http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 25 Sep 2018 11:36:42 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Caledonia Mining adds 13% to mining resource at Blanket Mine in Zimbabwe ]]> http://www.proactiveinvestors.co.uk/companies/news/205308/caledonia-mining-adds-13-to-mining-resource-at-blanket-mine-in-zimbabwe-205308.html Caledonia Mining Corporation PLC (LON:CMCL) has added 13% to the most certain category resource at the Blanket gold mine in Zimbabwe.

Measured and Indicated ounces are now 805,000oz, up from 714,000oz in August 2017, from 6.74mln tonnes at a grade of 3.72 g/t.

WATCH: Caledonia Mining to increase stake in Blanket mine to 64%

Inferred resources, the least certain category, rose by 9% to 963,000 ounces.

Average grades on the resource dropped compared to the previous estimate but remain above the current mill feed grade of 3.3g/t, said Caledonia. The grades trend higher as the mining gets deeper.

Total proven reserves and indicated resources are 4.98mln tonnes, a 10% increase.

Steve Curtis, chief executive, said: “We have increased total resources at Blanket by 86% since 2011 in addition to mining over 300,000 ounces over this period.

“Whilst there is a small downward revision in grade, the grade of the ore body remains consistent with our expectations and continues to be well above the current mined grade at Blanket of 3.3g/t.

“The inferred resource in particular at a grade of 4.5g/t and the substantial increase in inferred resources at depth gives us confidence in the longer-term potential of the mine.“

Caledonia owns 49% of Blanket.

In a note to clients, analysts at ‘house’ broker Shore Capital pointed out that ounces up and grade slightly down, but still OK, bodes well for longer-term life at Blanket.

In early afternoon trading, Caledonia Mining shares were 3.3% higher at 545p.

 -- Adds analyst comment, share price --

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Thu, 20 Sep 2018 08:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/205308/caledonia-mining-adds-13-to-mining-resource-at-blanket-mine-in-zimbabwe-205308.html
<![CDATA[RNS press release - Resource Upgrade at the Blanket Mine, Zimbabwe ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180920070007_13797504/ Thu, 20 Sep 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180920070007_13797504/ <![CDATA[Media files - Caledonia Mining to increase stake in Blanket mine to 64% ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/10253/caledonia-mining-to-increase-stake-in-blanket-mine-to-64-10253.html Tue, 28 Aug 2018 08:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/10253/caledonia-mining-to-increase-stake-in-blanket-mine-to-64-10253.html <![CDATA[News - Caledonia Mining signs MoU to buy 15% stake in Blanket mine for US$16.6mln ]]> http://www.proactiveinvestors.co.uk/companies/news/203557/caledonia-mining-signs-mou-to-buy-15-stake-in-blanket-mine-for-us166mln-203557.html Caledonia Mining Corp PLC (LON:CMCL) has entered into a memorandum of understanding with Fremiro Investments (Private) Limited to buy a 15% stake in the Blanket mine in Zimbabwe for US$16.6mln.

Following the completion of the acquisition, Caledonia’s ownership in the mine would increase to 64%.

The deal comes after the Zimbabwean government amended its Indigenisation and Economic Empowerment Act in March to pave the way for more foreign investment in mining.

The indigenisation law gave Zimbabweans the right to take over and control many foreign-owned companies operating in the nation.

To comply with the law, Caledonia sold 41% of Blanket Mine to indigenous Zimbabwean shareholders in 2012, including a 15% stake to Fremiro, 16% to the National Indigenisation and Economic Empowerment Fund and 10% to Blanket Employee Trust Services Limited.

Caledonia now intends to buy back the stake it had sold to Fremiro after the Zimbabwean government removed the indigenisation requirement for gold mining businesses.

The acquisition is subject to regulatory approvals in Zimbabwe and a formal agreement with Fremiro.

"Blanket is well-advanced on implementing the investment programme which commenced in early 2015 and is expected to result in Blanket achieving an annual production rate of at least 80,000 ounces per annum by 2021, at a low cash cost,” said chief executive Steve Curtis.

“Caledonia is evaluating further investment opportunities in Zimbabwe. Such new opportunities, if they result in one or more transactions, are likely to be held directly by Caledonia and/or its subsidiaries rather than by Blanket.”

READ: Caledonia Mining grows gold output marginally in challenging quarter

Caledonia said it remains on track to achieve its production target of 80,000 ounces by 2021 at the Blanket mine. The miner also expects its cash position to improve as it reduces its operating costs and plans to maintain a quarterly dividend of 6.875 cents. 

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Fri, 24 Aug 2018 12:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/203557/caledonia-mining-signs-mou-to-buy-15-stake-in-blanket-mine-for-us166mln-203557.html
<![CDATA[RNS press release - Caledonia increases shareholding in Blanket Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180824110507_13767744/ Fri, 24 Aug 2018 11:05:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180824110507_13767744/ <![CDATA[RNS press release - Purchase of Securities by Director ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180810171345_13752044/ Fri, 10 Aug 2018 17:13:45 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180810171345_13752044/ <![CDATA[RNS press release - Purchases of Securities by Directors ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180810124145_13751735/ Fri, 10 Aug 2018 12:41:45 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180810124145_13751735/ <![CDATA[Media files - Caledonia Mining's Blanket Mine 'a solid performer' despite challenging quarter ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/10090/caledonia-mining-s-blanket-mine-a-solid-performer-despite-challenging-quarter-10090.html Fri, 10 Aug 2018 11:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/10090/caledonia-mining-s-blanket-mine-a-solid-performer-despite-challenging-quarter-10090.html <![CDATA[News - Caledonia Mining grows gold output marginally in challenging quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/202555/caledonia-mining-grows-gold-output-marginally-in-challenging-quarter-202555.html Caledonia Mining Corporation PLC (LON:CALE) told investors that gold output was marginally higher than the first quarter of 2018, in line with expectations.

Nonetheless, it came despite difficult operational circumstances.

READ: Caledonia Mining on schedule with Blanket ramp up

The Zimbabwe-focused gold miner said it produced 12,657 ounces – up 1.1% from the 12,521 ounces in the same three months last year – while for the six months, the tally came to 25,582 ounces.

Cost of production was also slightly higher, with the all-sustaining cost at US$856 per ounce in the second quarter, from US$855, while the average realised price for the quarter stood at US$1,278 from US$1,235 in the comparative quarter.

Gross profit amounted to US$5.14mln, up from US$5.03mln, and net profit attributable to shareholders rose by 275% to US$2.6mln from US$694mln. Earnings per share improved substantially too, up 86% to 35.2 cents, from 18.9 cents.

Caledonia ended June with US$5.3mln of net cash and equivalents.

"The second quarter of 2018 was a difficult quarter for the business as production was adversely affected by lower than expected grade and tonnes mined,” said Steve Curtis, Caledonia chief executive.

"Production of 12,657 ounces was marginally higher than the second quarter of 2017 and in line with our expectations for our 2018 guidance range of 55,000 - 59,000 ounces.

"Grade for the quarter was 3.19g/t, this is below target due to difficulties in accessing broken ground at AR South and higher than expected dilution at the Blanket ore body due to the introduction of long-hole stopping on the grounds of safety.

Capex to decline substantially after 2019

He highlighted that corrective measures had been put into place to improve grade, with the benefits anticipated in future quarters as both grade and overall tonnage increase.

Curtis added: “We experienced significant negative working capital movements during the quarter which had an adverse effect on operating cash flow with a net operating cash burn of $1.2 million during the quarter.

“This, combined with capital investment of $5.6 million during the quarter, had a negative impact on the balance sheet with a net cash balance of $5.3 million at the end of the quarter.”

"Capital investment for the quarter was in line with our capex plan for 2018 at $5.6 million, most of which was incurred at Central Shaft, which has now reached a depth of 1,106 meters.

“We expect capex to decline substantially after 2019 after we commission the Central Shaft as planned in 2020. The Central Shaft project is the key enabler of longer term value for our shareholders as we progress towards our production and cost targets by 2021."

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Thu, 09 Aug 2018 07:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/202555/caledonia-mining-grows-gold-output-marginally-in-challenging-quarter-202555.html
<![CDATA[RNS press release - Results for the Quarter ended 30 June 2018 ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180809070007_13748982/ Thu, 09 Aug 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180809070007_13748982/ <![CDATA[RNS press release - Accident at Blanket Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180712103512_13715569/ Thu, 12 Jul 2018 10:35:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180712103512_13715569/ <![CDATA[News - Caledonia Mining sees year-on-year production at Blanket creep up in first half ]]> http://www.proactiveinvestors.co.uk/companies/news/200650/caledonia-mining-sees-year-on-year-production-at-blanket-creep-up-in-first-half-200650.html Caledonia Mining Corporation (LON:CMCL, TSX:CAL) has reported an increase in gold production at its Blanket mine in Zimbabwe for the first half of the year 

The AIM-listed gold miner said around 25,582 ounces of gold had been produced in the first half of the year, marginally ahead of the 25,316 ounces produced in the same period a year ago.

READ: Caledonia Mining sees earnings boost in first quarter

For the second quarter, the company said around 12,657 ounces had been produced, a 1% increase on the second quarter of 2017 but 2% below production in the first quarter of 2018.

Caledonia added that production remained in line with expectations and maintained its full-year production guidance at between 55,000-59,000 ounces, with Blanket on track to progress toward a long-term target of 80,000 ounces by 2021.

Steve Curtis, chief executive of Caledonia Mining, said: "Production of 12,657 ounces in the second quarter of 2018 is consistent with the level achieved in the corresponding quarter of 2017 and the first quarter of 2018. Grade during the quarter was below our expectation although grade has reverted to budgeted levels in the recent weeks. The lower grade was partly a result of normal variations in the ore body and partly a one-off consequence of some modified mining practices which were adopted to improve safety.

He added: "The sinking of the central shaft remains according to plan and within budget, with the shaft currently at a depth of 1,073 meters; sinking is currently paused due to the process of cutting stations for horizontal development on 30 level. The project continues to progress well and we look forward to commencing production from the central shaft in 2020”.

In a separate announcement, the company also announced a fatality at the Blanket mine on July 12.

The accident occurred in a development area at the Blanket ore body section of the mine, with the company saying it had notified the Minister of Mines and Mining

Development and the Inspector of Mines and would provide all the necessary assistance to the Ministry of Mines Inspectorate Department in its enquiry into the incident.

--Adds information on mine fatality--

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Thu, 12 Jul 2018 07:45:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/200650/caledonia-mining-sees-year-on-year-production-at-blanket-creep-up-in-first-half-200650.html
<![CDATA[RNS press release - Q2 2018 Production Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180712070003_13714693/ Thu, 12 Jul 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180712070003_13714693/ <![CDATA[RNS press release - Caledonia Declares Quarterly Dividend ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180703070010_13702710/ Tue, 03 Jul 2018 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180703070010_13702710/ <![CDATA[RNS press release - Results of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180627095710_13695505/ Wed, 27 Jun 2018 09:57:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180627095710_13695505/ <![CDATA[RNS press release - Notice of Posting of AGM Materials ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180531070002_13660650/ Thu, 31 May 2018 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180531070002_13660650/ <![CDATA[News - Caledonia Mining sees earnings boost in first quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/196892/caledonia-mining-sees-earnings-boost-in-first-quarter-196892.html Caledonia Mining Corporation Plc (LON:CMCL) told investor that first quarter production, at 12,924 ounces of gold, was marginally higher than the same period of last year.

A stronger gold price and better export terms, meanwhile, sees adjusted earnings some 51% higher year-on-year at 40.1cents per share.

Steve Curtis, Caledonia chief executive, highlighted the “very strong cash generation” at the Blanket mine in Zimbabwe. Operating cash flow amounted to US$7.04mln for the three month period, up 296% from US$1.77mln.

WATCH: Caledonia Mining to see substantial earnings increase from Zimbabwe tax boost

“As we continue to grow production to our target of 80,000 ounces by 2021, maintain cost control and benefit from economies of scale we look forward to further increasing cash flows and earnings,” Curtis said.

"Gold production was marginally higher in the Quarter compared to the first quarter of 2017 and was in-line with our expectations. 

“We expect that production will deliver the usual increase in the second half of the year as we see the benefit of the increased level of mine development in the first half of the year, which will improve our access to higher grade areas.”

He added: "The Central Shaft remains a key enabler of long term value of the business and I am pleased to report that the project is progressing on schedule and within budget and importantly, remains fully funded by operating cash flow.

“For our technical team to deliver production and a transformational project for the business is a significant achievement.

“Following the decision to extend the shaft sinking project in November of 2017 the shaft has now reached 30 Level (990 metres) and work has commenced on establishing the station on this level.”

Caledonia expects to produce between 55,000 and 59,000 ounces of gold for the full year, while earnings are forecast between 165 to 190 cents per share.

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Mon, 14 May 2018 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196892/caledonia-mining-sees-earnings-boost-in-first-quarter-196892.html
<![CDATA[RNS press release - Results for the Quarter ended 31 March 2018 ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180514070006_13638960/ Mon, 14 May 2018 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180514070006_13638960/ <![CDATA[News - Caledonia Mining on track to hit full-year production guidance after solid first quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/194511/caledonia-mining-on-track-to-hit-full-year-production-guidance-after-solid-first-quarter-194511.html Gold producer Caledonia Mining Corporation PLC (LON:CMCL; NYSE:CMCL; TSE:CAL) has maintained its full-year production guidance after a solid start to 2018 at its 49%-owned Blanket mine in Zimbabwe.

The company – which is listed in London, New York and Toronto – produced 12,924 ounces of gold in the first quarter of the year, in line with expectations and consistent with what it produced in the same period of 2017.

READ: Caledonia Mining to see substantial earnings increase from Zimbabwe tax boost

As a result, Caledonia in on track to achieve its full-year production guidance of between 55,000-59,000oz of the yellow metal.

Looking further ahead, the miner also told investors it is making good progress towards hitting its long-term target of 80,000oz by 2021.

“Production in the first quarter of 2018 is consistent with the level achieved in the corresponding quarter of 2017 as Blanket remains on track to deliver its full year guidance of 55,000 to 59,000oz,” said chief executive Steve Curtis.

“Whilst production is in line with expectations our safety performance during the quarter was very disappointing as we announced during the quarter a fatal accident at Blanket.”

Curtis added: “The sinking of the central shaft continues to progress according to plan and within budget, with the shaft currently at a depth of 990m. We look forward to commencing production from the central shaft in 2020 which is expected to deliver the company's growth plan to achieve 80,000oz by 2021.”

Caledonia shares were down 0.8% to 590p on Monday morning.

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Mon, 09 Apr 2018 10:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194511/caledonia-mining-on-track-to-hit-full-year-production-guidance-after-solid-first-quarter-194511.html
<![CDATA[RNS press release - Quarterly Production Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180409082518_13596040/ Mon, 09 Apr 2018 08:25:18 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180409082518_13596040/ <![CDATA[Media files - Caledonia Mining to see substantial earnings increase from Zimbabwe tax boost ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8992/caledonia-mining-to-see-substantial-earnings-increase-from-zimbabwe-tax-boost-8992.html Wed, 04 Apr 2018 14:11:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8992/caledonia-mining-to-see-substantial-earnings-increase-from-zimbabwe-tax-boost-8992.html <![CDATA[News - Caledonia Mining set for significant earnings boost from Zimbabwe tax change ]]> http://www.proactiveinvestors.co.uk/companies/news/194228/caledonia-mining-set-for-significant-earnings-boost-from-zimbabwe-tax-change-194228.html Caledonia Mining Corporation PLC (LON:CMCL TSX:CAL) has predicted a material boost to earnings this year due to changes in Zimbabwe’s export credit rules.

The Reserve Bank of Zimbabwe raised the Export Credit Incentive (ECI) paid to all gold miners to 10% from 2.5% in February.

WATCH: Caledonia Mining to see substantial earnings increase from Zimbabwe tax boost

Assuming gold remains at US$1,260 per oz, the benefit might be an extra US$5.1mln over the full year to December, said the miner, which owns 49% and runs the Blanket gold mine.

That will have a material positive impact on Caledonia's forecast EPS for the year, it added.

Caledonia had previously forecast earnings of between 130c and 150c per share for 2018 based on an ECI rate of 2.5%, but with ECI at 10% that forecast has been raised to between 165c and 190c per share.

Steve Curtis, Caledonia's chief executive, said: "The increase in the ECI from 2.5% to 10% is a further significant step by the Zimbabwean Government to boost investment and production in the gold mining sector.

“It is very pleasing to see the government delivering on previous policy statements to promote investment in the sector.”

In early trading, Caledonia Mining shares gained 5% at 565p.

 -- Adds share price --

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Wed, 04 Apr 2018 08:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194228/caledonia-mining-set-for-significant-earnings-boost-from-zimbabwe-tax-change-194228.html
<![CDATA[RNS press release - Increase to Zimbabwean Export Credit Incentive ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180404070003_13590493/ Wed, 04 Apr 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180404070003_13590493/ <![CDATA[RNS press release - Caledonia declares quarterly dividend ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180403070010_13588443/ Tue, 03 Apr 2018 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180403070010_13588443/ <![CDATA[Media files - Caledonia Mining in early talks to increase stake in Blanket mine ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8932/caledonia-mining-in-early-talks-to-increase-stake-in-blanket-mine Thu, 22 Mar 2018 17:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8932/caledonia-mining-in-early-talks-to-increase-stake-in-blanket-mine <![CDATA[News - Caledonia Mining’s largest shareholder increases stake after record production ]]> http://www.proactiveinvestors.co.uk/companies/news/193640/caledonia-minings-largest-shareholder-increases-stake-after-record-production-193640.html Caledonia Mining Corporation PLC (LON:CMCL) said its largest shareholder has increased its stake in the company to just over 20% of the shares in issue.

The mining and exploration company said the stakeholder – African investment company Allan Gray – now holds a total of 2,130,668 shares.

READ: Caledonia Mining achieves new production record at Blanket gold mine

The news comes after Caledonia reported record production from its Blanket mine in Zimbabwe in its full-year results, with 56,133 ounces of gold unearthed, an 11.5% increase from the previous year.

The company also reported gross profits of US$26.32mln, up from US$23.49mln previously.

Shares in Caledonia Mining were steady in mid-afternoon trading at 512.5p.

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Thu, 22 Mar 2018 13:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193640/caledonia-minings-largest-shareholder-increases-stake-after-record-production-193640.html
<![CDATA[RNS press release - Notification of relevant change to shareholder ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180322130001_13577733/ Thu, 22 Mar 2018 13:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180322130001_13577733/ <![CDATA[News - Caledonia Mining achieves new production record at Blanket gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/193530/caledonia-mining-achieves-new-production-record-at-blanket-gold-mine-193530.html Caledonia Mining Corporation PLC (LON:CMCL) told investors it achieved a new production record at the Blanket mine in Zimbabwe where it unearthed 56,133 ounces of gold during 2017, some 11.5% more than in the preceding year.

The company, in financial results for the year, reported an average gold price of US$1,243 per ounce (up from US$1,232 in the year before) and it said gross profit amounted to US$26.32mln, up from US$23.49mln.

READ: Caledonia Mining started with 'buy' at broker Cantor as Blanket continues ramp up

Net profit was reported at US$9.38mln, with adjusted earnings per share confirmed at 135.4p per share for the 12 months ended December 31.

At the end of the year, Caledonia had US$12.75mln of cash and equivalents, having generated some US$24.5mln in the 12 months.

"I'm delighted to report that production for the year was a new record: the 56,133 ounces of gold produced in 2017 being 11.5 per cent higher than in 2016,” said Steve Curtis, Caledonia chief executive.

“The production difficulties which we encountered in the first half of the year were identified and addressed and it was pleasing to see that these remedial measures resulted in Blanket achieving consecutive production records in the third and fourth quarters of the year.”

"In addition to increased production, we have also reduced our unit costs: Caledonia's AISC per ounce for the year was $847 per ounce - seven per cent lower than in 2016. The combination of increased production and lower costs and a small increase in the gold price resulted in a 14 per cent increase in profit attributable to shareholders.”

Curtis added: “There were some significant political developments in Zimbabwe towards the end of 2017 which culminated in the appointment of the new President. 

“The new President has made several pronouncements regarding a relaxation in the indigenisation policy and specifically the removal of the indigenisation requirement for gold mining companies.”

He highlighted that the company now intended to proceed with a funding process to raise US$4mln which will fund exploration and it will, assuming indigenous investors don’t acquire new shares, see the company’s stake in Blanket increase above 50%.

Options on indigenous stakeholders

The company is also said to be considering options to acquire stakes from certain indigenous stakeholders, to further increase its direct ownership of the mine.

"I wholeheartedly welcome the change in legislation which means that Caledonia can commit new capital so that Blanket can commence exploration and evaluations of additional projects in Zimbabwe,” Curtis said.

“If this investment is successful it will benefit all stakeholders, including Blanket's indigenous shareholders, future employees on the new projects, the communities around the new projects and the government of Zimbabwe which would benefit from increased royalty and tax receipts and greater inflows of foreign exchange arising from increased gold production.”

Caledonia is described, by Curtis, as being ‘highly cash generative” at present levels (55,000 ounces per year) and he is confident that this will improve further as the Blanket operation is expanded up to a rate of 80,000 ounces per year by 2021.

“Once the Investment Plan is completed towards the end of 2020, we expect to have substantial free cash flows to deploy elsewhere. Against this background, there are very encouraging political developments in Zimbabwe which we are optimistic will create new investment opportunities,” Curtis added.

In afternoon trading, Caledonia Mining shares were 0.5% higher at 512.5p.

 -- Adds share price --

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Wed, 21 Mar 2018 08:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193530/caledonia-mining-achieves-new-production-record-at-blanket-gold-mine-193530.html
<![CDATA[RNS press release - Results for Q4 and Year ended December 31, 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180321070004_13574682/ Wed, 21 Mar 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180321070004_13574682/ <![CDATA[News - Caledonia expresses sincere condolences after fatality, closes section of Blanket mine ]]> http://www.proactiveinvestors.co.uk/companies/news/192166/caledonia-expresses-sincere-condolences-after-fatality-closes-section-of-blanket-mine-192166.html Caledonia Mining Corporation PLC (LON:CMCL) has expressed its sincere condolences after a fatal accident at its Blanket gold mine in Zimbabwe on February 23.

The accident occurred in the Blanket Quartz Reef area of the mine.

Caledonia has notified the Minister of Mines and Mining Development and the Inspector of Mines and will provide all the necessary assistance to the Ministry of Mines Inspectorate Department in its enquiry into this incident.

Production in the section has stopped pending an investigation.

Until such a time as the outcome of this enquiry has been reached, no further details can be released.

The directors and management of Caledonia and Blanket have expressed their sincere condolences to the family and colleagues of the deceased.

"It is with great sadness that we announce a fatal accident at Blanket Mine during the night shift on the 23rd of February,” said chief executive Steve Curtis.

“I join with all of my colleagues and fellow directors in expressing our sincere condolences to the family and friends of the deceased."

 

 

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Mon, 26 Feb 2018 08:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192166/caledonia-expresses-sincere-condolences-after-fatality-closes-section-of-blanket-mine-192166.html
<![CDATA[RNS press release - Accident at Blanket Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180226070005_13544970/ Mon, 26 Feb 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180226070005_13544970/ <![CDATA[News - Caledonia Mining started with 'buy' at broker Cantor as Blanket continues ramp up ]]> http://www.proactiveinvestors.co.uk/companies/news/191068/caledonia-mining-started-with-buy-at-broker-cantor-as-blanket-continues-ramp-up-191068.html City broker Cantor has started covering Zimbabwe-based gold miner Caledonia Mining Corporation PLC (LON:CMCL,TSX:CAL) with a 'buy' stance and 989p target price (current price:530p).

Earlier this month, the firm released details of another record quarter at the 49%-owned Blanket mine.

WATCH: Caledonia Mining's Blanket Mine continuing to punch above its weight

Production was 16,425 ounces of gold in the three months to December, 14% more than the previous quarter and 21% higher than a year ago.

For 2017 as a whole, production was 11% higher than the previous year at 56,135 ounces, which was just ahead of guidance and also a yearly record for Blanket.

Caledonia (CAL) and its Zimbabwean partners are now more than three years into the self-funded investment plan at the Blanket mine which should result in a circa 75% expansion in annual production versus 2017 to circa 80,000 ounces and a corresponding 25% reduction in all sustaining costs to around US$750 per ounce, notes Cantor's mining analyst Asa Bridle.

"The production gains are based on a significant overhaul and expansion of the mine’s underground infrastructure which will see the operation access new ore at deeper levels to supply the underutilised processing plant," he notes.

The analyst also points to the fact that the Caledonia growth story should also attract income investors, it having been a dividend payer for nearly five years.

"Most impressively, CAL has been able to maintain and increase its quarterly dividend payments despite the capital commitment to the expansion programme at the Blanket mine," he says.

Finally, Bridle is seemingly unruffled by the political situation in Zimbabwe.

READ: Caledonia Mining notches consecutive records at Blanket gold mine in Zimbabwe

The country, he says, "must be viewed as a high sovereign risk jurisdiction but the demise of the Mugabe regime last November at least gives a fresh opportunity for recovery".

He says the firm has made itself of strategic importance to Zimbabwe as a major employer in its region, dollar earner and tax payer.

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Fri, 02 Feb 2018 11:54:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191068/caledonia-mining-started-with-buy-at-broker-cantor-as-blanket-continues-ramp-up-191068.html
<![CDATA[Media files - Caledonia Mining's Blanket Mine continuing to punch above its weight ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8617/caledonia-mining-s-blanket-mine-continuing-to-punch-above-its-weight-8617.html Mon, 15 Jan 2018 14:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8617/caledonia-mining-s-blanket-mine-continuing-to-punch-above-its-weight-8617.html <![CDATA[News - Caledonia Mining notches consecutive records at Blanket gold mine in Zimbabwe ]]> http://www.proactiveinvestors.co.uk/companies/news/190004/caledonia-mining-notches-consecutive-records-at-blanket-gold-mine-in-zimbabwe-190004.html Zimbabwe-based gold miner Caledonia Mining Corporation PLC (LON:CMCL TSX:CAL) has racked up another record quarter at the Blanket mine.

Production at the 49% owned mine totalled 16,425 ounces of gold in the three months to December, 14% more than the previous quarter and 21% higher than a year ago.

For 2017 in total, production was 11% higher than the previous year at 56,135 ounces, which was just ahead of guidance and also a yearly record for Blanket. 

Steve Curtis, chief executive, said: “Full year production of 56,135 ounces for 2017 is a significant achievement especially when considering the relatively slow production we experienced in the first half of the year.

“To finish the second half of the year with two quarterly production records and the production of almost 31,000 ounces of gold in the six month period is an achievement of which all of our technical and production staff should be justifiably proud.

Caledonia is undertaking a major upgrade at Blanket to boost production to production to 80,000 ounces by 2021.

In the current year, Blanket is scheduled to produce between 55,000 and 59,000oz.

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Mon, 15 Jan 2018 07:54:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190004/caledonia-mining-notches-consecutive-records-at-blanket-gold-mine-in-zimbabwe-190004.html
<![CDATA[RNS press release - Record quarterly and annual gold production ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180115070004_13495577/ Mon, 15 Jan 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180115070004_13495577/ <![CDATA[News - Caledonia declares regular quarterly dividend as production guidance stays at around 55,000 ounces ]]> http://www.proactiveinvestors.co.uk/companies/news/189382/caledonia-declares-regular-quarterly-dividend-as-production-guidance-stays-at-around-55000-ounces-189382.html Tue, 02 Jan 2018 08:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189382/caledonia-declares-regular-quarterly-dividend-as-production-guidance-stays-at-around-55000-ounces-189382.html <![CDATA[RNS press release - Caledonia declares quarterly dividend ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180102070004_13481269/ Tue, 02 Jan 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20180102070004_13481269/ <![CDATA[RNS press release - Exercise of share options ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171201070007_13450325/ Fri, 01 Dec 2017 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171201070007_13450325/ <![CDATA[Media files - Miners keeping close watch on army takeover in Zimbabwe ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8369/miners-keeping-close-watch-on-army-takeover-in-zimbabwe-8369.html Wed, 15 Nov 2017 13:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8369/miners-keeping-close-watch-on-army-takeover-in-zimbabwe-8369.html <![CDATA[Media files - Caledonia Mining's Blanket mine still has a lot of life left in it yet, says CEO Curtis ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8366/caledonia-mining-s-blanket-mine-still-has-a-lot-of-life-left-in-it-yet-says-ceo-curtis-8366.html Tue, 14 Nov 2017 15:36:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8366/caledonia-mining-s-blanket-mine-still-has-a-lot-of-life-left-in-it-yet-says-ceo-curtis-8366.html <![CDATA[News - Caledonia boosts production and revenues at Blanket gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/187139/caledonia-boosts-production-and-revenues-at-blanket-gold-mine-187139.html Revenues from gold production at the Blanket gold mine in Zimbabwe rose to over US$18.2 mln in the third quarter, up from the US$17.6 mln generated in the corresponding period a year ago, according to operator and major shareholder Caledonia Mining Corporation PLC (LON:CMCL).

Pre-tax profit rose to US$6.2 mln, up from US$4.1 mln a year ago.

READ: Caledonia Mining to extend central shaft at Blanket mine after resource upgrade

"Gold production in the quarter achieved a new record:  14,396 ounces of gold were produced in the third quarter - seven per cent more than the third quarter of 2016 and 15 per cent more than in the preceding quarter,” said chief executive Steve Curtis. 

READ: Caledonia Mining ups resources at Blanket mine for sixth successive year

“The increased production was primarily due to higher grades, which was due to the improved mine flexibility as a result of the measures taken in previous quarters. The higher gold production resulted in higher revenues and a substantial increase in profit.  Net profit attributable to shareholders in the quarter was US$3.1 million - almost three times higher than the third quarter of 2016 and over four times higher than the preceding quarter.”

 

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Mon, 13 Nov 2017 08:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187139/caledonia-boosts-production-and-revenues-at-blanket-gold-mine-187139.html
<![CDATA[RNS press release - Information relating to significant shareholder ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171113070005_13428557/ Mon, 13 Nov 2017 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171113070005_13428557/ <![CDATA[RNS press release - Results for the Third Quarter ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171113070003_13428493/ Mon, 13 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171113070003_13428493/ <![CDATA[News - Caledonia Mining to extend central shaft at Blanket mine after resource upgrade ]]> http://www.proactiveinvestors.co.uk/companies/news/187064/caledonia-mining-to-extend-central-shaft-at-blanket-mine-after-resource-upgrade-187064.html Caledonia Mining Corporation PLC (LON:CMCL, NYSE:CMCL) has potentially secured the future of its Blanket mine in Zimbabwe for the next 20 years by opting to extend the central shaft on site to greater depths.

It comes on the back of the recent resource upgrade, which underlined potential volume and grade at depth.

READ: Caledonia Mining ups resources at Blanket mine for sixth successive year

Total measured and indicated gold ounces now amount to 714,000 ounces compared to 671,000 ounces at the end of 2016, the company said last week.

The central shaft is currently under construction, and will now be extended by a further 250 metres to a depth of 1,330 metres and fully commissioned by the end of the first quarter of 2020, the mining group said.

"The Central Shaft is already a transformational project for our business, and to extend the project an additional 250 metres in depth including development on 34 and 38 levels will potentially secure Blanket's operating future for the next 20 years taking exploration potential into account," said Steve Curtis, chief executive at Caledonia.

"It is significantly cheaper to continue the shaft sinking while we are in the construction phase of the project rather than to deepen a fully commissioned and operational shaft in several years' time," he added.

"The creation of an additional two levels will also increase the mining flexibility and further de-risk the target production of 80,000 ounces per annum from 2021."

The extension and associated capital development of additional production levels will cost around US$18mln to be funded by Blanket's internal cash generation.

READ: Caledonia Mining expecting strong finish to 2017 after record quarter

A preliminary economic assessment (PEA) indicates a project NPV (net present value) over the life of mine (LOM) of US$193mln based on a gold price of US$1,260/ounce and a 10% discount rate.

Total output from the measured and indicated resources over the life of the mine is expected to be around 420,000 ounces and production from inferred resources is expected to be around 550,000 to 600,000 ounces between 2018 and 2031.

Caledonia expects that its long term All-In Sustaining Cost (AISC) guidance is expected to remain in the range of US$700 to US$800 per ounce.

Notably, the indicated resource below 30 level of 37,000 ounces justifies as a standalone project alone the investment of US$18mln for the shaft deepening and the additional two production levels.

Caledonia said it had also started a mid-shaft loading system at Blanket using the existing Central Shaft infrastructure to handle development waste to improve handling capacity and alleviate pressure on Number 4 shaft.

Caledonia owns 49% of the Blanket mine.

Shares in London added 0.72% to 418p

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Fri, 10 Nov 2017 07:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187064/caledonia-mining-to-extend-central-shaft-at-blanket-mine-after-resource-upgrade-187064.html
<![CDATA[RNS press release - Extension of Central Shaft Project ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171110070003_13426998/ Fri, 10 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171110070003_13426998/ <![CDATA[News - Caledonia Mining ups resources at Blanket mine for sixth successive year ]]> http://www.proactiveinvestors.co.uk/companies/news/186632/caledonia-mining-ups-resources-at-blanket-mine-for-sixth-successive-year-186632.html Caledonia Mining Corporation PLC (LON:CMCL) has raised its estimate of the mineable gold at Blanket in Zimbabwe by 6%, an upgrade that might extend the mine’s life.

Steve Curtis, chief executive, said the improvement underscored the overall confidence level in Blanket's resources.

WATCH: Caledonia Mining expecting strong finish to 2017 after record quarter

Total measured and indicated gold ounces now amount to 714,000 ounces compared to 671,000 ounces at the end of 2016.

Curtis added the miner is modifying the life-of-mine plan at Blanket to include the additional ounces where possible with a view to extending its life.

Caledonia owns 49% of the mine and is midway through a major expansion that includes a new central shaft.

There was a slight reduction in the average grade to 3.98g/t from 4.31g/t, but this grade remains well above what is being processed currently.

READ: Caledonia Mining Corporation on schedule with Blanket ramp up

Inferred resources, a less certain classification, rose by 47% to 887,000oz or 5.53mln tonnes at a grade of 4.99g/t.

The miner added resources at Blanket have now risen for six sixth successive years since 2011 even though over 250,000oz of gold had been dug out during this period.

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Thu, 02 Nov 2017 07:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186632/caledonia-mining-ups-resources-at-blanket-mine-for-sixth-successive-year-186632.html
<![CDATA[RNS press release - Resource Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171102070004_13417534/ Thu, 02 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171102070004_13417534/ <![CDATA[RNS press release - Exercise of share options ]]> http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171006070003_13388120/ Fri, 06 Oct 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/156/LSE20171006070003_13388120/ <![CDATA[Media files - Caledonia Mining expecting strong finish to 2017 after record quarter ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8198/caledonia-mining-expecting-strong-finish-to-2017-after-record-quarter-8198.html Thu, 05 Oct 2017 19:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8198/caledonia-mining-expecting-strong-finish-to-2017-after-record-quarter-8198.html <![CDATA[News - Caledonia Mining announces record quarterly gold production from Blanket Mine in Zimbabwe, raises 2017 guidance ]]> http://www.proactiveinvestors.co.uk/companies/news/185095/caledonia-mining-announces-record-quarterly-gold-production-from-blanket-mine-in-zimbabwe-raises-2017-guidance-185095.html Caledonia Mining Corporation PLC (LON:CMCL) has announced record quarterly gold production from the Blanket Mine in Zimbabwe for the quarter ended 30 September  2017.

In a statement, the AIM-listed firm said approximately 14,389 ounces of gold were produced during the quarter, 15% higher than the previous quarter and 7% higher than the corresponding quarter of 2016.

WATCH: Caledonia Mining expecting strong finish to 2017 after record quarter

The group added that the improvement in production in the third quarter is expected to continue into the fourth quarter. 

As a result, the company has narrowed the range of its 2017 production guidance from 52,000 to 57,000 ounces to a range of between 54,000 and 56,000 ounces.

Caledonia said it remains on track to achieve its production target of 80,000 ounces in 2021.

READ: Caledonia Mining maintains dividend guidance for 2017

Commenting on the production report, Steve Curtis, Caledonia’s chief executive officer, said: "The first half of 2017 presented Caledonia with some significant operating challenges which adversely affected production. 

“In May 2017 it was announced that our technical team was implementing various remedial measures aimed at alleviating the operating challenges and improving the reliability of our underground infrastructure.”

He added: “I am pleased to confirm that these measures implemented in the last three months have had the desired effect and have resulted in an improvement in both tonnage and grade at Blanket with associated higher production for the Quarter.”

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Thu, 05 Oct 2017 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185095/caledonia-mining-announces-record-quarterly-gold-production-from-blanket-mine-in-zimbabwe-raises-2017-guidance-185095.html