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”.