REG - Caledonia Mining Crp - Solar Plant Provides Power to Blanket Mine

Caledonia MiningAnnouncement

14/11/2022 07:00

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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 - Zimbabwe)  Tel: +263 (242) 745 119/33/39

 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.

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