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African miner to invest $18M amid record gold production
Caledonia Mining Corporation has reported a record annual gold production, with 56,133 oz in 2017, an increase of 11.5% compared with a year earlier, and plans to invest in its Blanket Mine in Zimbabwe.
The investment is to allow the miner to raise the mine’s production to some 80,000 oz per year by 2021, according to Caledonia Min-ing.
"The shaft extension and the new production levels will cost approx-imately $18 million," Steve Curtis, the company’s chief executive of-ficer, said in a statement.
The expansion is to be funded by Blanket’s internal cash genera-tion, according to data from the firm.
"During the year, the group generated over $24 million of cash from operations," Curtis said.
Caledonia Mining says the 49% stake in the Blanket Mine is its pri-mary asset. Headquartered in Jersey, the firm says it is a mining, exploration and development company focused on Southern Africa.