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.£18.8m
Last close36.00p
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
Actual(8.9)(40.5)(21.7)
Relative *(6.1)(37.8)(21.7)

* % Relative to local index

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Investment summary

Caledonia’s revised investment plan will modernise Blanket and provide sufficient mine flexibility to support a sustainable ramp-up in gold production to 76-81koz by 2021. Whereas at first glance the plan appears to suggest investing US$70m on the basis of mining inferred ore, it is actually de-risked (in terms of mining reserves) to completion of the new central haulage shaft and associated development in 2016. Further, the mining of reserves will pay back the cost of development to this point (c US$50m), with the remaining c US$20m investment to complete the revised plan by 2021. The revised investment plan uses a US$1,200/oz gold price.

Last updated on 01/12/2014

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 1.6 0.8
2013A 65.1 25.4 22.0 18.2 3.5 1.5
2014E 63.7 16.5 12.2 14.2 4.5 2.1
2015E N/A N/A N/A N/A N/A N/A

Last updated on 27/11/2014

Latest research

Latest video

Executive Interview - Caledonia Mining

Industry outlook

Gold currently trades at c US$1,200/oz vs Caledonia's H114 all-in sustaining cost of production of US$903/oz.

Last updated on 01/12/2014

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