Caledonia Mining Corporation plc

Operations

Caledonia acquired the Blanket Mine from Kinross Gold Corporation with effect from April 2006. Following the implementation of indigenisation with effect from September 5, 2012, Caledonia now owns 49% of Blanket.

Overview

Blanket Gold Mine is a well-established Zimbabwean gold mine, which operates at a depth of approximately 750 meters below surface and produced approximately 45,500 ounces of gold in 2013. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant.

In November 2014, Caledonia announced a revised investment plan for the Blanket Mine in terms of which production is expected to increase to approximately 80,000 ounces of gold by 2021 following the investment of approximately US$70m, all of which is expected to be funded from internal cash generation and existing cash resources.

The Blanket Mine is located in the south-west of Zimbabwe approximately 15 km west of Gwanda, the provincial capital of Matabeleland South. Gwanda is 150 km south east of Bulawayo the country’s second largest city and 196 km northwest of the Beit Bridge Border post with South Africa, and 560 km from Harare, Zimbabwe’s capital city. Access to the mine is by an all-weather tarred road from Gwanda, which is linked from Beit Bridge to Bulawayo and Harare by a national highway.

Blanket Gold Mine

  • One of the highest yields in the gold industry
  • Mining area has eight ore shoots in the producing
  • Approximately 1,200 tonnes of ore per day
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Zimbabwe Highlights
  • Excellent in-country relations
  • Excellent infrastructure system
  • Zimbabwe has been a gold producer for over 100 years
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Financial Highlights
    • 45% production growth planned
    • Three years of rising production
    • Solid and growing operating cash flow
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