Caledonia Mining’s quarterly revenue increases despite Covid-19

12 May 2020 (Last Updated May 12th, 2020 15:08)

Today, Caledonia Mining, the Canada-headquartered gold producer, reported that its revenue grew by 48% from $15.9m to $23.6m with earnings before interest, taxes, depreciation, and amortisation rising more than twice, from $3.9m the year before, to $10.2 m for the first quarter of 2020, Alliance News reported.

Today, Caledonia Mining, the Canada-headquartered gold producer, reported that its revenue grew by 48% from $15.9m to $23.6m with earnings before interest, taxes, depreciation, and amortisation rising more than twice, from $3.9m the year before, to $10.2 m for the first quarter of 2020, Alliance News reported.

In terms of operation, the company’s production increased from 11,948 ounces in 2019 to 14,233 ounces in 2020, as grade and recoveries improved.

Caledonia Mining said that Covid-19 had little effect on production and capital projects in the quarter, as production stayed at 93% capacity and has since then returned to normal levels.

Caledonia Mining's production guidance for 2020 remains unchanged, at 53,000 to 56,000 ounces.