Caledonia Mining Sees 16% Profit Boost as Gold Prices Soar

Caledonia Mining reported a 16% increase in second-quarter profit due to higher gold prices. The company's net profit attributable to shareholders for the three months to June 30 was $23.8 million, up from $20.5 million a year earlier.

The average gold price during the quarter was $4,259 an ounce, a 34% increase year on year. However, production at the company's Blanket mine in Zimbabwe declined by around 17% to 17,360 ounces due to lower grades and recoveries.

Caledonia projects output for 2026 between 72,000 and 76,500 ounces. The company also announced that construction work on its Bilboes gold mine will begin in October, with production expected to start in 2028 and peak at 200,000 ounces from 2029.