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CALEDONIA Mining Corporation Plc has completed a US$60 million milestone in the equipping phase of its Central Shaft project at its flagship Blanket Mine unit in Gwanda, Matabeleland South.

The development effectively extends Blanket Mine’s life to the time horizon of 2034 with the Central Shaft also expected to increase production by around 45 per cent from approximately 55,000 ounces of gold in 2019 to the target rate of 80,000 ounces from 2022.

The Central Shaft project began in August 2015 and targets higher safety standards with fatality free shifts. The scope of the project was extended from an initial target depth of 1,089 meters to a final depth of 1,204 meters and was self-funded and built by the Blanket mine crew with supervision from Sinking Engineering Mining Construction, said the firm.

“Caledonia Mining Corporation Plc is pleased to announce that the phase of fully equipping the Central Shaft from its base to the surface collar is now complete and it is on track to be commissioned in the first quarter of 2021,” said the company on Monday.

“During shaft sinking, more than 1,800 metres of infrastructure development was completed including mid-shaft loading. Capital cost to date is approximately US$60 million, compared to initial sinking contractor quotes received of about US$100 million.

“This has been completed considerably below budget and within a time frame to underpin the company’s expectation of delivering production of 80,000 ounces of gold in 2022.”