RNS Number: 6594 M Caledonia Mining Corporation PLC 12 May 2020 Caledonia Mining Corporation Plc. Caledonia will be hosting an online presentation and Q&A session open to all investors on Thursday the 14th of May 2020 at 16:00 UK time. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Caledonia Mining* (#CMCL LN) 1072.5, Mkt Cap £116.6m – Quarterly results show little impact of Covid19 and improving operating environment in Zimbabwe Caledonia Mining reports an increase in both gross profit and EBITDA during the quarter to 31st March 2020, with gross profit increasing by 146% to $10.6m (Q1 2019 - $4.3m) and EBITDA rising by 162% to $10.2m (Q1 2019 - $3.9m). The result reflects increased gold production of 14,233oz of gold (Q1 2019 – 11,948oz) and a reduction in mine costs of $678/oz (Q1 2019 – 794/oz) and all in sustaining costs of $879/oz (Q1 2019 - $1,039/oz). ʺCaledonia ended the Quarter with net cash and cash equivalents of $13.8 million – an increase of $4.9 million over the course of the Quarter.ʺ The company also reports that it has completed the purchase of an additional 15% interest in the Blanket mine bringing its interest to 64%. Caledonia Mining confirms that ʺCOVID 19 had a negligible effect on production and capital projects in the Quarter … because lockdowns were only implemented by the Zimbabwe and South African governments to manage the virus at the end of the Quarter. During the lockdowns, which extended for much of April, Blanket achieved approximately 93 per cent of its normal target production by using its stocks of consumables and implementing measures to safeguard employees. In early May, Blanket resumed full production and I expect production to continue as planned provided Blanket’s workforce remains healthy and its supply chains and access to market for the gold produced remain open.ʺ The company also pointed to an improved operating environment in Zimbabwe with CEO, Steve Curtis, explaining that ʺAlthough the country continues to face challenges, the introduction of the interbank rate early in 2019 allows us to better protect our workers from the effects of high inflation. The interruptions to the supply of electricity from the grid which we experienced last year have largely been addressed following the conclusion of an agreement whereby Blanket (and other gold producers) purchases power which is imported into Zimbabwe. This power is cheaper than under the previous arrangement and Blanket can manage the reduced incidence of power interruptions using its increased suite of diesel generators.ʺ · Mr. Curtis also said that ʺWe are also well-advanced in the evaluation of a solar project to provide some of Blanket’s power supply and reduce its dependence on imported power during daylight hours.ʺ He also provided a progress report on the progress of the company’s strategic redevelopment of the Blanket mine and confirmed that ʺThe Central Shaft is the focus of our investing activities: when it is commissioned, Blanket will be able to increase production to the target rate of approximately 80,000 ounces of gold per annum. Work on Central Shaft continued throughout the lockdowns; however, completion of the project requires specialised equipment and contractors to travel to Blanket from South Africa which under the restrictions is not currently possible. This has not yet resulted in a significant delay to the project and we are receiving a high level of support from the Zimbabwe government to address these issues with the relevant authorities in South Africa.ʺ As previously announced, the company confirms the payment of a quarterly dividend at the rate of 7.5cents/share introduced in January 2020. Conclusion: Increasing production as the benefits of the long-term capital development programme at the Blanket start has helped reduce unit costs and improve cash generation giving the company the opportunity to maintain its increased quarterly dividend. It is encouraging to learn of the improving operating environment in Zimbabwe and that the Covid19 virus and resulting mitigation measures have had little negative impact on the operations. *SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
·Gross revenues of $23.6 million, a 48 per cent increase on the $15.9 million achieved in Q1 2019.. ·Gross profit of $10.6 million, a 146 per cent increase on the $4.3 million in Q1 2019 at a gross margin of 50 per cent.. ·EBITDA of $10.2 million, a 162 per cent increase on the $3.9 million in Q1 2019 at a margin of 43 per cent..
RNS Number: 1065 M Caledonia Mining Corporation PLC 06 May 2020. Results of Annual General Meeting. St Helier, May 6, 2020: Caledonia Mining Corporation Plc announces the results of its annual general meeting of shareholders held at St Helier, Jersey today..
Caledonia Mining Corporation Plc #CMCL announced that its board of directors have declared a quarterly dividend of 7.5c per share ($0.075) on each of the company's common shares, to be paid on 29 May 2020. On April 1, 2020 the board deferred the decision to declare the quarterly dividend in light of the uncertainty surrounding the COVID-19 pandemic. The board has been encouraged by the continued operations of the Blanket Mine and the re-opening of important supply lines, accordingly the quarterly dividend has now been declared.
Caledonia Mining* (#CMCL LN) 973p, Mkt Cap £111.5m – Quarterly dividend Caledonia Mining reports that, following the announcement of 1st April that it was deferring a decision on the declaration of its quarterly dividend, it has now declared a dividend of 7.5UScents/share. This is at the higher level established in January 2020 and is to be paid on 29th May and indicates to us that the company has an increasing confidence in the performance of its operations even under the extraordinary operating conditions imposed by the Covid19 virus. Caledonia Mining itemises a number of positive developments including: A strong balance sheet with US$14.1m in cash at 24th April; and ʺBlanket's supply chain of consumables and spare parts improved substantially and is close to normalʺ; and ʺBlanket is now re-establishing full production having operated at approximately 93 per cent of capacity during lockdownʺ The company points out that concern over disruption to the supply chain for its spares and consumables as a result of measures to contain the spread of the Covid19 virus had been an important factor in its decision to defer the declaration of its dividend and that ʺthe South African mining industry and its allied supply sector is restarting operations and Blanket has partially resumed the procurement of consumables and equipment despite the lockdown period being extended.ʺ Conclusion: The decision to proceed with the well-established quarterly dividend and the move back towards full production schedules at the Blanket mine provides welcome and tangible evidence that management is confident of its ability to manage the challenges of the Corona virus pandemic and that the preventative restrictions have been working. *SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
Caledonia declares quarterly dividend of 7.5 cents per share. ·The dividend is maintained at the increased level of 7.5 cents per share following the dividend increase effected in January 2020. ·A strong balance sheet with current cash on hand of $14.1 million at April 24, 2020 gives the directors sufficient confidence in the solvency of the business and its...
Caledonia declares quarterly dividend of 7.5 cents per share. ·The dividend is maintained at the increased level of 7.5 cents per share following the dividend increase effected in January 2020. ·A strong balance sheet with current cash on hand of $14.1 million at April 24, 2020 gives the directors sufficient confidence in the solvency of the business and its...
Caledonia Mining* (#CMCL LN) 960p, Mkt Cap £110.6m – AGM Procedures Caledonia Mining reports that, following the decision of the Government of Jersey to extend restrictions on public gatherings until 11th May and to limit attendance to a maximum of two people, the company’s AGM scheduled for 6th May will now be limited to the minimum quorum of two people and ʺOther shareholders will not be allowed to attend and anyone seeking to attend the AGM will be refused entry on the grounds of safetyʺ. While acknowledging the importance of the AGM to its shareholders, the company is urging them to exercise their proxy voting rights ʺby appointing the Chairman of the AGM or the Management Nomineesʺ. Conclusion: The restrictions on the AGM are entirely understandable in the present circumstances however, the company has made significant progress during the last year with the implementation of its long-term development strategy to expand production and ensure the long term future of the Blanket mine. We imagine many shareholders will be disappointed that they will not have the opportunity to hear news on this progress at first-hand. *SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
Caledonia Mining Corporation Plc #CMCL announced, on March 30, 2020 that its annual general meeting for 2020 would be held on May 6, 2020. The Government of Jersey implemented measures on March 30, 2020 intended to protect the public from the spread of COVID-19. The measures, amongst other things, include restricting public gatherings to no more than two people. The measures were due to end before the AGM. However, on April 24, 2020, Jersey's Minister for Health and Social Services extended the measures until May 11, 2020. In order to comply with the measure restricting public gatherings, the Company's AGM will therefore be convened with the minimum necessary quorum of two shareholders, in accordance with the Company's Articles of Association. Other shareholders will not be allowed to attend and anyone seeking to attend the AGM will be refused entry on the grounds of safety. The business to be transacted remains unchanged from that set out in the Notice of AGM.
RNS Number: 8814 K Caledonia Mining Corporation PLC 27 April 2020 Caledonia Mining Corporation Plc. Update on arrangements for the 2020 Annual General Meeting considering COVID-19. April 27, 2020- Caledonia Mining Corporation Plc announced on March 30, 2020 that its annual general meeting for 2020 would be held on May 6, 2020..
Central Asia Metals (CAML LN) 137 pence, Mkt Cap £227m – Maintaining 2020 production guidance for now Central Asia Metals reports that it produced 3,201t of copper from its Kounrad operation during Q1 2020 while the Sasa mine in North Macedonia, produced 6,127t of zinc in concentrates and 7,607t of lead in concentrate. The company says that production is currently on track to meet its guidance for 2020 for copper production in the range 12,500-13,500t of copper, in line with 2019 and slightly increased to 23-25,000t of zinc in concentrate and 30-32,000t of lead in concentrate. CEO, Nigel Robinson, said that ʺWe are today reporting strong Q1 2020 production numbers for all three of the base metals that we produce, with increases quarter on quarter for copper, zinc and lead. We experienced no disruptions to either the production or sales of our metal products during Q1 2020ʺ. Mr. Robinson also said that ʺWhile we retain our 2020 production guidance, we remain cautious for the Q2 2020 outlook in particular as cases of COVID-19 in both Kazakhstan and North Macedonia are increasing, and government measures are understandably escalating. That said, having made the difficult recent decision not to recommend a 2019 final dividend, we believe we have ensured the continued financial strength of our business while the pandemic continuesʺ. Reporting on the measures in force to contain the spread of the virus in both Kazakhstan and North Macedonia, the company explains that the Kazakh Government has declared a State of Emergency including a ʺtotal lock-down of the cities of Nur-Sultan and Almaty as well as some other larger cities. The borders have been closed for the movement of people but not goods. Currently, 704 people have tested positive for COVID-19 in Kazakhstan, with the numbers rising daily.ʺ In North Macedonia, there is also a State of Emergency in force including ʺmeasures such as school closures, night-time curfews and closure of borders to the movement of people and in some cases the movement of trade vehicles. Sasa has to date been able to continue truck movements across the borders and has particular arrangements in place regarding the curfew to enable its night shift to continue to operate. Currently, 599 people have tested positive for COVID-19 in North Macedonia, with the numbers rising daily.ʺ Conclusion: The company is currently maintaining its 2020 production guidance while expressing caution as to the impact of measures to curtail the spread of Covid19 in both Kazakhstan and North Macedonia both of which have implemented States of Emergency. #CMCL
Caledonia Mining* (CMCL LN) 735p, Mkt Cap £82.3m – Q1 production rises 19% Caledonia Mining reports that its Blanket gold mine in Zimbabwe achieved a 19% increase in Q1 gold output with production of 14,233oz in the quarter to 31st March 2020 compared with 11,948oz in the equivalent quarter of 2019. Recognising the achievement of the operational team at the mine, CEO, Steve Curtis said that ʺthe operational improvements in the latter part of 2019 have continued into 2020. Notwithstanding restrictions in Zimbabwe, referred to in our RNS of 30 March 2020, we remain in production and are maintaining good levels of output.ʺ Mr. Curtis went on to explain that ʺIn previous years, gold production was lower in the first quarter of each year and increased in the following quarters. Subject to the mine not experiencing any unforeseen production interruptions associated with the COVID-19 Pandemic, I expect the quarterly production profile to be more evenly balanced throughout 2020 because of the increased focus on developmentʺ. Conclusion: In our opinion, the production increase from the Blanket mine underlines the benefits of both of the long term capital investment programme currently nearing completion as well as the operational improvements including improved control of underground mining dilution implemented during 2019. The solid start to 2020 will help provide a stable platform and provide the company with a measure of resilience in the uncertain business climate of the Covid19 virus *SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe #CMCL
Caledonia Mining Corporation Plc #CMCL announced quarterly gold production from the Blanket Mine in Zimbabwe for the quarter ended March 31, 2020. All production numbers are expressed on a 100.0% basis and are based on mine production data and are, therefore, subject to adjustment following final assay at the refiners. 14,233 ounces of gold were produced during the quarter, an increase of 19.0% on the 11,948 ounces produced in the corresponding quarter of 2019.
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