production profile to be more evenly balanced throughout 2020 because of the increased focus on development."
Caledonia Mining Corporation has decided to defer its second quarterly dividend of 2020 due to the uncertain global business environment.
Increased production, combined with lower on-mine costs per ounce and an improved gold price, resulted in a substantial increase in profit," - Steve Curtis.
Caledonia Mining has announced that the electricity supply situation at the Blanket Mine in Zimbabwe has improved substantially.
Caledonia is facing production losses for its next financial quarterly period as a result of significant power interruptions.
Caledonia Mining has entered into a legally binding sale agreement with Fremiro. The agreement reflects the terms of a MOU signed by both parties.
12Page 1 of 2