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.£54.6m
Last close103.50p
High / Low (52 weeks)143.0p / 63.5p
Stock market listingLN, CN
Forecast net cash (US$m)18.5
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(10)(2.4)58.0
Relative *(10.1)(4.3)37.7

* % Relative to local index

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Company news

Caledonia Mining Corporation Plc Q1 Gold production up and maintained

Thu, 20 Apr 2017 06:00:00 GMT

Caledonia Mining Corporation Plc See a new annual production record

Tue, 21 Mar 2017 06:56:15 GMT

Caledonia Mining Corporation Plc declares quarterly dividend of 1.375 cents ...

Tue, 04 Apr 2017 06:22:30 GMT

Cooke & Bieler LP Trimmed Donaldson (DCI) Position, Profile of 2 Analysts ...

Fri, 14 Apr 2017 20:20:42 GMT

Yum! Brands (YUM) Had Its Price Target Upped by Professional Analysts at BMO ...

Tue, 25 Apr 2017 16:30:00 GMT

Investment summary

Caledonia Mining (CMCL) beat its FY16 production target of 50kozpa by recording 50.4koz Au produced, with AISC costs down 12% y-o-y to US$912/oz, while C1 costs dropped 9% due to a commensurate annual increase of 18% in gold ounces produced. Investment continues at Blanket to raise production towards 80kozpa by 2021, with US$36m spent in the past two years alone, and another US$18m due in 2017 before capex drops off markedly. The central shaft is on track and on budget for completion in mid-2018 and is two thirds-complete. While this investment takes place, CMCL carries a sound cash balance of US$14.3m at end December 2016. The dividend yield is a high 3.8% and the stock is trading on a very low P/E of c 4x vs the FTSE miners index at 2.1% and 40x respectively.

Last updated on 12/04/2017

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 49.0 9.0 5.1 8.1 16.1 8.1
2016A 62.0 23.3 19.6 21.4 6.1 2.7
2017E 76.2 29.6 26.0 35.6 3.7 2.4
2018E 81.9 31.7 26.8 29.8 4.4 2.4

Last updated on 12/04/2017

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Caledonia forecasts 2017 production of 60koz at on-mine cash costs of between US$600/oz and US$630/oz, and at an all-in sustaining cost of between US$810/oz and US$850/oz.

Last updated on 04/04/2017

Key management

Carl Jonsson, Chairman
Stefan Hayden, CEO
Steve Curtis, CFO
Maurice Mason , Head of IR

Company address

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