Caledonia lifts gold output despite delays

Marion Dakers
AFRICAN miner Caledonia has doubled its gold production in the last year and more than quadrupled its profit, the firm said today.

Caledonia, which is joint-listed in London and Toronto, said it produced 35,826 ounces of gold during 2011, up 102 per cent on a year ago, while gross profit jumped from C$6.3m to C$29.1m (£3.9m to £18.2m).

Net profit was C$12.1m, and would have been higher but the firm struggled to renew its prospecting rights in South Africa, it said.

Caledonia signed a deal in February to sell 51 per cent of its Blanket mine to the Zimbabwean government, following a dispute over ownership that saw its mining licence suspended. It said today the mine is “strategically well-positioned to progress”.