This week's issues
| Caledonia raises funds for Zim operation |
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| Written by STAFF REPORTER |
| Friday, 20 November 2009 11:50 |
 JOHANNESBURG – Canadian-based gold producer Caledonia Mining Corporation last week said it had raised US$1.25 million or 50 percent of funds needed to increase production at its Blanket Mine in Zimbabwe.In a statement issued from Canada, Caledonia said with the funds secured it hoped to achieve its target output of 40 000 ounces per annum by next September. “It is anticipated that mine production of 1 000 tonnes per day and gold production at an annualized rate of about 40 000 ounces per annum could be achieved by September 2010 barring any unforeseen disruptions be they mechanical, electrical, political, legislative or economic,” the statement read in part. Blanket Mine near Gwanda in Matabeleland South province was re-opened last April this year after the mine, like several other mines across the country, had temporarily closed down because of a harsh operating environment marked by acute shortages of electricity, fuel and foreign currency to import raw materials and machine parts. Caledonia said although production had improved at Blanket, power cuts were still cause for concern. The mining firm said: “During the quarter operations were again hampered by recurrent power failures or requested load shedding from ZESA. Negotiations with ZESA are ongoing and we continue to strive for a more predictable mandatory load shedding window which will enable the mine to alter shifts so that this load shedding takes place before the re-entry of a shift as this will result in lower production losses.” Zimbabwe’s mining sector -- which boasts of the world's second-biggest platinum reserves after South Africa and large deposits of gold, diamonds, coal and nickel -- has remained attractive to investors despite the country’s uncertain political future. |
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