• Caledonia Mining reported lower Q1 2026 output at Blanket mine but maintained full-year guidance.

• The company targets 72,000–76,500 ounces in 2026, broadly stable year-on-year.

• Operational upgrades and access to higher-grade ore aim to support a second-half recovery.

The Blanket gold mine in Zimbabwe produced 14,767 ounces in the first quarter of 2026, down from 18,671 ounces recorded in the same period a year earlier. Caledonia Mining acknowledged that these results fell short of expectations. However, the operator reiterated on Monday, April 20, its annual production target for the site.

As previously announced earlier this year, the company continues to target output of between 72,000 and 76,500 ounces of gold at Blanket for the full year 2026. This guidance remains broadly stable compared with 2025 levels. Caledonia attributed the weaker first-quarter performance to lower ore grades at the site. However, the company expects improved yields over the remainder of the year, particularly in the second half. The company has already initiated several measures to support this recovery.

Beyond technical work aimed at accelerating mine development, the company is also strengthening infrastructure at the site. It has commissioned a new mill and plans additional actions during the year to restore access to higher-grade ore zones.

“The difficulties encountered in the first quarter do not reflect the intrinsic quality of the ore body or the long-term fundamentals of the operation. Blanket remains a resilient, cash-generative asset, supported by a skilled and committed workforce and a processing plant that continues to operate reliably and whose capacity we are increasing,” said Mark Learmonth, Chief Executive Officer of Caledonia.

A Key Asset in Zimbabwe’s Gold Industry

Although its output remains modest compared with major gold mines across the continent, the Blanket mine represents a strategic national asset. Artisanal miners account for about 65% of Zimbabwe’s gold production, which underscores the importance of industrial sites like Blanket. This role remains critical as authorities seek to better capture gold revenues amid sustained price increases and ongoing fiscal reforms.

Caledonia Mining is also advancing its growth pipeline. The company expects to commission the Bilboes project by 2028. The asset carries an estimated cost of $484 million and could produce up to 200,000 ounces of gold in its first full year of operation.

Meanwhile, Namib Minerals is working to restart the Redwing and Mazowe mines. At the same time, U.K.-based Ariana Resources is progressing the Dokwe project.

Gold remains one of the main pillars of Zimbabwe’s mining industry, alongside platinum group metals, lithium, and diamonds. The mining and quarrying sector contributed 14.5% of national GDP in 2024, according to official data.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de Berry Quenum