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.£31.8m
Last close61.00p
High / Low (52 weeks)61.0p / 34.5p
Stock market listingLN, CN
Forecast net cash (C$m)23.2
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual3.423.219.6
Relative *2.722.615.6

* % Relative to local index

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Investment summary

During H114 Caledonia met with some challenging headwinds, with Blanket experiencing lower-grade ore (partially offset by improved gold recoveries at the plant) and higher than anticipated tax, regulatory fees and G&A, all set against a continuing low gold price environment. All this should be measured against Caledonia maintaining its position as one of the very lowest cost all-in (Q214: US$977/oz) gold producers in Africa and one that yields 5.5%. The company is looking to add flexibility to its Blanket operations, which may defer short-term increases in production and is likely to increase capex, but in the longer term should provide an operation that is much more resilient to negative macro and on-mine operational factors. During H114 Caledonia sold 23,433oz gold at an average price of US$1,269/oz and incurred all-in sustaining costs of US$903/oz. Net attributable profit to shareholders for the period was US$4.3m.

Last updated on 01/09/2014

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 2.7 1.4
2013A 65.1 25.4 22.0 18.2 6.1 2.6
2014E 63.7 16.5 12.2 14.2 7.9 3.6
2015E N/A N/A N/A N/A N/A N/A

Last updated on 28/08/2014

Latest research

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Gold currently trades at c US$1,300/oz.

Last updated on 01/09/2014

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