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.£30.8m
Last close59.000p
High / Low (52 weeks)60.5p / 34.5p
Stock market listingLN, CN
Forecast net cash (C$m)37.2
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual0.921.7(2.5)
Relative *0.222.0(7.3)

* % Relative to local index

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Investment summary

Caledonia produced 11,223oz gold during Q214, a 9.6% increase over the 10,241oz produced in Q114. However, the company has revised its FY14 production target downwards from 48koz to 45koz, the first time it has ever done so. Furthermore, the revised guidance is not due to mechanical error or bottlenecks at the plant (which continues to produce ‘strong’ metallurgical recoveries), but largely due to natural variations in gold content at Blanket. Although in our last note we assumed throughput would ramp up to offset a lower gold grade, it has not been sufficient. We await formal release of its audited financial statements for H114 for its production costs.

Last updated on 05/08/2014

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 2.6 1.3
2013A 65.1 25.4 22.0 18.2 5.9 2.5
2014E 76.8 27.9 24.4 28.3 3.8 2.2
2015E 105.4 45.1 41.8 48.3 2.2 1.3

Last updated on 25/07/2014

Latest research

Q114 all-in costs still below US$950/oz

Update | Mining | 19/05/2014

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

Latest video

Executive Interview - Caledonia Mining

Industry outlook

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

Last updated on 05/08/2014

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