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.£68.4m
Last close131.00p
High / Low (52 weeks)131.0p / 38.0p
Stock market listingLN, CN
Forecast net cash (C$m)12.4
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual26.689.9227.5
Relative *27.171.2196.4

* % Relative to local index

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Company news

CALEDONIA MINING CORPORATION PLC COM SHS NPV (DI)'s Stock Is Buy After Today's ...

Sat, 24 Sep 2016 04:41:15 GMT

Caledonia Mining Corporation Q&A: Zimbabwe - perception, indigenisation & the ...

Mon, 01 Feb 2016 11:17:31 GMT

Will CALEDONIA MINING CORPORATION PLC COM SHS NPV (DI) Run Out of Steam Soon?

Tue, 13 Sep 2016 22:30:00 GMT

Investment summary

CMCL released its interims on 11 August. Probably the most significant outcome from H116 was the first indication of higher gold grades below the 750m level – a watermark for the company’s future growth prospects. The average gold grade improved 9.8% q-o-q (Q116: 3.16g/t Au vs Q216: 3.47g/t Au) and while the average grade is within range for the past two years of quarterly grade data, 19.5% of Q216 production came from Eroica (between 750m and 630m RL), where the trammed grade was 5.32g/t Au; a result of completing the 22 haulage level to this orebody. Furthermore, production occurred below the 750m level at the AR South ore body which resulted in a trammed grade of 4.76g/t Au. This confirms current expectations of higher than mine-average (historically 3.84g/t Au) gold grades below 750m RL. Further, as more ore comes from below the 750m level, so the mined grade is expected to increase to a sustainable long-term average of c 4.0g/t Au by 2018.

Last updated on 01/09/2016

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (c) P/E (x) P/CF (x)
2014A 53.5 14.7 11.0 10.4 21.7 7.6
2015A 49.0 9.0 5.1 8.1 27.9 14.1
2016E 60.4 19.5 16.0 23.5 9.6 6.1
2017E 87.2 40.3 36.7 46.8 4.8 3.1

Last updated on 24/08/2016

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Our previous £1.59 valuation improves 10% to £1.74 on adjustment for CMCL's H116 results and a post-Brexit US$/£ forex rate of 1.30 (vs 1.41 previously).

Last updated on 01/09/2016

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