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Mining company Caledonia Mining reported a rise in revenue, underpinned by an increase in gold output and prices in the first quarter of the year.
For the quarter ended March 31, revenues rose 48% to $23.6m on-year gold production increased to 14,233 ounces from 11,948.
'Increased production, combined with lower on-mine costs per ounce and an improved gold price, have resulted in a substantial increase in profit,' the company said.
Gross profit was up 146% to $10.6m at a gross margin of 50%, up from 33% last year.
Earnings (EBITDA) jumped 162% to $3.9m and all-in sustaining cost fell to $879 per ounce from $1,039 per ounce.
The Covid-19 pandemic had a 'negligible effect on production and capital projects in the quarter,' the company said.
Production guidance for 2020 remained unchanged at 53,000 to 56,000 ounces.
At 8:35am: (LON:CMCL) Caledonia Mining Corp share price was +22.5p at 1072.5p