Caledonia’s Q1 performance better than expected

TSX- and Aim-listed Caledonia Mining on Thursday posted a “better-than-expected” first-quarter performance from its 49%-owned Blanket mine, in Zimbabwe. The group reported a 3.7% increase in gross profit to $3.9-million on the back of higher gold production and sales and a lower average cost per ounce, offset by the lower realised gold price of $1 166/oz.