Gold tops $4,000, yet three Africa-focused miners have cut their 2026 production targets

Thor Explorations cut its 2026 target for Nigeria's Segilola mine to 70,000 to 72,000 ounces from 75,000 to 85,000, after third-quarter output fell 31.4% to 15,515 ounces. Resolute Mining has lowered its forecast to 205,000 to 225,000 ounces, and Caledonia Mining cut its target for Zimbabwe's Blanket mine to 69,000 to 72,500 ounces. Thor's third-quarter revenue still rose 16.3% to $81.3 million on higher prices.

Why it matters

High gold prices are hiding operational problems at several mid-sized African producers.

Source: Ecofin Agency · 5 November 2026

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