TIDMCMCL
RNS Number : 2225G
Caledonia Mining Corporation PLC
14 November 2022
Caledonia Mining Corporation Plc
Solar Plant Provides Power to Blanket Mine
(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
St Helier, November 14, 2022 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") is pleased to announce that the new
solar plant at Blanket Mine ("Blanket") will today start to
generate power.
Background
Blanket currently receives its power from ZESA, Zimbabwe's
national electricity supplier. In recent years this supply has been
subject to load-shedding and unstable power, which has economic and
safety implications for an underground mine such as Blanket. During
outages or low voltages, the power supply at Blanket had to be
supplemented by standby diesel generators to enable uninterrupted
mining and capital operations. Diesel-generated electricity is
expensive, subject to an unpredictable supply of diesel and creates
an unfavourable environmental footprint. Recognising the economic,
environmental and logistical challenges of running large-scale
diesel generators for extended periods, Caledonia started
constructing the 12.2 MWac solar plant late in 2021. As from today,
the solar plant will provide power to Blanket; in due course it is
expected that the solar plant will provide approximately 27 per
cent of Blanket's average daily electricity demand.
Commenting on the announcement, Mark Learmonth, Chief Executive
Officer, said:
"I am delighted that the solar plant is connected to the Blanket
grid and from today Blanket will start to receive some of its
energy directly from solar.
"With 21 per cent of Blanket's on-mine costs relating to energy
usage, this solar plant is a very important project for the Company
as it will improve the quality and security of Blanket's
electricity supply and provide environmental benefits through
cleaner energy. The solar power will displace more expensive power
from the grid and from the diesel generators and is expected to
reduce Caledonia's consolidated cost per ounce of gold produced by
approximately $37."
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793
Cenkos Securities plc (Nomad and Joint Broker)
Adrian Hadden Tel: +44 207 397 1965
Neil McDonald Tel: +44 131 220 9771
Pearl Kellie Tel: +44 131 220 9775
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
BlytheRay Financial PR (UK)
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB (Financial PR, North America) Tel: +1 917 991 7701
Patrick Chidley Tel: +1 203 940 2538
Paul Durham
Curate Public Relations (Zimbabwe) Tel: +263 77802131
Debra Tatenda
IH Securities (Private) Limited (VFEX Sponsor Tel: +263 (242) 745 119/33/39
- Zimbabwe)
Lloyd Mlotshwa
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that
are not historical facts are "forward-looking information" within
the meaning of applicable securities legislation that involve risks
and uncertainties relating, but not limited, to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Examples of forward-looking information in this news
release include: expectation that the solar plant should supply
around 27% of Blanket's total electricity demand; and the quality,
security, environmental and financial benefits of the solar plant.
This forward-looking information is based, in part, on assumptions
and factors that may change or prove to be incorrect, thus causing
actual results, performance or achievements to be materially
different from those expressed or implied by forward-looking
information. Such factors and assumptions include but are not
limited to: failure to commission and / or complete the solar
plant, capital and operating costs varying significantly from
estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and other factors.
Security holders, potential security holders and other
prospective investors should be aware that these statements are
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
suggested by the forward-looking statements. Such factors include,
but are not limited to: risks relating to estimates of mineral
reserves and mineral resources proving to be inaccurate,
fluctuations in gold price, risks and hazards associated with the
business of mineral exploration, development and mining, risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards, employee relations; relationships
with and claims by local communities and indigenous populations;
political risk; risks related to natural disasters, terrorism,
civil unrest, public health concerns (including health epidemics or
outbreaks of communicable diseases such as the coronavirus
(COVID-19)); availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining or
maintaining necessary licenses and permits, diminishing quantities
or grades of mineral reserves as mining occurs; global financial
condition, the actual results of current exploration activities,
changes to conclusions of economic evaluations, and changes in
project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs,
environmental, safety or regulatory risks, expropriation, the
Company's title to properties including ownership thereof,
increased competition in the mining industry for properties,
equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production
rate increase and currency fluctuations. Security holders,
potential security holders and other prospective investors are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
This news release is not an offer of the shares of Caledonia for
sale in the United States or elsewhere. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the shares of Caledonia, in any
province, state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such province, state or
jurisdiction.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBKNBBFBDDNDD
(END) Dow Jones Newswires
November 14, 2022 02:00 ET (07:00 GMT)
Caledonia Mining (LSE:CMCL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Caledonia Mining (LSE:CMCL)
Historical Stock Chart
From Apr 2023 to Apr 2024