Gold miner Caledonia Mining, which owns 49% of the Blanket mine, in Zimbabwe, produced 11 948 oz of gold in the quarter ended March 31, an 8% year-on-year decrease as a result of lower grades but in line with expectations.
Its consolidated operating profit before tax for the quarter, however, increased by 105% year-on-year to $12.3-million, which the company said was entirely owing to exceptional gains of around $3-million on foreign exchange, following the devaluation of the Zimbabwean currency and a $5-million profit on the sale of a subsidiary.