RNS Number: 5459 J Caledonia Mining Corporation PLC 20 August 2019 Caledonia Mining Corporation Plc. St Helier, August 20, 2019: Caledonia Mining Corporation Plc announces that it received notice yesterday that Johan Holtzhausen, a director, has purchased a total of 825 depositary interests representing the same number of common shares of no par value each in...
Caledonia Mining (CMCL LN) 460p, Mkt Cap £49.4m – Guidance adjustment and positive news on Zimbabwe’s fiscal discipline • Caledonia Mining reports a 6.4% increase in gold production (to 12,712oz) from the Blanket gold mine in Zimbabwe during the quarter ending 30th June bringing H1 production to 24,660oz. The previously announced milestone event of the completion of the shaft sinking phase on the Central Shaft is, however, described by CEO, Steve Curtis as “By far the most important news in the period covered by this review” as it keeps the longer term strategic plan to increase gold production to the 80,000oz pa level by 2022 on track. • Net attributable profit, compared to the corresponding period in 2018 increased by almost 800% to US$23.3m during the quarter and by over 460% for the half year to US$32.6m, reflecting cost reductions and improving gold prices. • The increased quarterly output was, however, less than planned as a result of a combination of lower than expected grades arising from mining dilution exacerbated by unreliable electricity supplies. The company states that “The electricity situation worsened considerably in July and early August and Blanket experienced frequent and long interruptions to its power supply. To address this problem Blanket has procured additional back-up diesel generators which will be installed in the coming weeks”. • Referring to its constructive relationship with the state electricity utility, the company has also “signed a new electricity supply agreement in terms of which it will receive un-interrupted imported power at a lower cost than it previously paid” and is also “at an advanced stage of evaluating a solar PV generating facility which would reduce Blanket's dependence on grid power”. • In response to these challenges, the company is reducing its production guidance “from the previous range of 53,000 to 56,000 ounces to a revised guidance range of 50,000 to 53,000 ounces. Whilst it is disappointing to reduce production guidance, earnings guidance for 2019 remains unchanged at 86 to 117 cents per share due to a higher than anticipated gold price and lower than expected costs.” • On the positive side, “devaluation of the Zimbabwe currency, the South African rand and sterling” contributed to a 25% reduction, compared to Q2 2018, in on-mine costs to US$534/oz while all-in sustaining costs fell 23% to US$656/oz. • We are also encouraged by the company’s commentary on the fiscal regime in Zimbabwe as it reports that the, following “an almost 10-fold devaluation since late February 2019” the currency “appears to have stabilized in recent weeks and it is important to note that government fiscal discipline remains robust.” • Elaborating on this background, Mr. Curtis explains that “The current currency devaluation and inflationary conditions appear for the most part to be a legacy of past fiscal indiscipline rather than as a result of current policy: indeed, government continues to run a primary budget surplus, a level of fiscal discipline that bodes well for future stability. Moreover, in the Finance Minister's recent interim budget statement he announced the royalty payable to the Zimbabwe government will be deductible for the purposes of calculating income tax. He also revised the royalty rate which is reduced from five per cent to three per cent of revenues when the gold price is below $1,200 per ounce.” Conclusion: Following completion of the shaft sinking phase at Blanket Mine’s Central Shaft, the mine remains on course to achieve its 80,000oz pa production target by 2022. News that the Zimbabwe Government is addressing the legacy of historic financial mismanagement and implementing practical incentives for the mining industry is welcome
Caledonia Mining Corporation Plc (CMCL.L) Announced, in its results for the quarter ended 30 June 2019, that its total revenue stood at $16.52 million, compared to $16.20 million in the preceding year. Profit after tax was $27.95 million compared to $3.25 million. The company’s adjusted earnings per share was 26.80c, compared to 33.30c.
Net profit attributable to shareholders for the Quarter increased by almost 800 per cent to $23.3 million compared to the comparable quarter due to the substantial devaluation of the newly introduced Zimbabwe currency which resulted in some cost savings and a large net foreign currency gain. Adjusted earnings per share, which excludes inter alia...
Caledonia Mining (CMCL LN) 468p, Mkt Cap £50m – Completion of Shaft Sinking at Blanket • Caledonia Mining reports the completion of shaft sinking at the new Central Shaft of the Blanket gold mine in Zimbabwe. • The shaft, which is the linchpin of the long term plan to increase gold output to a target of 80,000oz pa from 2022 and extend the mine's life, was completed at a depth of over 1200m at a cost of approximately $44m.. • Work will now focus on equipping the shaft which is currently expected lead to commissioning during the third quarter of 2020. • Commenting on the "important milestone" of the completion of the sinking, CEO, Steve Curtis paid tribute to "the outstanding contribution of Caledonia's technical staff, led by Dana Roets, Caledonia's Chief Operating Officer, who have worked hard over the last five years to ensure that we have reached this point". • Mr. Curtis confirmed that "We can now commence the equipping phase, which will take approximately 12 months, after which we can commence the production ramp-up towards our target of 80,000 ounces of gold in 2022". • In our opinion, the completion of the shaft sinking phase as well as being a milestone in the company's expansion strategy for the mine also significantly de-risks the project and should reassure investors that the expansion remains on track. • We also observe that the prosecution and completion of the shaft sinking project, while simultaneously maintaining production operations, represents one of the more complex challenges in underground mining and we feel that Mr. Curtis's recognition of the contribution of the technical team is well deserved. Conclusion: Completion of the shaft-sinking is an important milestone in the long term development of the Blanket gold mine which brings the long-planned production increase within sight and de-risks the completion of a five year long project which should secure the longevity of the operation
Caledonia Mining Corporation Plc (CMCL.L) Announced that the shaft sinking at the new Central Shaft at Blanket Mine has been completed. The Central Shaft project has been in progress since early 2015 and the company has spent approximately $44.0 million sinking a new shaft from surface to a depth of over 1,200 meters.
RNS Number: 4744 G Caledonia Mining Corporation PLC 24 July 2019. Completion of Shaft Sinking at Blanket Mine. The Central Shaft project has been in progress since early 2015 and the Company has spent approximately $44 million sinking a new shaft from surface to a depth of over 1,200 meters..
Caledonia Mining (CMCL LN) 455p, Mkt Cap £48.9m – Central Shaft nears end of the sinking phase • Caledonia Mining reports that gold production at the Blanket mine in Zimbabwe of 12,712oz during the quarter ending 30th June 2019 (Q1 2019 – 11,948oz) brings the total for H1 2019 to 24,660oz and maintains the company on course to meet its 53-56,000oz 2019 guidance. • Meeting that guidance level implies higher H2 output and Chief Executive, Steve Curtis’s comment that “… our efforts to improve grade control have delivered results in the quarter although this remains a significant area of focus” provide an insight into one of the ways this is to achieved. • Mr. Curtis also confirmed that “We expect to complete the shaft sinking phase of the central shaft project later this month, which will be a significant milestone for our business. We look forward to commencing production from the central shaft during H2 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 focus on improved grade control should help to deliver the 2019 production guidance of 53-56,000oz while the completion of the sinking phase of the new Central Shaft at the Blanket mine later this month will be a key point in the company’s plans to increase output to 80,000oz by 2022 and secure the mine’s life beyond 2034.
RNS Number: 1508 F Caledonia Mining Corporation PLC 11 July 2019 Caledonia Mining Corporation Plc. St Helier, July 11, 2019: Caledonia Mining Corporation Plc announces quarterly gold production from the Blanket Mine in Zimbabwe for the quarter ended June 30, 2019. Caledonia's primary asset is a 49 per cent interest in the Blanket gold mine in Zimbabwe.
Caledonia Mining (CMCL LN) 475p, Mkt Cap £51.1m – 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 reports a 31st March 2019 cash balance of US$9.7m and again confirms plans to increase production at its 49% owned Blanket gold mine in Zimbabwe “from 54,511 ounces of gold in 2018 to approximately 75,000 ounces in 2021 and approximately 80,000 ounces in 2022; Blanket Mine's target production for 2019 is between 53,000 and 56,000 ounces.” • Caledonia also restates the intention, originally announced in November 2018 “to increase its holding in Blanket Mine to 64%, subject to receipt of, amongst other things, regulatory approvals.” • In our view, increasing its holding in the Blanket mine is a sensible, low risk, expansion opportunity for Caledonia Mining in an asset which it knows extremely well and is in the process of transforming and rejuvenating through the new Central Shaft which is accessing deeper level ore reserves beneath the 750m level and extending the mine life. Conclusion: Caledonia Mining is a consistent quarterly dividend payer in accord with a policy initiated in 2014. Major developments at the Blanket gold mine are aimed at increasing gold output to around 80,000oz by 2020 and underpinning the mine’s life beyond 2034.
Caledonia Mining (CMCL LN) 475p, Mkt Cap £51.1m – 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 reports a 31st March 2019 cash balance of US$9.7m and again confirms plans to increase production at its 49% owned Blanket gold mine in Zimbabwe “from 54,511 ounces of gold in 2018 to approximately 75,000 ounces in 2021 and approximately 80,000 ounces in 2022; Blanket Mine's target production for 2019 is between 53,000 and 56,000 ounces.” • Caledonia also restates the intention, originally announced in November 2018 “to increase its holding in Blanket Mine to 64%, subject to receipt of, amongst other things, regulatory approvals.” • In our view, increasing its holding in the Blanket mine is a sensible, low risk, expansion opportunity for Caledonia Mining in an asset which it knows extremely well and is in the process of transforming and rejuvenating through the new Central Shaft which is accessing deeper level ore reserves beneath the 750m level and extending the mine life. Conclusion: Caledonia Mining is a consistent quarterly dividend payer in accord with a policy initiated in 2014. Major developments at the Blanket gold mine are aimed at increasing gold output to around 80,000oz by 2020 and underpinning the mine’s life beyond 2034.
St Helier, July 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: 5565 D Caledonia Mining Corporation PLC 27 June 2019 Caledonia Mining Corporation Plc. Notification of relevant change to significant shareholder. June 27, 2019: Caledonia Mining Corporation Plc announces that it has received notification of a relevant change in the interest of a significant shareholder.
RNS Number: 3627 C Caledonia Mining Corporation PLC 14 June 2019 Caledonia Mining Corporation Plc. St Helier, June 14, 2019: Caledonia Mining Corporation Plc announces that it received notice today that Steve Curtis, a director and the Chief Executive Officer, has purchased a total of 3,500 depositary interests representing the same number of common shares of...
RNS Number: 5935 B Caledonia Mining Corporation PLC 10 June 2019 Caledonia Mining Corporation Plc. St Helier, June 10, 2019: Caledonia Mining Corporation Plc announces that following the maturing of a long term incentive plan award on June 8, 2019 a total of 13,137 securities in the Company have been issued to a member of Caledonia's staff.
Consolidated operating profit before tax of $12.3 m for the Quarter was 105 per cent higher than Q1 2018 although this increase was entirely due to exceptional gains of $3.3 million on foreign exchange following the devaluation of the domestic Zimbabwean currency and a profit on the sale of a subsidiary of $5.4 m.. Attributable profit after tax was also...
St Helier, 13 May 2019- Caledonia Mining Corporation Plc notes the recent press statement from Fidelity Printers& Refiners in Zimbabwe regarding the Gold Support Price.. Caledonia's operating subsidiary Blanket Mine sells its gold production to Fidelity in Zimbabwe and is contractually entitled to receive a price which is derived from the afternoon price...
RNS Number: 3583 Y Caledonia Mining Corporation PLC 08 May 2019. Results of Annual General Meeting. St Helier, May 8, 2019: Caledonia Mining Corporation Plc announces the results of its annual general meeting of shareholders held at St Helier, Jersey today..
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.
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