The company is negotiating the possibility of buying the government’s 16 per cent stake in the Blanket project.
Caledonia Mining Mining News
An accident took place in the Blanket Quartz Reef area of the mine.
Caledonia Mining increased gold production by 17% and nearly doubled its profit to $5,248,000 compared to $2,815,000 in the fourth quarter 2010. Announcing its Q1 results on Wednesday, the company also said that its average cash cost per ounce of gold produced decreased by 18% to US$648 compared to the fourth quarter 2010. As of March 31, 2011 the company had net cash and cash equivalents of $1,406,000.