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Caledonia is a Mining, Exploration and Development company focused on Southern Africa. Caledonia’s primary asset is a 49% interest in the Blanket Mine ("Blanket") in Zimbabwe, which is fully compliant with local ownership requirements and produced 41,800 ounces of gold in 2014.  In November 2014 Caledonia announced a fully-funded investment proramme to increase production at Blanket to approximately 80,000 ounces of gold in 2021. Caledonia's shares are listed on the Toronto Stock Exchange (CAL) and on AIM in London (CMCL) and are also traded on the OTCQX in the USA (CALVF). Caledonia pays a quarterly dividend of 1.5 canadian cents per quarter.

+1 (416) 369 9835
Suite 4009, 1 King Street West, Toronto, Ontario, Canada M5H 1A1.
Super Sector:
General Mining - Gold
General Mining
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Caledonia Mining RNS Press Releases

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Caledonia Mining Articles, News, and Media Files

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Caledonia Mining Related Media

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Broker press

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  • 14/10/14

    14.10.14 :-8, (49.5) WH Ireland reiterates its "buy" rating but cut its price target to 90p from 100p.

  • 09/10/14
    +0.00 +58.00

    Numis reiterates its "buy" rating but cut its price target to 85p from 90p.

  • 19/08/14
    +0.00 +59.00

    Daniel Stewart initiates coverage with a "buy" rating and 73p target price.

  • 13/08/14
    +0.50 +59.00

    Numis reiterates its "buy" rating but cut its price target to 90p from 100p.

  • 11/04/14
    +0.00 +45.00

    Numis reiterates its "buy" rating but cut its price target to 100p from 120p.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
23/01/15 L.A. Wilson BUY 30,200 ORD 43.50 13,137 72,500 0.14
23/05/13 J. Johnstone SELL 24,000 ORD 67.50 16,200 16,000 0.03
12/04/13 J. Johnstone EX 300,000 OPT 4.50 13,500 400,000 0.08
12/04/13 F.C. Harvey EX 400,000 OPT 4.50 18,000 1,604,300 0.31
12/04/13 C.R. Jonsson EX 1,000,000 OPT 4.50 45,000 1,559,469 0.30


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/14 Full year 59.08 13.17 9.30 6.00 CAD
30/06/14 Interim 36.41 12.93 14.70 0.00 CAD
31/12/13 Full year 65.11 9.41 -6.10 6.00 CAD
30/06/13 Interim 36.41 12.93 14.70 0.00 CAD
31/12/12 Full year 75.22 20.18 1.72 0.50 CAD


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Currency Ex-Date Pay Date Net Dividend Currency Total for year
Q1 Dividend 16/04/15 30/04/15 1.5000 CAD
H2 Dividend 15/01/15 30/01/15 1.5000 CAD 6.0000
Q3 Dividend 16/10/14 31/10/14 1.5000 CAD
H1 Dividend 16/07/14 31/07/14 1.5000 CAD
Q1 Dividend 02/04/14 30/04/14 1.5000 CAD 1.5000

Presentations & Company Media

Related Research & Media

Company Statement

The Blanket gold mine re-started production in April 2009 after a temporary shut-down due to the economic difficulties in Zimbabwe. In late 2010, Blanket successfully completed an expansion project which increased production capacity from 24,000 ounces of gold per annum to 40,000 ounces of gold per annum.

As an indigenised entity, Blanket can implement its long term growth strategy. In November 2014 the Blanket board, which includes representatives of the Indigenous Zimbabwean shareholders, approved a US$70 million capital investment programme for the 7 years from 2015 to 2021 which is expected to increase production from the current level of approximately 40,000 ounces of gold per annum to over 80,00 ounces of gold.  This investment programme, which was endorsed by the Caledonia board, will be funded from Blanket's internally generated cash.  In December 2014 Caledonia published a Preliminary Economic Asessment ("PEA") of Blanket's revised investment plan.  The key conclusions of this PEA, which is avaiable on Caledonia's website, are:


  • an Internal Rate of Return of 267%
  • a net present value for the Blanket Mine of US$147 million


Blanket is engaged in the exploration of the down-dip extensions of the known ore bodies and the first two out of a total of 18 satellite exploration projects which are within trucking distance of the Blanket metallurgical recovery plant.

Blanket's metallurgical plant has substantial surplus capacity. Increased production arising from increased mining throughput could therefore be processed with moderate capital investment and incurring only consumable costs to treat any increased throughput.

Caledonia has a strong, experienced management team and Board of Directors with diverse expertise in gold production, exploration, mine development, finance and marketing. Caledonia's management team is based in Johannesburg, South Africa.

Caledonia paid its initial dividend in February 2012. On April 4, 2013 Caledonia announced an annual dividend in respect of the year to December 31, 2012. On November 25, 2013 Caledonia announced that in 2014 it intends to pay an annual aggregate dividend of 6 Canadian cents per common share, payable on a quarterly basis. The first quarterly dividend of 1.5 Canadian cents per common share was declared and paid in January 2014.  Further quarterly dividends have been paid thereafter.  The Caledonia Board will continue to review dividends which will depend on the performance of the company and its capital investment requirements.

Current Operations

Blanket Gold Mine

Caledonia acquired the Blanket Mine from Kinross Gold Corporation with effect from April 2006. Following the implementation of indigenisation with effect from September 5, 2012, Caledonia now owns 49% of Blanket. 

Blanket Gold Mine is a well-established Zimbabwean gold mine, which operates at a depth of approximately 750 meters below surface and produced approximately 45,500 ounces of gold in 2013. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant.  In November 2014, Caledonia announced a revised investment plan for the Blanket Mine in terms of which production is expected to increase to approximately 80,000 ounces of gold by 2021 following the investment of approximately US$70m, all of which is expected to be funded from internal cash generation and existing cash resources. 

The Blanket Mine is located in the south-west of Zimbabwe approximately 15 km west of Gwanda, the provincial capital of Matabeleland South. Gwanda is 150 km south east of Bulawayo the country's second largest city and 196 km northwest of the Beit Bridge Border post with South Africa, and 560 km from Harare, Zimbabwe's capital city. Access to the mine is by an all-weather tarred road from Gwanda, which is linked from Beit Bridge to Bulawayo and Harare by a national highway.


A view of the Blanket Gold Mine


Blanket Gold Mine is a well-established Zimbabwean gold mine, which operates at a depth of approximately 750 meters below surface and produced approximately 45,500 ounces of gold in 2013. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant.  In November 2014, Caledonia announced a revised investment plan for the Blanket Mine in terms of which production is expected to increase to approximately 80,000 ounces of gold by 2021 following the investment of approximately US$70m, all of which is expected to be funded from internal cash generation and existing cash Zimbabwe - Background

Zimbabwe had an excellent infrastructure system comprising good roads, railways and electricity generation. Lack of investment over the last 10 to 15 years means that much of the general infrastructure in Zimbabwe has deteriorated and substantial investment will be required to rectify and remediate it.

Notwithstanding the general deterioration in Zimbabwe's infrastructure, Blanket has adequate access to the specific infrastructure it requires in order to operate efficiently:

  • Zimbabwe's national highway system remains serviceable and most of Blanket's consumable and equipment supplies are transported to the mine by road from Johannesburg, in South Africa. Blanket has funded the maintenance of the minor road that connects the mine to the national highway and heavy goods vehicle can easily access the mine without impediment throughout the year.
  • Zimbabwe produces approximately 50% of Zimbabwe's total electricity demand and in 2010 this resulted in considerable interruptions to power supplies at Blanket. To address this situation, Blanket installed four, 2.5 MW diesel generators which allow the mine and all of the metallurgical operations to run normally during any interruption to the main electricity supply. In addition, Blanket has entered into an un-interruptible power supply agreement with the state-owned electricity supplier. Although the power supplied in terms of this agreement is more expensive than previously, it is substantially cheaper than the electricity generated by the stand-by diesel generators. Following the conclusion of the un-interruptible power supply agreement, the frequency of power interruptions has diminished to a negligible level.
  • Much of Zimbabwe's social infrastructure (e.g. water treatment and healthcare) has deteriorated and there have been outbreaks of illness such as cholera and typhoid amongst the general population. The majority of Blanket's employees live with their dependants on the Blanket Mine village where they are provided with potable water (treated at blanket's on-site treatment facility) and healthcare facilities.
  • Zimbabwe has historically had a strong and highly effective educational system. Notwithstanding a chronic shortage of funding in recent years, the general levels of education in the Zimbabwean workforce are very high and this is reflected in Blanket's well-educated and highly skilled workforce.
  • Caledonia in Johannesburg, South Africa provides procurement services to Blanket.  This means that Blanket has ready access to consumables and specialist technical services at highly competitve prices. 






Zimbabwe has a long history of mining and there are known occurrences of over 40 minerals in Zimbabwe, mainly gold, nickel and copper but also including coal, diamonds, PGE's and chromite. The Zimbabwean mining industry has operated for over 100 years and prior to the collapse of the economy from 2005 onwards, there was a well-established base of mining skills, expertise and local suppliers.

Zimbabwe has been a gold producer for over 100 years. Gold production in Zimbabwe reached a peak of 29.7 tonnes in 1999, at which time it was ranked as the 16th largest gold producer in the world. Gold production fell to only 3.5 tonnes in 2008 and by the end of 2008 all the gold mines in Zimbabwe had been forced to close due to the failure of the Reserve Bank of Zimbabwe ("RBZ") to pay for gold which, under the prevailing regulations prior to February 2009, required all gold producers to sell gold to the RBZ. Most of the Zimbabwean gold mines re-opened in the course of 2009 following the liberalisation of the commercial environment for gold producers. Gold production in 2009 was approximately 5 tonnes and is estimated to have increased to approximately 10 tonnes in 2012 and 13 tonnes in 2013.

In the period from October 2008 until Blanket resumed operations in April 2009, Blanket continued to pay and provide food and basic necessities to all of its over 500 employees, thereby successfully retaining the majority of the skills embedded in its work force.

The Zimbabwean Government recognises that the mining industry and particularly the gold mining industry is crucial to the growth and re-construction of the Zimbabwean economy.  Accordingly in February 2009, the Zimbabwean Government relaxed on restrictions over foreign payments, which means that it is now relatively easy to make payments of less than $5million to foreign suppliers, lenders and investors without the requirement for Central Bank approvals. Caledonia receives remittances from Blanket in the form of payments for goods and services procured by Caledonia on behalf of Blanket; a management fee payable by Blanket to Caledonia; payments of dividends from Blanket to Caledonia and the repayment of facilitation loans which were extended by Caledonia to the Indigenous Zimbabweans who acquired shareholdings in Blanket.

On January 28, 2014 Caledonia announced that as a result of new regulations introduced by the Zimbabwe Ministry of Finance, all gold produced in Zimbabwe must now be sold to Fidelity Printers and Refiners Limited ("Fidelity"), a company which is controlled by the Zimbabwean authorities and which is now responsible for the final refining and marketing of all gold produced in Zimbabwe. Accordingly, all of Blanket’s production has subsequently been sold to Fidelity. Blanket receives 98.75% of the value of the gold within a maximum of 7 days of a sale to Fidelity. Blanket has received all payments due from Fidelity under these new arrangements in-full and on-time.

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Leigh Alan Wilson - Chairman, and Director

Member of Audit, Compensation, Governance, Nominating, Disclosure and Strategy Committees

Leigh WilsonMr. Leigh Alan Wilson has an international business and financial services background having served in senior executive and management positions with Union Bank of Switzerland (Securities) Ltd. in London and with the Paribas Group in Paris and New York where he served as CEO of Paribas North America between 1984 and 1990.

Mr. Wilson has served on the Victory Fund Board since 1993 and currently serves as Independent Chairman of its Board of Trustees.

Mr Wilson is also the Chief Executive Officer of New Century Home Health Care Inc., a role he has held since 1995. In March 2006, Mr. Wilson received the Mutual Fund Trustee of the Year Award from Institutional Investor Magazine. 

Between March 2008 and October 2008, Mr. Wilson was an Independent Non-Executive Director of Caledonia. 

Mr. Wilson was re-appointed to the Caledonia board as an independent non-executive director in May 2012 and was appointed Chairman in May 2013. 


Steve Curtis, C.A. (SA) - Chief Executive Officer and Director

Member of Nominating, Disclosure and Strategy Committees

Mr. Curtis is a Chartered Accountant with over 30 years’ experience and has held a number of senior financial positions in the manufacturing industry. Before joining Caledonia in March 2006, he was Director Finance and Supply Chain for Avery Dennison SA and prior to this Financial Director and then Managing Director of Jackstadt GmbH South African operation. Mr. Curtis is a member of the South African Institute of Chartered Accountants and graduated from the University of Cape Town. He was appointed to the Caledonia board in July 2008.


Mark Learmonth - Chief Financial Officer  

management2Mr Learmonth joined Caledonia in July 2008. Prior to this, he was a Division Director of Investment Banking at Macquarie First South in South Africa, and has over 17 years' experience in corporate finance and investment banking, predominantly in the resources sector in Africa.

Mr Learmonth graduated from Oxford University and is a chartered accountant. Mr Learmonth is a member of the Executive Committee of the Chamber of Mines, Zimbabwe.  Mr Learmonth was appointed Caledonia's Chief Financal Officer in November 2014.


Dana Roets B.Sc. - Chief Operating Officer 

management1Dana Roets is a qualified Mining Engineer and holds a B.Sc. Mining Engineering degree from Pretoria University (1986) and an MBA from the University of Cape Town (1995). Mr Roets (51 years old) is a South African national with over 24 years of operational and managerial experience in the South African gold and platinum industry.

He started his career with Gold Fields at the St Helena Gold Mine as a graduate trainee and progressed via various operational roles from being an underground shift boss to become Vice President and Head of Operations at Kloof Gold Mine in January 1999 at which time Kloof produced over 1,000,000 ounces of gold per annum. More recently, Mr Roets was the COO at Great Basin Gold which had gold mining operations in the United States of America and South Africa.


James Johnstone, B.Sc., ARCST. - Director

Member of Compensation, Disclosure, Technical and Strategy Committees

James JohnstoneA graduate mining engineer, Mr. Johnstone has 40 years’ experience in mine operations in North America, Africa, Europe and Asia. He has experience in both underground and open pit operations.  He is a Life Member of the Canadian Institute of Mining and Metallurgy.  

Mr. Johnstone joined Caledonia in 1997 as Vice President Operations and was responsible for Caledonia's operations in Zambia, Canada and South Africa.  He was elected an executive director of Caledonia in June 1997. He retired as an executive in 2006, but continues as a non-executive director. 


Richard Patricio - Director

Member of Compensation, Governance and Strategy Committees

Richard PatricioMr. Richard Patricio is Vice President Legal and Corporate Affairs at Pinetree Capital Ltd. ("Pinetree"), a Toronto-based resource-specialist investor. 

Mr. Patricio currently holds directorships with several Canadian, US and Australian publicly quoted resource companies. He previously practiced law at a large Canadian law firm. Mr. Patricio is also currently Vice-President Corporate & Legal Affairs of Mega Uranium Ltd. and Brownstone Ventures Inc.

Mr Patricio was appointed to the Caledonia board as an independent non executive director in May 2012


John Lawson Kelly - Director

Member of Audit, Compensation, Governance and Strategy Committees

john KellyMr. John Lawson Kelly has over 30 years of experience in the financial services industry in the U.S.A and international markets including emerging markets in Asia. He has held executive management positions in globally active, full-service financial firms as well as technology-enabled financial services.   

Mr Kelly was appointed to the Caledonia board as an independent non-executive director in May 2012.


Johan Andries Holtzhausen - Director

Member of Compensation, Disclosure, Technical and Strategy Committees; Chairman of the Audit Committee

Johan holtzhausenMr. Johan Andries Holtzhausen is a retired partner of KPMG South Africa with 42 years of audit experience, of which 36 years were as a partner focused on the mining sector. Mr Holtzhausen chaired the Mining Interest Group at KPMG South Africa and his clients included major listed mining companies operating in Africa and elsewhere, which operated across a broad range of commodities. In addition to his professional qualifications, Mr Holtzhausen holds a B.Sc. from the University of Stellenbosch, majoring in chemistry and geology. 

Mr Holtzhausen is chairman of the Finance, Audit and Risk Committees of Strategic Partners in Tourism and its related party the Tourism Micro Enterprises Support Fund, both of which are not-for-profit organizations. Until 28 February 2011, Mr Holtzhausen served as a director of KPMG Inc. and KPMG Services (Pty) Ltd, both of which are private companies registered in South Africa and which provided audit, taxation and advisory services. My. Holtzhausen is also a non executive director of DRDGOLD Ltd. a medium sized South African gold producer listed in on the Johannesburg and New York Stock Exchanges.

Major Shareholders

Caledonia's larest disclosed shareholders (24 February 2015) are as follows;


Allan Grey (South African fund manager) 12.25%

Directors and Management   0.90%

  • Additional Information
    AIM, TSX
    Share Price
    52.12 m
    Mkt Cap
    £25.54 m
  • Latest Stocktube

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  • Contact Information


    Head Office 

    Caledonia Mining Corporation 

    Suite 4009 

    1 King Street West 


    Ontario, M5H 1A1 


    Tel: +1 (416) 369-9835 

    Fax: +1 (416) 369-0449 

    Website: www.caledoniamining.com 

    Email: info@caledoniamining.com 


    South Africa 

    Greenstone Management Services (Pty) Ltd. 

    P.O. Box 587 

    Johannesburg 2000 

    South Africa 

    Tel: +27 11 447 2499 

    Fax: +27 11 447 2554 

    Corporate Information


    KPMG Inc.

    Crescent, 85 Empire Road

    Parktown, South Africa, 2193


    Private Bag 9, Parkview, 2122

    Tel: +27 (0)11 647 7111

    Fax: +27 (0)11 647 8000



    Canadian Imperial Bank of Commerce

    6266 Dixie Road

    Mississauga, Ontario 

    L5T 1A7, Canada


    Registrar & Transfer Agent

    Computershare Investor Services Inc.

    100 University Ave, 8th Floor

    Toronto, Ontario

    M5J 2Y1 Canada

    Tel: (416) 263-9483

    Fax: (416) 981-9800


    Nomad and Joint AIM Broker

    Numis Securities Limited

    10 Paternoster Square

    London EC4M 7LT

    United Kingdom

    Joint AIM Broker

    WH Ireland

    24 Martin Lane

    London EC4R 0DR

    United Kingdom



    Memery Crystal LLP

    44 Southampton Buildings

    London WC2A 1AP

    United Kingdom 


    Borden Ladner Gervais LLP 

    Suite 4100, Scotia Plaza

    40 King Street West

    Toronto, Ontario

    M5H 3Y4 Canada

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