Caledonia Mining (CMCL)

Business description

Caledonia Mining mines gold at its main operating asset, the 49%-owned Blanket gold mine in southern Zimbabwe. It is also progressing its understanding of a number of promising satellite projects close to Blanket.

Stock data

Market cap.£21m
Last close41.00p
High / Low (52 weeks)53.0p / 38.0p
Stock market listingLN, CN
Forecast net cash (C$m)18.3
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual7.9(2.4)(2.4)
Relative *12.15.810.9

* % Relative to local index

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Company news

Caledonia Mining Corporation Q&A: Zimbabwe - perception, indigenisation & the ...

Mon, 01 Feb 2016 11:17:31 GMT

Caledonia Mining Corporation CEO Steve Curtis on SP Angel Zimbabwe note

Fri, 29 Jan 2016 07:34:50 GMT

Caledonia Mining Corporation Proposed Re-domicile: Notification of Posting

Thu, 21 Jan 2016 07:27:39 GMT

Caledonia Mining Corporation: Resource Update at the Blanket Mine, Zimbabwe

Thu, 03 Dec 2015 06:56:15 GMT

Caledonia Mining Corporation Declares Ninth Quarterly Dividend

Tue, 05 Jan 2016 07:09:06 GMT

Investment summary

Caledonia's 3 December 2015 resource update indicates a further 254,750 tonnes at a grade of 5.83g/t Au of the Blanket Quartz Reef and No. 1 and No. 2 Orebodies have been upgraded from inferred resources below the 750m Level. The 750m Level is the threshold depth of mining at Blanket. These additional resources significantly de-risk the Revised Investment Plans implementation. Further, sustained production from below this depth is critical to Blanket's longevity as a gold mine.

Last updated on 05/01/2016

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 65.1 25.3 21.9 18.2 4.6 1.9
2014A 59.1 16.3 12.2 7.5 11.1 2.3
2015E 64.5 13.3 8.5 11.1 7.5 3.0
2016E 78.8 25.5 20.6 30.2 2.8 1.8

Last updated on 15/12/2015

Latest video

Executive Interview - Caledonia Mining

Industry outlook

We adjusted our valuation for the Q315 results and our revised 2015e average gold price of US$1,164/oz (previously US$1,151/oz). We also adjusted our C$/£ exchange rate from 2.04 to 2.01. Gold production and capex ytd are in line with guidance. We also adjusted for Q315 G&A costs totalling C$2.2m and a ytd forex gain of C$2.6m. On this basis, our previous £1.36 valuation became £1.35. At a flat gold price of US$1,100/oz over life-of-mine, our valuation is £0.68 per share. All valuations use a 10% discount rate to reflect general equity risk.

Last updated on 05/01/2016

Key management

Carl Jonsson, Chairman
Stefan Hayden, CEO
Steve Curtis, CFO

Company address

Suite 4009
1 King Street West
Toronto
Ontario
M5H 1A1
Canada
+1 (416) 369-9835
View website