Caledonia Mining Corporation has seen Blanket Mine in Zimbabwe to be a springboard for growth, according to the company’s CEO Mark Learmonth.
While the mine itself achieved its 2023 production targets, Learmonth highlights Blanket’s role as a “solid foundation for growth” as Caledonia aggressively pursues its “multi-asset strategy”
This strategy goes beyond Blanket Mine, with Caledonia acquiring the Maligreen and Bilboes projects in 2021 and 2022 respectively. Learmonth emphasizes continued confidence in Blanket’s performance, stating “The performance of Blanket remains robust”.
Caledonia isn’t resting on its laurels however. Deep-level drilling programs are underway to assess the potential of the Blanket and Eroica ore bodies, with a revised mineral resource statement expected in Q2 2024. Additionally, ongoing work on Bilboes aims to reduce initial capital expenditure while an updated feasibility study will determine the best path forward for the project .
Exploration activities are also continuing at the Motapa project Caledonia’s commitment to shareholder value is further underscored by the recent announcement of a quarterly dividend, with future payouts reflecting both operational performance and capital allocation needs.
Blanket Mine’s strong performance is providing the financial muscle for Caledonia to transform itself into a multi-asset gold producer in Zimbabwe. Investors will be watching closely as the company explores and develops its new projects.