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.£31m
Last close59.500p
High / Low (52 weeks)60.5p / 34.5p
Stock market listingAIM, TSE
Forecast net cash (C$m)37.2
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual20.233.71.7
Relative *20.232.1(1.8)

* % Relative to local index

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Investment summary

Caledonia has produced yet another set of in-line results for its Blanket gold mine, producing 10,241oz gold (2.2% lower than Q113’s 10,472oz) at an all-in sustaining cash cost of US$923/oz (cf US$924/oz for Q113). Gross profit was 33% lower at C$6.0m for Q114 (Q113: C$9.0m) primarily due to a lower realised gold price of US$1,288/oz (cf US$1,600/oz in Q113). Net attributable profit to Caledonia shareholders was C$3.5m and net cash at March 2014 was C$26.7m (up from December 2013 C$23.4m). Management expects lower-grade ore to be mined over the next two quarters as it progresses through a lower-grade zone (3.6-3.7g/t Au) than the life-of-mine average (3.83g/t Au) grade zone. Caledonia has stated it will use its financial and managerial resources, which are outside Zimbabwe, to consider any new opportunities in sub-Saharan Africa.

Last updated on 30/06/2014

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 6.0 2.5
2014E 76.8 27.9 24.4 28.3 3.9 2.2
2015E 105.4 45.1 41.8 48.3 2.3 1.3

Last updated on 26/06/2014

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 30/06/2014

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