Caledonia Mining Corp has instructed a broker to sell up to US$13 million worth of company shares and plans to use the proceeds to build a solar power plant at the Blanket gold mine in Zimbabwe.
Caledonia’s Blanket operation in Zimbabwe
The mine currently draws its power from the grid, with standby diesel generators in place to take over if the grid supply is interrupted.
Caledonia operates the mine and holds a 49% stake, while the remander is held by a number of domestic entities in line with a government-mandated indigenisation scheme.
It recently completed a new shaft at the mine, and once it is commissioned, Blanket is expected to ramp up production to 80,000 ounces a year by 2022.
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