Caledonia Mining says it has now reached a depth of 1,150 m at its Central Shaft project, within the Blanket gold mine in Zimbabwe, with the shaft set to be commissioned in mid-2020.

The deepening of the Central Shaft at Blanket is aimed at increasing group production to 80,000 oz/y of gold.

On announcing the company’s 2018 financial results – a year when Blanket produced 54,511 oz of gold – CEO Steve Curtis said: “The Central Shaft has reached a depth of 1,150 m – only 54 m from the planned shaft bottom.”

He said work was focused on horizontal development of the loading station and he expected the shaft sinking to be completed by the end of June. After this, the shaft would be equipped prior to commissioning, scheduled for mid-2020, he said.

Work on the Central Shaft has been adversely affected by power outages and insufficient foreign exchange, Caledonia said. “These factors have resulted in less development being achieved than planned, which will result in a slower production ramp-up,” the company said.

Production is now expected to be around 75,000 oz in 2021 increasing to approximately 80,000 oz in 2022.

The company added: “Further progress on the Central Shaft depends on the continued availability of sufficient foreign currency.”

The extension of the Central Shaft will add two further production levels on 34 (1,110 m) and 38 (1,230 m) levels, in addition to the two levels that are already planned on 26 (870 m) and 30 (990 m) levels.