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Caledonia is a Mining, Exploration and Development company focused on Southern Africa. Caledonia’s primary assets are a 49% interest in the Blanket Mine ("Blanket") in Zimbabwe and a 100% interest in the Nama base metals exploration project in Zambia. Caledonia’s shares are listed on the Toronto Exchange (CAL), on London’s AIM (CMCL) and are also traded on the American OTCQX (CALVD).


+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
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
30/06/12 Interim 36.12 16.36 2.50 0.00 CAD


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Currency Ex-Date Pay Date Net Dividend Currency Total for year
H2 Dividend 02/04/14 30/04/14 1.5000 CAD 6.0000
H1 Dividend 15/01/14 31/01/14 1.5000 CAD
H2 Dividend 06/02/13 16/03/13 0.5000 CAD 0.5000

Presentations & Company Media

Related Research & Media

Company Statement

Caledonia is an exploration, development and mining company focused on Southern Africa. Caledonia's primary assets are a 49% interest in the Blanket Mine in Zimbabwe which produced over 45,000 ounces of gold in 2012 at a cash cost of US$771/oz and a 100% interest in the Nama base metals exploration project in Zambia. 

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. The recently re-constituted Blanket board, which includes representatives of the Indigenous Zimbabwean shareholders, approved a capital investment programme for 2013 and a 4 year growth strategy for 2014 to 2017. This investment programme, which was endorsed by the Caledonia Board, is estimated at US$37 million, will be funded from Blanket's internally generated cash, and is expected to result in progressive increases in gold production to approximately 76,000 ounces. 

Blanket is engaged in the exploration of the down-dip extensions of the known ore bodies and the first five out of a total of 18 satellite exploration projects which are within trucking distance of the Blanket metallurgical recovery plant. Depending on the outcome of exploration and feasibility studies, Blanket may increase production above the targeted production of 76,000 ounces. 



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. 

The 2012 drilling programme at the 100% owned Nama Base Metals Projects in Zambia, comprised 10,903m over 20 holes and confirmed the existence of the copper-bearing mineralised zone identified in 2011. The 2013 drilling programme will include shallow drilling on the identified zone to improve resource definition. Initial exploration work will also be carried out on additional zones of mineralisation that have been identified to the west and south of the mineralised zone. 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 is expected to be declared in January 2014. 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 currently has a production capacity of approximately 40,000 ounces of gold per annum. Blanket also holds significant 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. 

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


For further information on the Blanket Gold Mine and Zimbabwe please click here

Nama Cobalt and Copper Projects


Caledonia Nama Limited, a wholly owned subsidiary of Caledonia, holds four contiguous Large Scale Mining Licences, which cover approximately 800 square kilometres on the northern extension of the Zambian Copperbelt. The northern boundary of Caledonia's licence areas is the border with the Democratic Republic of the Congo ("DRC") and the eastern boundary is with licences areas that are held by a joint venture between Vale and African Rainbow Minerals where a new copper mine (the Lubambe mine) has recently been commissioned. Prior to the 2011 programme, exploration activities had defined three main styles of mineralization in the Nama Licence area:

"A-type" cobalt oxide mineralisation;

"D-type" iron oxide bodies which are mostly enriched in Cobalt; and

Copper dominated ore shale hosted copper-cobalt mineralisation, commonly observed elsewhere in the Copperbelt and which is being exploited by neighbouring mines to the east and south of the Nama Licence Areas.


Nama Copper


The 2010 exploration programme identified two resource targets at Nama (being "Konkola East" and "Kafwira") which were characterised as belonging to the ore shale-hosted copper-cobalt style of mineralisation. The Konkola East Target area was identified as a priority target for the 2011 work programme due to its proximity to the neighbouring Konnoco Mine. The primary objective of the 2011 exploration programme was to test for the presence of the Ore Shale at depth in the target area by drilling four widely spaced vertical diamond core holes to a depth of approximately 1,200 metres below surface. A secondary objective was to establish the economic potential of this portion of the Ore Shale, a unit which is well mineralized on the adjacent mining properties of the Konnoco and Nchanga mines.

Drilling commenced in March 2011 on borehole NKC 01 close to the border with Konnoco. The last hole in the program, NKC 05, was completed at the end of November, 2011. A total of 5,352 metres was drilled over 240 days, an average of 22 metres per day. Although the programme was planned for four holes, a decision was taken towards the end of the 2011 exploration season to split the last hole into two shorter holes to gain a further intersection. This additional information was necessitated by the geological complexity of the area and the uncharacteristic style of mineralization encountered.


The Mineralized Alteration Zone



The Ore Shale

All five boreholes intersected the Ore Shale, the intersection depths being between 300 m and 1,460 m. The Ore Shale was considerably deeper than anticipated owing to a major fold structure which caused the strata in the licence area to plunge some 600 metres deeper. While boreholes NKC 01 and 02, sited closest to the neighbouring Konnoco property, intersected typical Ore Shale rocks, the last three holes which were drilled further west encountered more complex strata and the Ore Shale was not clearly discernible.

Typical Ore Shale is a finely laminated shale with minor ore minerals and partial oxidation along shears where minor copper enrichment was evident. Copper values returned for the five Ore Shale intersections rarely exceeded 0.4% Cu in individual samples and the average intersection values over enriched portions of the Ore Shale ranged between 0.06% and 0.24% copper (see table below). Cobalt values are even lower, generally less than 0.01%. From the values obtained it is clear that the copper mineralization at Konnoco does not extend onto the Nama licence area and the Ore Shale intersected in this area does not warrant further exploration.


The Mineralized Alteration Zone

A zone of pervasive alteration containing copper sulphides was intersected in borehole NKC 03 at a depth of about 300 to 400 metres, and about 600 metres above the Ore Shale. A consistent zone of 56 metres was found to average 0.48% copper. Boreholes NKC 04 and 05 were drilled so as to intersect a shallower portion of the Ore Shale. Both holes intersected a zone of alteration immediately above the Ore Shale. These intersections of the Alteration Zone have similar characteristics to those observed in NKC 03, to the extent that they may be regarded as being part of a single widespread style of alteration. The estimated weighted average copper grade for intersections of the Alteration Zone between 280 and 450 meters is 0.47% copper over an estimated weighted average thickness of 41 meters. Although the average grades are uniformly low, copper values as high as 6% Cu occur where the mineralization occurs in fracture vein fillings. The zone is also conspicuous by the low levels of cobalt in the mineralized zone.



The 2011 work programme identified a zone of copper mineralization at relatively shallow depth. This Alteration Zone is atypical of Copper Belt ores and was further explored and evaluated during the 2012 work programme.

Phase 1 of the 2012 work programme commenced in March 2012 and consisted of six holes comprising approximately 2,400m of drilling with the objective of identifying a continuation towards surface of the mineralized zone identified in 2011. This phase of the work programme was extended into Phase 2 with the objectives of identifying extensions of this mineralised zone and increasing the confidence level of the information on this mineralised zone. The 2012 total drilling programme comprised 10,903m over 20 holes.


Preliminary Results of the 2012 Drilling Programme

Based on results achieved to date, that the 2012 drilling programme has confirmed the existence of a mineralised copper zone of substantially greater extent than first identified in 2011. The in-fill drilling has established that the mineralised zone is locally disturbed by breccia zones and fold structures which have resulted in some geological losses and local duplication of mineralization. In-fill drilling on the north-eastern and north-western limits of the target area also identified that the grade and thickness of the mineralised zone has decreased in those areas. The full extent of these disruptions, which will only be finally established and quantified once the detailed drilling currently underway is complete, are not anticipated to have a major impact on the quantum of the resource.



Caledonia's Board has authorised a program of percussion drilling to be undertaken on the identified zone in the 2nd quarter of 2013 to improve resource definition close to surface and to establish whether there is potential for an open-pit operation.

Caledonia's Board has also approved approximately 2,400m of diamond drilling to be carried out on additional zones of mineralisation that have been identified to the immediate west and south of the mineralised zone that could extend the copper resource both at surface and possibly at depth. A further 5,000m of diamond drilling will be commenced when the work described above has been completed on a broad copper geochemical anomaly which has been identified further to the west of the identified zone.

The budgeted cost of the 2013 exploration programme is approximately US$2.2 million, which will be funded from Caledonia's cash on hand.


Nama Cobalt Project

Caledonia has undertaken to commence cobalt production by June 30 2013. Accordingly, Caledonia has submitted a proposal to the Zambian Mines Development Department for a cobalt mining operation on the following basis:



  • Identified resource to be mined: approximately 2 million tonnes grading approximately 0.2% cobalt and 0.1% copper;
  • Phase 1: mining at a target rate of approximately 30,000 tonnes per month to produce cobalt oxide concentrate using gravity separation;
  • Phase 2: mining at a target rate of approximately 60,000 tonnes per month to produce cobalt hydroxide using hydrometallurgical processing; and
  • The estimated capital investment to achieve mine start-up and to complete phase 1 is approximately US$1.1million.



Caledonia was requested and undertook to the Department to commence cobalt mining operations by June 30, 2013. However, final environmental approval has not yet been received from the Zambian authorities and hence mining cannot commence until Caledonia receives the required approvals. During the Quarter, geotechnical work was completed on the site of the proposed open pit. 




Leigh Alan Wilson - Chairman, and Director

Mr. Leigh Alan Wilson (67) 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. The Victory Funds are a US $7 billion mutual fund complex. 

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. 

Following the retirement of Mr Jonsson from the position, Mr Wilson was appointed Chairman in May 2013. 


Stefan E. Hayden - President, Chief Executive Officer

Mr. Hayden has extensive experience as a company manager in South Africa. Initially he founded, developed and managed an engineering company that manufactured flameproof mining machinery. He followed this by managing a company holding the Massey Ferguson franchise in the Transvaal and the Orange Free State and returned it to profitability for the then owners Standard Corporate Merchant Bank. He then founded and managed the South African agency for heavy electrical equipment sales and installations for Toshiba Corporation of Japan. He has been Managing Director of Industrial Brokers, a family company specializing in the procurement of steel and mining machinery, since 1971 and continues in this position.

With his wide managerial, electrical and mechanical, and mining experience Mr. Hayden has acted as technical advisor to numerous mines and companies in Southern Africa. Prior to their acquisition by Caledonia, Mr. Hayden was the Chief Executive Officer of Eersteling Gold Mining Company Limited and Barbrook Mines Limited. He joined Caledonia in 1995 and was appointed Managing Director, African Operations responsible for the development of Caledonia’s business in Africa. He is a Director of and responsible for all Caledonia’s subsidiary companies in South Africa, Zimbabwe, and Zambia and has been directly responsible for the expansion and running of Caledonia’s exploration programs in Zambia which are noteworthy as being probably the most extensive and intensive exploration undertaken by any exploration company in Zambia during the 1995/97 period. In June 1996, Mr. Hayden was elected as a Director of Caledonia and subsequently appointed Deputy Chairman of Caledonia. He served as Chairman of Caledonia from January 1997 to February 2005. In June 1997 he was appointed President and Chief Executive Officer.


Steve Curtis, C.A. (SA) - Vice President Finance, Chief Financial Officer

Mr Curtis is a Chartered Accountant with over 24 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


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

A 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.

For the past 20 years he has been employed as General Manager or Vice President Operations for mining companies producing gold, base metals and industrial minerals. Mr. Johnstone has been responsible for the construction, start up and commissioning of two major mines. He has operated successfully in several environmentally sensitive areas worldwide.

Mr. Johnstone joined Caledonia in April 1997 as Vice President Operations and was responsible for Caledonia’s operations in Zambia and South Africa and for all activities in Canada. He was elected a Director of Caledonia in June 1997 and is a director of several of Caledonia’s subsidiaries. He retired from active employment with Caledonia in September 2006, but continues as a director.


Dr. Trevor Pearton, Phd - Vice President, Exploration 

Dr. Pearton has worked for Caledonia since 2001. During this time, he has been responsible for the establishment and management of the resource bases at the producing Blanket Gold Mine in Zimbabwe and the assessment of the Nama project, resulting in a reinterpretation of the ore body and an improved definition of the resources and mineralogical characteristics. This work at Nama provided the basis for the 2007 and 2008 exploration programs. 

Prior to joining Caledonia, Dr. Pearton worked for a number of financial institutions in South Africa as a highly rated gold analyst, as well as consulting to a number of mining companies. He graduated from the University of the Witwatersrand with a BSc Eng (Mining Geology) and was awarded a PhD in Geology for research into Archaean gold and antimony deposits (Witwatersrand University). He is a member of the Geological Society of South Africa; elected a Fellow of the Society in 2004, a member of the South African Institute for Mining and Metallurgy and a member of the Witwatersrand University Mining Engineers Association

Dana Roets B.Sc. - Chief Operating Officer 

Dana 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.


Mark Learmonth - Vice President, Corporate Development and Investor Relations 

Mr 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

Caxton Mangezi - General Manager and Director, Blanket Mine 

Mr Mangezi is a qualified miner and mine manager. He has worked at Blanket Gold Mine since 1969 in a range of roles including geological technician, overseer miner and underground manager. Mr Mangezi has been General Manager of Blanket Mine since 1993, with full responsibility for day-to-day operations.


Richard Patricio - Director

Mr. Richard Patricio is Vice President Legal and Corporate Affairs at Pinetree Capital Ltd. ("Pinetree"), a Toronto-based resource-specialist investor and long-standing shareholder in Caledonia. Pinetree holds approximately 10.1% of the issued shares of Caledonia. 

Mr. Patricio currently holds directorships with several Canada-based publicly quoted resource companies. He previously practiced law at Osler Hoskin & Harcourt LLP in Toronto, and worked as in-house General Counsel for Teknion Corporation. Mr Patricio is also currently Vice-Pesident Corporate & Legal Affairs of Mega Uranium Ltd. and Brownstone Ventures Inc.


John Lawson Kelly - Director 

Mr. John Lawson Kelly (59) 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 is registered with the Financial Industry Regulatory Authority of the U.S.A. as a General Securities Principal. 

Mr. Kelly is currently the Chief Operating Officer of Liquidnet Holdings, Inc. and a director of the AmeriCares Foundation. 

Within the last five years Mr. Kelly has been a managing director of JL Thornton & Co, LLC and CrossRoad LLC and he has also been an Independent Trustee of The Victory Funds.


Johan Andries Holtzhausen - Director 

Mr. Johan Andries Holtzhausen (67) is a retired partner of KPMG South Africa with 42 years of audit experience, of which 36 years were as a partner focussed 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 organisations. 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.

Major Shareholders

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  • Additional Information
    AIM, TSX
    Share Price
    52.12 m
    Avg. Vol
    Mkt Cap
    £22.67 m
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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


    Borden Ladner Gervais LLP 

    Suite 4100, Scotia Plaza

    40 King Street West

    Toronto, Ontario

    M5H 3Y4 Canada 


    Memery Crystal LLP

    44 Southampton Buildings

    London WC2A 1AP

    United Kingdom 



    Numis Securities Limited

    10 Paternoster Square

    London EC4M 7LT

    United Kingdom 



    WH Ireland

    24 Martin Lane

    London EC4R 0DR

    United Kingdom 



    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 



    Computershare Investor Services Inc. 

    100 University Ave, 8th Floor 

    Toronto, Ontario 

    M5J 2Y1 Canada 

    Telephone: (416) 263-9483 

    Fax: (416) 981-9800 



    Canadian Imperial Bank of Commerce 

    6266 Dixie Road 

    Mississauga, Ontario 

    L5T 1A7 


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