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.£23.2m
Last close44.500p
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
SectorMining

Price performance

%1m3m12m
Actual(9.2)(3.3)(39.5)
Relative *(10.5)(1.4)(44.1)

* % Relative to local index

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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 4.5 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
Toronto
Ontario
M5H 1A1
Canada
+1 (416) 369-9835
View website