Caledonia Mining Corporation Plc (NYSE: CMCL) gained 8.91% during the trading session on Thursday. The share price reached a low of $13.70 and a high of $14.92. In the trading session, a total of 0.18 million shares of Caledonia Mining stock changed hands, representing an increase of 78.81% from the average session volume, which is 102.86K shares. Last session, CMCL stock closed at $14.91. Recent developments could explain the rise in CMCL stock in the absence of any current news.
Caledonia Mining is primarily involved in the gold mining industry. Mineral properties are further explored and developed by CMCL for the production of precious metals. The Blanket Mine, a gold mine located in Zimbabwe, is the main asset of CMCL.
It was recently announced that CMCL’s new Central Shaft is fully operational, which is the deepest shaft in any gold mine in Zimbabwe.
CMCL can now begin hoisting rock, men, and materials on a daily basis, which will remove hoisting restrictions and allow for 80,000 oz of gold production a year.
Approximately $67 million in cash flow was used to fund this six-year project, resulting in commissioning the Central Shaft.
How CMCL has made it?
Move of Caledonia Mining (CMCL) is reported to be an owner-financed project. Several members of the CMCL’s Blanket team worked diligently to construct the Central Shaft, and they achieved completion without any serious accidents.