StockMarketWire.com - Caledonia Mining maintained its full-year production guidance after gold output improved in the third quarter from the second despite a slow start. Full-year output was still expected at 50,000 to 53,000 ounces and remained on track towards a target of 80,000 ounces by 2022, the company said. Approximately 13,646 ounces of gold were produced during the third quarter, 7.3% above the 12,712 ounces produced in the second. The uptick in production was achieved even as the company experienced a difficult start to the quarter due to 'significant interruptions in the supply of electricity in July and early August although the electricity situation improved substantially later in the quarter,' Caledonia said. Gold produced for the nine months to September 30, 2019 was 38,306 ounces, approximately 3.2% below the 39,559 ounces produced in the corresponding period of 2018. The company also completed the shaft sinking phase of the central shaft project during the quarter.

'The shaft has now entered the equipping phase of the project which we expect to be completed in mid-2020,' it added.



Story provided by StockMarketWire.com