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.

Share price chart

Share chart

Stock data

Market cap.£21m
Last close40.50p
High / Low (52 weeks)58.5p / 35.5p
Stock market listingLN, CN
Forecast net cash (C$m)16.9
Forecast gearing ratio (%)N/A
TeamResources - Mining

Price performance

Relative *(2.7)(21.3)(29.5)

* % Relative to local index

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Company news

Caledonia Mining Corporation: Declares Eighth Quarterly Dividend

Tue, 06 Oct 2015 06:22:20 GMT

Caledonia Mining Corporation: Update on Implementation of the Revised ...

Mon, 21 Sep 2015 06:01:59 GMT

Caledonia Mining Corporation: Increase and Upgrade to Resource Base at the ...

Tue, 19 May 2015 06:00:00 GMT

Caledonia Mining Corporation: Major Shareholder Notification

Thu, 30 Apr 2015 16:30:00 GMT

Caledonia Mining Corporation: Resignation of Mr Stefan Hayden as a Non ...

Mon, 08 Dec 2014 06:56:15 GMT

Investment summary

We update our valuation for our new FY15 and FY16 gold price assumptions. Our FY15 gold price forecast is now US$1,164/oz, down from US$1,285/oz and our FY16 gold price forecast moves from US$1,397/oz to US$1,224/oz. With Caledonia’s H115 firmly in line with expectations and capex weighted to H215, we maintain our forecasts (subject to the change in the gold price). We also revise our C$/£ exchange rate from 1.86 to 2.04. On this basis our previous £1.47 valuation becomes £1.36. All valuations use a 10% discount rate to reflect general equity risk. Mainly as a result of our revised gold price forecasts for FY15 and FY16 and changes in the US$/C$ exchange rate, our year-end cash estimates are now C$16.9m (vs C$21.8m previously) and C$11.8m (vs C$23.4m previously) respectively.

Last updated on 29/09/2015

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (c) P/E (x) P/CF (x)
2013A 65.1 25.3 21.9 18.2 4.5 1.9
2014A 59.1 16.3 12.2 7.5 11.0 2.3
2015E 65.2 14.0 9.2 13.3 6.2 3.5
2016E 78.8 22.8 17.9 24.9 3.3 2.0

Last updated on 22/09/2015

Latest video

Executive Interview - Caledonia Mining

Industry outlook

CMCL remains on schedule regarding implementation of its revised investment plan. CMCL has completed the tramming loop, with production increases as a result due by end 2015. The No. 6 winze has been completed and is currently being equipped, with first production due to occur early 2016 and ramp up to 500tpd by May 2017. At the central shaft, pre-sinking is to commence shortly down to 90m and equipment to sink to the max depth of 1,080m is due to be commissioned in Jan 2016.

Last updated on 29/09/2015

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
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