- Caledonia Mining produced 54,512 ounces of gold for the full-year, in line with its previous guidance of between 54,000 and 56,000 ounces, but prediction output would be roughly flat for 2019.

For 2019, gold production was expected to be roughly flat between 53,000 and 56,000 ounces.

Caledonia remained on track to achieve production of approximately 80,000 ounces of gold per annum from 2021 following completion of the Central Shaft, the company said. The Central Shaft was currently at a depth of 1,150 meters and would be sunk to a depth of 1,204 meters by the middle of 2019.

'We are pleased to see consistent production performance from Blanket in the fourth quarter of 2018 to deliver 14,952 ounces for the quarter and 54,512 ounces for the full year,' said Steve Curtis, Chief Executive Officer.

'Until the Central Shaft has been commissioned in 2021, production from Blanket is expected to remain at broadly the same level as we achieved in 2017 and 2018. We therefore expect to produce between 53,000 and 56,000 ounces in 2019. Blanket finished 2018 with adequate mining and development infrastructure in place to deliver on this target and we have made a good start to 2019.'

'In light of our significant capital expenditure commitments, we believe it is prudent to take advantage of the recent strengthening of the gold price and we have therefore secured a minimum received gold price of $1,250 per ounce for the 5 months to June 2019.' At 9:23am: [LON:CMCL] Caledonia Mining Corp share price was -10p at 450p

Story provided by