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LONDON (Alliance News) - Caledonia Mining Corp on Wednesday said production from the Blanket gold mine in Zimbabwe increased in the fourth quarter and over the year, beating its guidance, with the group setting a target for more growth in production in 2016.
Caledonia, which owns 49% of the Blanket Mine, said around 11,518 ounces of gold were produced at the mine in the fourth quarter to the end of December, up 11% year-on-year. For all of 2015, gold production rose 2.5% to 42,806 ounces, slightly ahead of its guidance of 42,000 ounces.
The company is targeting gold production in 2016 of around 50,000 ounces, unchanged from its previous guidance, with the rate of production due to increase over the course of the year.
"Production in the fourth quarter of 2015 was higher than in both the preceding quarter and the comparative quarter of 2014. Production in 2015 was also higher than the previous year and slightly exceeded our guidance," said Chief Executive Steve Curtis.
Shares in Caledonia were up 6.2% to 43.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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