Caledonia Mining Corporation (CMC) has launched the deepest gold mine shaft in Zimbabwe’s Blanket Mine intended to boosts its annual productivity. CMC chief executive officer, Steve Curtis said the project was completed without any casualties.
He added that commissioning of the central shaft has been the culmination of a six-year project costing approximately $67million, all funded through internal cash flow.
“I am delighted to announce that our new Central Shaft, which is the deepest shaft of any gold mine in Zimbabwe, is fully operational.
The company operates at a depth of approximately 750 meters below surface and produced approximately 55,000 oz of gold in 2019.
“We can now start to hoist rock, men and material on a daily basis, which will solve our hoisting constraints and facilitate the planned expansion in mine capacity targeting 80,000 oz of gold production per year,” he said.
“This has been an owner-funded and built project by the Blanket team and I would like to thank everyone for their hard work and especially for achieving the completion of the shaft without any serious accidents, recording only two lost time injuries,” Curtis said.
CMC registered an additional nine per cent increase in the quarterly dividend, becoming the fifth increase in the past 18 months.
This signifies a cumulative 75 per cent rise in the dividend since the first increase in October 2019, a development which the board attributed to the continued confidence in the outlook of the business.