A COMBINATION of higher gold output, lower costs and firmer gold prices have delivered a 138% increase in gross profits for Caledonia Mining in the first quarter of 2024.
The company reports an 8.2% increase in gold output for the first quarter of 2024. Production was 17,476 ounces of gold, compared to 16,141 ounces in the first quarter of 2023.
The gold includes 426 ounces produced from oxides at Bilboes mine, an asset the company bought two years ago and plans to develop. Gold produced at Blanket Mine increased 6% in the quarter due to higher tonnage and grade.