Caledonia Mining Corporation has announced its Q4 and FY2025 production results for the Blanket Mine in Zimbabwe, and the numbers are looking solid. The company produced 76,213 ounces of gold in FY2025, meeting its increased guidance of 75,500-79,500 ounces and matching the previous two years’ output.
However, Q4 2025 production was slightly lower at 17,367 ounces, down from 19,841 ounces in Q4 2024. This was due to lower tonnages from higher-grade areas and electricity supply interruptions, which the company is working to address.
Looking ahead to FY2026, Caledonia expects gold production to be between 72,000 and 76,500 ounces, with stronger production in the second half of the year. The company has also provided cost guidance, with on-mine cash costs expected to be between US$1,500 and US$1,700 per ounce sold, and all-in sustaining costs (AISC) expected to be between US$2,100 and US$2,300 per ounce sold.
To support operational reliability, safety, and long-term value, Caledonia plans to invest US$162.5 million in capital expenditure, including US$132 million for the Bilboes project. This investment is expected to drive future growth and increase production consistency.
As Caledonia’s CEO, Mark Learmonth, said, “We are pleased to report that Blanket has once again delivered production in line with guidance, demonstrating the resilience and operational excellence of our team.” With a strong production profile and investment plans in place, Caledonia is well-positioned for future success.
The Government is playing its part through intensified engagements with gold miners as Zimbabwe sharpens focus on meeting its 2026 gold production targets, underscoring the mineral’s central role in foreign currency generation, economic stability and industrial growth.
The discussions bring together policymakers, large-scale producers and small-scale miners, who collectively account for the bulk of national gold deliveries. Caledonia, being a big player in the sector is part of the engagements are aimed at aligning production capacity, financing, compliance, and value-chain efficiency ahead of the 2026 horizon.
