(NewsDirect)
Caledonia Mining Corporation CEO MarkLearmonth speaks to Thomas Warner from Proactive London after theZimbabwe-focused gold producer announced a third-quarter update.
Learmonth explains that CaledoniaMining achieved some significant milestones during the quarter withgold production from its Blanket mine reaching nearly 22,000 ounces.The output helped the company reach a gross profit of $14 million forthe quarter.
While acknowledging aslight increase in operational costs, Learmonth expresses optimism,emphasising the company's commitment to addressing specificchallenges, including higher overtime payments and unexpectedelectricity usage.
Addressing thedisappointing performance of the Bilboes Oxide Project, Learmonthclarified that it does not reflect on the quality of the underlyingsulphide property. The company has decided to place the BilboesProject on care and maintenance, redirecting efforts toward an ongoingfeasibility study for the sulphide property.
He adds that Caledonia has received anoffer for its solar project, and negotiations are underway. Learmonthhighlighted the company's cautious approach to development,emphasising a commitment to optimising shareholder value.
Looking ahead, the company is working onrefreshing the feasibility study for the Bilboes project, consideringa new approach to minimise upfront capital costs.
Learmonthexpresses optimism about concluding negotiations on the solar projectoffer by year-end and providing a clear direction for future strategicdevelopments in early 2024.
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