Caledonia Mining (CMCL LN) 421p, Mkt Cap £45.3m – Central Shaft remains on track • Caledonia Mining reports that its Blanket gold mine in Zimbabwe produced 11,948oz of gold during the quarter ended 31st March and that the mine remains on track to achieve both the 2019 production guidance target of 53-56,000oz and the longer term objective of 80,000oz pa by 2022. • CEO, Steve Curtis explained that “Production in the first quarter of 2019 was slightly below our target and below the comparable quarter in 2018 (Q1 2018: 12,924), albeit at a level which allows us to maintain our 2019 production guidance of 53,000 to 56,000 ounces for the full year”. • Mr. Curtis elaborated; “Continued difficulties with unstable electricity supply and grade dilution which we experienced in 2018 had an adverse effect on production, but improved drilling and blasting practices have been put in place in pursuit of improved grade control and I am pleased to say that efforts to minimize dilution are proving successful." • Work on the new Central Shaft project, which underpins both the longer term production targets and the longevity of the Blanket Mine, “continues according to plan; we are now only months away from the completion of the shaft sinking phase of the project and are set to commence shaft equipping from mid-2019. We look forward to commencing production from the central shaft from mid-2020 which is expected to deliver the Company's growth plan to achieve 75,000 ounces in 2021 and 80,000 ounces by 2022." Conclusion: Caledonia Mining’s operational team is close to completing the shaft-sinking phase of the new Central Shaft at the Blanket mine and expects to start equipping the shaft later this year. Managing the conflicting demands of constructing what is in effect a new mine beneath the existing operation while maintaining production is one of the more challenging tasks in mining – despite the additional challenges of coping with an erratic electricity supply the team must be beginning to see the fruits of their efforts with increasing confidence.
Caledonia Mining (CMCL.L) 421p £46.33m Caledonia Mining Corporation announced quarterly gold production from the Blanket Mine in Zimbabwe for Q1 2019. All production numbers are expressed on a 100% basis and are based on mine production data and are therefore subject to adjustment following final assay at the refiners. Approximately 11,948 oz of gold were produced during the Quarter. Caledonia maintains its 2019 full year production guidance of 53,000 oz to 56,000 oz and remains on track with progress towards its target of 80,000 oz by 2022.
Caledonia Mining Corporation Plc (CMCL.L) Announced, in its production update for the quarter ended 31 March 2019, that its production was slightly below its target and below the comparable quarter in 2018. Further, the continued difficulties with unstable electricity supply and grade dilution which was experienced in 2018 had an adverse effect on production, but improved drilling and blasting practices have been put in place in pursuit of improved grade control. The sinking of the central shaft continues according to plan; it is only months away from the completion of the shaft sinking phase of the project and are set to commence shaft equipping from mid-2019.
RNS Number: 2520 W Caledonia Mining Corporation PLC 16 April 2019 Caledonia Mining Corporation Plc. St Helier, April 16, 2019: Caledonia Mining Corporation Plc announces quarterly gold production from the Blanket Mine in Zimbabwe for the quarter ended March 31, 2019. All production numbers are expressed on a 100 per cent basis and are based on mine production...
Caledonia Mining (CMCL LN) 425p, Mkt Cap £45.5m – Quarterly dividend declared Caledonia Mining announces 6.875 cents per share dividend on each of the Company’s common shares, reiterating the strategy to maximise shareholder value including a quarterly dividend policy which the board of directors adopted in 2014. The Company expect that the current dividend of twenty-seven and a half US cents per annum will be maintained. Caledonia Mining’s primary asset is a 49% interest in the Blanket Mine in Zimbabwe, which could rise to 64% following signing a legally binding sale agreement, subject to receipt of regulatory approvals. Blanket Mine plans to increase production from 54,511oz of gold in 2018 to approximately 75,000oz in 2021 and approximately 80,000oz in 2022. As at December 31, 2018, Caledonia had cash of approximately US$11.2m.
Caledonia Mining Corporation Plc (CMCL.L) Announced that its board of directors has declared a dividend of $0.06875 on each of the company's common shares, with an ex-dividend date of 11 April 2019 and record date of 12 April 2019.
St Helier, April 2, 2019: Caledonia Mining Corporation Plc today announces that its board of directors has declared a dividend of six and seven eighths United States cents on each of the Company' s common shares.. Shareholders and depositary interest holders in Canada and the UK will be paid in Canadian Dollars and Sterling respectively. The Canadian Dollar and...
RNS Number: 7421 U Caledonia Mining Corporation PLC 02 April 2019 Caledonia Mining Corporation Plc. St Helier, April 2, 2019: Caledonia Mining Corporation Plc announces that documents comprising a notice of annual general meeting of shareholders and a management information circular- solicitation of proxies together with a proxy form are now available at...
RNS Number: 8039 T Caledonia Mining Corporation PLC 25 March 2019 Caledonia Mining Corporation Plc. Issue of Securities to Director and Long Term Incentive Award. Caledonia also announces that the Compensation Committee of the board of directors has made a new long term incentive plan award under the Company's 2015 Omnibus Equity Incentive Compensation...
Caledonia Mining Corporation Plc (CMCL.L) Announced, in its results for the fourth quarter and year ended 31 December 2018, that the revenue fell to $17.5 million from $19.6 million posted in the same period preceding year. The company's profit before tax stood at $5.3 million, compared to a profit of $8.4 million reported in the previous year. The basic earnings per share stood at 25.1c compared to earnings per share of 29.5c reported in the previous year. The company's cash and equivalents stood at $14.3 million.
Helier, 20 March, 2019: Caledonia Mining Corporation Plc announces its operating and financial results for the fourth quarter and the year ended December 31, 2018. Caledonia's primary asset is a 49 per cent legal ownership in the Blanket Mine in Zimbabwe. All currency references are to United States dollars, unless otherwise stated.. "Blanket delivered a robust...
Caledonia Mining (CMCL LN) 390p mkt cap �41m – Withdrawal of ECI scheme for gold producers Caledonia Mining reports that the Reserve Bank of Zimbabwe’s (RBZ) decision to withdraw the export credit incentive for Zimbabwean gold producers is estimated to “reduce Caledonia's earnings per share (calculated on an IFRS basis) for 2019 and thereafter by approximately US$ 5.4 million or 40 to 46 United States cents per share”. The earnings impact assumes “a gold price of $1,300 for the remainder of the year, that Blanket achieves the production guidance for 2019 as announced on January 14, 2019 of between 53,000 and 56,000 ounces of gold and that there are no changes in Blanket's operating costs”. Explaining the background to the incentive scheme the company said “For several years the RBZ has operated an ECI programme in terms of which Zimbabwean gold producers received a premium to the international gold price. This premium was initially at a level of 2.5% of gold revenues, which has subsequently increased to 10%. The ECI revenues were received into Caledonia's real time gross settlement bank account and were therefore not eligible for remittance outside Zimbabwe with a specific allocation of foreign exchange by the RBZ. The ECI revenues were not subject to Zimbabwean income tax.” The company says that “At this stage it is unclear whether this policy will address the increasing inflationary pressure in Zimbabwe”. Conclusion: The optimism for the economic future of Zimbabwe generated by President Mnangagwa succeeding Robert Mugabe is being tempered by the need to address the underlying issues and by recent civil unrest. We question whether disadvantaging expanding, foreign-exchange-earning developments such as those currently underway at Caledonia Mining’s Blanket gold mine is the optimum long term solution for Zimbabwe’s economic woes.
Revised Zimbabwe monetary policy affects 2019 earnings. St Helier, 27 February, 2019- Caledonia Mining Corporation Plc announces that following the announcement of a revised monetary policy by the Reserve Bank of Zimbabwe, the export credit incentive programme for Zimbabwean gold producers will be withdrawn. The ECI revenues were received into...
Caledonia Mining (CMCL LN) 450p mkt cap �47.7m – Blanket Mine meets 2018 production guidance target • Caledonia Resources reports that, following a 7% increase in gold production during Q4 to 14952oz, its Blanket mine in Zimbabwe produced approximately 54,512oz of gold during 2018 and achieved its previously reported guidance of 54-56,000oz. • The company is guiding 2019 production in the range 53-56,000oz and confirms that it remains on track “to achieve production of approximately 80,000 ounces of gold per annum from 2021 following completion of the Central Shaft”. • The Central Shaft provides access to deeper level ore at Blanket below the 750m level and is currently reported to have reached a depth of 1150m and targeted for a final depth of 1204m. The company reports that “It is anticipated that shaft sinking will be completed towards the middle of 2019 after which the shaft will be equipped and commissioned”. • Commenting on the significance of the shaft sinking programme, Chief Executive, Steve Curtis, said “Completion of the Central Shaft is the key to Blanket achieving its planned production of approximately 80,000 ounces of gold per annum from 2021 onwards. I expect that sinking work at Central Shaft will be completed by mid-year after which we will start to equip the shaft.” • Mr. Curtis went on to explain that “This part of the Central Shaft project is relatively capital intensive. In light of our significant capital expenditure commitments, we believe it is prudent to take advantage of the recent strengthening of the gold price and we have therefore secured a minimum received gold price of $1,250 per ounce for the 5 months to June 2019 whilst maintaining full upside exposure to the gold price through a cost-effective option structure”. • He also pointed out that with the shaft-sinking programme now “in the final 18 months of construction; we expect capital investment on this project to be lower in the second half of 2019 and to reduce further in 2020 as it nears completion”. Conclusion: Caledonia Mining’s production from the Blanket mine met guidance during 2018 and the company confirms that, with the key development of the new Central Shaft now at around 95% of its targeted depth, the Blanket mine remains on course to deliver around 80,000oz of gold pa from 2021.
Caledonia Mining Corporation Plc (CMCL.L) Announced, in its 2018 production update and 2019 production guidance, that approximately 14,952 ounces of gold were produced during the quarter ended December 31, 2018 (the "Quarter"), 7% higher than the previous quarter ("Q3 2018"). Total gold production for the year to December 31, 2018 was approximately 54,512 ounces, which is in line with 2018 production guidance which was a range of 54,000 to 56,000 ounces. The company advises investors that gold production for 2019 is expected to be between 53,000 and 56,000 ounces. The company remains on track to achieve production of approximately 80,000 ounces of gold per annum from 2021 following completion of the Central Shaft. The Central Shaft is currently at a depth of 1,150 meters and will be sunk to a depth of 1,204 meters. It is anticipated that shaft sinking will be completed towards the middle of 2019 after which the shaft will be equipped and commissioned. Also, the company expects to release its results for the year to December 31, 2018 on or about March 20, 2019.
RNS Number: 9380 M Caledonia Mining Corporation PLC 14 January 2019 Caledonia Mining Corporation Plc. 2018 Production Update and 2019 Production Guidance. St Helier, January 14, 2019- Caledonia Mining Corporation Plc announces gold production from the Blanket Mine in Zimbabwe for the quarter and year ended December 31, 2018.
RNS Number: 9275 M Caledonia Mining Corporation PLC 14 January 2019 Caledonia Mining Corporation Plc. Issue of Securities to Directors and Long Term Incentive Awards. St Helier, January 14, 2019: Caledonia Mining Corporation Plc announces that following the maturing of long term incentive plan awards on January 11, 2019 a total of 93,664 securities in the...
St Helier, January 2, 2019: Caledonia Mining Corporation Plc today announces that its board of directors has declared a dividend of six and seven eighths United States cents on each of the Company' s common shares.. Shareholders and depositary interest holders in Canada and the UK will be paid in Canadian Dollars and Sterling respectively.
Adjusted earnings per share for the Quarter of 33.1 cents were 17 per cent lower than the comparable quarter, due to a slightly weaker realised gold price and increased production costs but 24.4 per cent higher for the nine months to September 30, 2018 compared to the same period of 2017 due to the increased export credit incentive and a higher average realised...
Caledon Mining (CMCL LN) 428p mkt cap �45.4m – Blanket Mine continues without interruption despite Central Bank dollar shortage causing closure of gold mines Caledonia increase stake by 15% to 64% of the Blanket Gold Mine • Caledonia Resources report that their Blanked gold mine continues to work despite escalating a lack of foreign exchange in general in Zimbabwe. • Last week Rio Zim announced the closure of three gold mines in Zimbabwe due to a lack of available foreign exchange from the Central Bank. • Gold miners must sell gold through the Central Bank in Zimbabwe and get a credit from the government for exporting gold which should give the gold miners first priority on foreign exchange which comes in. • This system has worked well in recent years with the government recognising the importance of keeping the gold mines working. • We wonder how much foreign exchange in going out in the servicing of debt to China used to build roads and other infrastructure. • In separate news Caledonia Mining report they have purchased a further 15% of the Blanket gold mine taking their stake to 64%. • The purchase values the 15% stake at $16.667m implying a value for the whole mine at US$111m. • The deal involves the cancellation of a $11.467m loan to the vendors and the issuance of 727,266 new shares at $7.15/s. • The sellers, Fremiro will then hold 6.42% of the Blanket mine following the transaction