Caledonia Mining (CMCL)

Business description

Caledonia Mining mines gold at its main operating asset, the 49%-owned Blanket gold mine, in southern Zimbabwe.

Share price chart

Share chart

Stock data

Market cap.£23.7m
Last close45.500p
High / Low (52 weeks)74.0p / 34.5p
Stock market listingAIM, TSE
Forecast net cash (C$m)36.8
Forecast gearing ratio (%)N/A
TeamResources - Mining

Price performance

Relative *(3.5)2.3(46.8)

* % Relative to local index

Other companies in sector Show

Afferro Mining Afri-Can Marine Minerals
African Barrick Gold African Eagle Resources
African Minerals Alderon Iron Ore
Alkane Resources All Star Minerals
Allied Gold Mining Altius Minerals
Altona Energy Amara Mining
Amerigo Resources Amur Minerals Corporation
Angel Mining Anglesey Mining
Anglo Pacific Group Antofagasta
Aquarius Platinum Arian Silver
Ariana Resources Aspire Mining
Atlantic Gold NL Aurcana Corporation
Aureus Mining Aurizon Mines
Avalon Rare Metals Avnel Gold Mining
Baobab Resources Bellzone Mining
Bezant Resources Blackthorn Resources
Bushveld Minerals Cabral Resources
Caledon Resources Cameco
Canada Lithium Corporation Carpathian Gold
Celamin Holdings Central Asia Metals
Centrex Metals Chatham Rock Phosphate
Chieftain Metals Coal of Africa
Condor Gold Continental Coal
Dalradian Resources Denison Mines
Discovery Metals Doray Minerals
DRDGOLD Duluth Metals
Eastern Platinum ECR Minerals
Edgewater Exploration EMED Mining
Energy Fuels Equatorial Resources
Euromax Resources European Goldfields
Forsys Metals Corp Fronteer Gold
Frontier Mining Frontline Gold
Galaxy Resources Gascoyne Resources
Gemfields GMA Resources
Gold One Gold Road Resources
Goldcrest Resources Golden Minerals Company
Goldplat Gunson Resources
Hambledon Mining Highland Gold
Highlands Pacific Hummingbird Resources
Ironwood Gold Jameson Resources
Kefi Minerals Kenmare Resources
Kingsgate Kinross Gold Corporation
Kopy Goldfields Lemur Resources
London Mining MacPhersons Resources
Majestic Gold Mandalay Resources Corp
Mariana Resources Matamec Explorations
MDM Engineering Group Medusa Mining
Metallica Minerals Minera IRL
Minotaur Exploration Mkango Resources
MMG Mwana Africa
Natural Resource Partners Ncondezi Energy
Nevsun Resources Nkwe Platinum
Nordgold North American Palladium
Northern Dynasty Minerals Norton Gold Fields
NovaCopper OceanaGold
Oracle Coalfields Orbis Gold
Ormonde Mining Orpheus Energy
Pan African Resources Pan American Goldfields
Papillon Resources Petropavlovsk
Pilot Gold Platmin
PolyMet Mining Polymetals Mining
Randgold Resources Rare Element Resources
Red Rock Resources Regency Mines
Richmont Mines Rio Tinto
Sable Mining Shore Gold
Silver Wheaton Sirius Minerals
South American Silver Corp Spanish Mountain Gold
Sumatra Copper & Gold Syndicated Metals
Titanium Resources Group Torex Gold
U3O8 Holdings Universal Coal
Vatukoula Gold Mines Veris Gold Corp
W Resources Western Areas
Wits Gold Wolf Minerals
Woulfe Mining Zanaga Iron Ore Company
Zazu Metals Corporation

Investment summary

Caledonia's full year 2013 results show its Blanket gold mine exceeded its 44,000oz target by 3.5%, producing 45,527oz at all-in sustaining cash costs of US$978/oz. As expected, Q4 production was weaker, with the Christmas period limiting the transportation of gold giving rise to 1,978oz of gold held as work-in-progress. Further, there was a three-day scheduled maintenance shutdown of the processing plant and a 9.9% lower head grade being received by the mill (at 3.61g/t Au, though the FY13 average was 1.0% higher than the LOM of 3.84g/t Au); this led to a slightly (0.5%) lower recovery at 93.1%, which also affected production. As a result Q413 gold production was 5.1% lower q-o-q at 11,429oz at all-in sustaining cash costs of US$1,175/oz (36.8% higher than Q313 at US$859/oz, affected by the factors mentioned and also higher marketing and G&A costs).

Last updated on 07/04/2014

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (c) P/E (x) P/CF (x)
2012A 75.2 38.6 35.1 41.3 2.0 1.0
2013A 65.1 25.4 22.0 18.2 4.6 1.9
2014E 76.0 27.3 23.8 27.6 3.0 1.7
2015E 105.4 45.1 41.8 48.3 1.7 1.0

Last updated on 07/04/2014

Latest research

Solid production and freedom to grow

Update | Mining | 07/04/2014

All gold to be sold to Zimbabwean refinery

Flash note | Mining | 29/01/2014

Dividend policy equates to 7.5% yield for FY14

Update | Mining | 03/12/2013

Results in line

Update | Mining | 15/11/2013

Raising throughput

Update | Mining | 15/08/2013

Under US$700/oz, stable gold production

Update | Mining | 30/05/2013

Post-indigenisation growth

Update | Mining | 17/01/2013

Best quarterly production ever

Flash note | Mining | 14/11/2012

Hitting high grade

Flash note | Mining | 14/08/2012

Q112 results as expected

Flash note | Mining | 11/05/2012

Sixth quarterly increase

Update | Mining | 21/11/2011

Indigenisation update

Flash note | Mining | 02/09/2011

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Gold currently trades at c US$1,330/oz.

Last updated on 31/03/2014

Key management

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

Company address

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