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viewCaledonia Mining Corporation

Results for the quarter ended September 30, 2019

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RNS Number : 1803T
Caledonia Mining Corporation PLC
13 November 2019
 

Caledonia Mining Corporation Plc

Results for the quarter ended September 30, 2019

 

St Helier, November 13, 2019 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces its operating and financial results for the third quarter of 2019 ("Q3" or the "Quarter").

 

Gold production in the Quarter was 13,646 ounces, an increase of 7.3% on gold produced in the second quarter of 2019 taking production for the first nine months of 2019 to 38,306 ounces. Basic earnings per share ("EPS") for the Quarter were 61.1 cents and adjusted EPS were 16.2 cents. As was the case in the second quarter, earnings were positively affected by significant currency devaluations during the quarter. Performance in Quarter continues to be robust with cash generated by operations of $4.9 million in the Quarter and net cash of approximately $8 million at September 30.

 

 

3 Months to September 30

9 Months to September 30

Comment

 

2018

2019

% Chg

2018

2019

% Chg

 

Gold produced (oz)

13,978

13,646

-2.4%

39,558

38,306

-3.2%

Production was lower than in comparable periods due to lower mine production and lower grade 

On-mine cost per ounce ($/oz)

670

686

2.4%

691

671

-2.9%

On-mine costs remain broadly stable

All-in sustaining cost ($/oz) ("AISC")

754

872

15.6%

812

824

1.5%

AISC was higher due to the cessation in the Quarter of receipts in respect of the gold support price and higher royalty payments due to the increased gold price 

Average realised gold price ($/oz)

1,190

1,461

22.8%

1,259

1,351

7.3%

The average gold price received reflects the higher gold price

Gross profit

($)

4,846

8,485

75.1%

16,213

19,802

22.1%

Higher gross profit was mainly due to higher revenues arising from the higher gold price

Net profit attributable to shareholders ($)

2,224

7,007

215.1%

7,982

39,628

397%

Net profit includes significant foreign exchange gains arising from the devaluation of the Zimbabwe currency

Adjusted earnings per share ("EPS") (cents)

34.6

16.2

-53.2%

103

69.4

-32.6%

Adjusted EPS for the 9 months to September 30, 2019 excludes inter alia unrealised foreign exchange gains of $31.1 million but includes realised foreign exchange losses of $3.0 million - equivalent to 28 cents per share 

Net cash and cash equivalents ($)

5,896

8,026

36.1%

5,896

8,026

36.1%

Cash position remain strong

Net cash from operating activities ($)

6,759

4,853

-28.2%

12,588

13,266

5.4%

Robust cash generation in the Quarter despite an adverse working capital movement.

 

Commenting on the results, Steve Curtis, Chief Executive Officer, said:

 

"The third quarter of 2019 can be characterised by two distinct phases.  The first six weeks of the quarter were seriously affected by power outages and by the continued effects of the unstable economic conditions in Zimbabwe on our employees; both of these factors had an adverse effect on production and financial performance.  The last six weeks of the quarter showed a substantial improvement as the electricity supply improved; and measures taken in previous quarters to improve mining controls began to bear fruit.  Notwithstanding further interruptions to the electricity supply in October, the excellent performance in the second half of the quarter has continued into October and early November.

  

"In the third quarter of 2019 Caledonia delivered a strong financial performance supported by a firmer gold price and increased production. Production of 13,646 ounces was 7.3% higher than the second quarter of 2019 and in line with our expectations for the full year. Tonnes milled showed a significant improvement on the previous two quarters and the average milled grade for the quarter was 3.19g/t, an increase on the previous quarter's grade of 3.11g/t. We continue to focus our attention on improving grade through minimizing mining dilution and whilst there is still work to be done in this area it is pleasing to see an improvement in the average grade which, when combined with higher plant tonnage, delivered favourable production and cost performance.

 

"I am pleased to report that production in October has continued this positive trend with production of 5,596 ounces in October at a grade of 3.55g/t. I look forward to updating the market on the full year and we reiterate our full year production guidance of 50,000 to 53,000 ounces for 2019.

 

"Despite some significant operating challenges in Zimbabwe during the quarter, Blanket delivered an excellent operating and financial performance. The mine experienced extended power outages in July and August which resulted in generator usage in the quarter totaling 1,451 hours, compared to 686 hours in the preceding quarter and 1,486 hours in the whole of 2018.   Although the electricity supply situation has improved, this problem has not been permanently resolved.  As we have previously announced, the situation has improved following the introduction of a revised electricity tariff during the quarter which allows the funding of imported electricity which is used exclusively to supply participating mining companies. We have also taken steps to ensure our own resilience in the face of a constrained electricity market through the purchase and installation of an additional 6MW of back-up generators which ensure that Blanket is 100% self-sufficient on diesel generators; we are also in the advanced stages of evaluating a solar PV plant project which could supply Blanket's baseload demand during peak sunlight hours.

 

The continued devaluation of the domestic currency resulted in higher local inflation, which presents challenges for workers' morale. Despite these challenging conditions, Blanket continued to deliver strong cash generation with after tax operating cash flow for the quarter of $4.9 million and net cash on hand at the end of the quarter of $8 million. This was after an adverse working capital movement of approximately $700 thousand during the quarter which was partly due to the erosion of local credit as a result of high inflation. This strong cash generation continues to support the capital investment on the new central shaft which has now entered the equipping phase following the completion of shaft sinking in the second quarter. Capital investment during the quarter was $5.6 million as we continued to invest for the future at Blanket in order to deliver our growth target to produce 75,000 ounces by 2021 and 80,000 ounces by 2022.

 

"On-mine costs remained under control with cash operating costs of $686 per ounce. AISC of $872 per ounce was higher than the corresponding quarter of 2018 largely due to higher government royalty payments as a result of the higher gold price and the cessation of the Reserve Bank of Zimbabwe's gold export incentive structures which had benefitted AISC by approximately $120 per ounce in previous quarters. We remain confident in our longer-term cost guidance target of $700 to $800 per ounce as the business grows towards 80,000 ounces per year by 2022.

 

"Finally, I would like to thank our dedicated employees who have worked hard during the quarter to mitigate the difficult operating conditions relating to electricity supply and high domestic inflation; their dedication is a key component of our continued success."

 

Strategy and Outlook

Caledonia is on track to achieve the production target of 80,000 ounces per year by 2022[1] at its Zimbabwean subsidiary Blanket Mine (1983) (Private) Limited ("Blanket Mine" or "Blanket"). The Company's strategic focus continues to be the implementation of the Investment Plan at Blanket, which was announced in November 2014 and revised in November 2017, and is expected to extend the life of mine by providing access to deeper levels for production and further exploration.  Implementation of the Investment Plan remains on target in terms of timing and cost.  Caledonia's board and management believe the successful implementation of the Investment Plan is in the best interests of all stakeholders because it is expected to result in increased production, reduced operating costs and greater flexibility to undertake further exploration and development, thereby safeguarding and enhancing Blanket's long-term future.  Caledonia's cash position is expected to improve as a result of the implementation of the Investment Plan; Caledonia will continue to assess new opportunities to invest surplus cash.

Dividend Policy

Caledonia pays a quarterly dividend of 6.875 US cents per share; the quarterly dividend is paid at the end of January, April, July and October respectively. It is envisaged that the current dividend policy will be maintained.

 

For further information please contact:

 

Caledonia Mining Corporation Plc

Mark Learmonth

Maurice Mason

WH Ireland

Adrian Hadden/James Sinclair-Ford

Blytheweigh

Tim Blythe/Camilla Horsfall/Megan Ray

Tel: +44 207 138 3204

 

Note:  This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.

 

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations.  Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
 

Condensed Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income  

($'000's)

3 months ended September 30

9 months ended September 30

 

 

2018

2019

2018

2019

Revenue

 

16,647

19,953

50,904

52,393

Royalty

 

(834)

(999)

(2,549)

(2,682)

Production costs

 

(9,948)

(9,410)

(29,255)

(26,750)

Depreciation

 

(1,019)

(1,059)

(2,887)

(3,159)

Gross profit

 

4,846

8,485

16,213

19,802

Other income

 

1,683

5

4,784

2,043

Other expenses

 

(20)

(173)

(20)

(482)

Administrative expenses

 

(1,423)

(1,246)

(4,625)

(3,951)

Profit on sale of subsidiary

 

-

-

-

5,409

Net foreign exchange (loss)/gain

 

(275)

3,345

(115)

28,270

Cash-settled share-based payment

 

(113)

(36)

(450)

(406)

Equity-settled share-based payment

 

-

-

(14)

-

Gold hedge expense

 

(360)

-

(360)

(324)

Operating profit

 

4,338

10,380

15,413

50,361

Net finance cost

 

(97)

(16)

(142)

(36)

Profit before tax

 

4,241

10,364

15,271

50,325

Tax expense

 

(1,204)

(1,858)

(5,101)

(3,154)

Profit for the period

 

3,037

8,506

10,170

47,171

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

Items that are or may be reclassified to profit or loss

 

 

 

 

 

Exchange differences on translation of foreign operations

 

(69)

(353)

(509)

(353)

Reclassification of accumulated exchange differences on the sale of subsidiary

 

-

-

-

(2,109)

Total comprehensive income for the period

 

2,968

8,153

9,661

44,709

 

 

 

 

 

 

Profit attributable to:

 

 

 

 

 

Shareholders of the Company

 

2,224

7,007

7,982

39,628

Non-controlling interests

 

813

1,499

2,188

7,543

Profit for the period

 

3,037

8,506

10,170

47,171

 

 

 

 

 

 

Total comprehensive income attributable to:

 

 

 

 

 

Shareholders of the Company

 

2,155

6,654

7,473

37,166

Non-controlling interests

 

831

1,499

2,188

7,543

Total comprehensive income for the period

 

2,968

8,153

9,661

44,709

 

 

 

 

 

 

Earnings per share (cents)

 

 

 

 

 

Basic

 

20.4

61.1

73.8

360.5

Diluted

 

20.4

60.9

73.7

360.2

Adjusted earnings per share (cents)

 

 

 

 

 

Basic

 

24.6

16.2

103.0

69.4

 

Condensed Consolidated Statement of Cash Flows (unaudited)

($'000's)

 

 

 

3 months ended September 30

9 months ended September 30

 

 

2018

2019

2018

2019

Cash flows from operating activities

 

 

 

 

 

Cash generated from operations

 

7,013

4,886

15,446

14,003

Net interest paid

 

(105)

(33)

(187)

(129)

Tax paid

 

(149)

-

(2,671)

(608)

Net cash from operating activities

 

6,759

4,853

12,588

13,266

 

 

 

 

 

 

Cash flows used in investing activities

 

 

 

 

 

Acquisition of Property, plant and equipment

 

(5,234)

(5,583)

(16,010)

(14,909)

Proceeds from disposal of subsidiary

 

-

-

-

1,000

Net cash used in investing activities

 

(5,234)

(5,583)

(16,010)

(13,909)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Dividends paid

 

(584)

(883)

(2,345)

(2,503)

Repayment of term loan facility

 

(375)

-

(1,125)

-

Net cash used in financing activities

 

(959)

(883)

(3,470)

(2,503)

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

566

(1,613)

(6,892)

(3,146)

Effect of exchange rate fluctuations on cash held

 

22

1,764

32

(15)

Net cash and cash equivalents at beginning of the period

 

5,308

7,875

12,756

11,187

Net cash and cash equivalents at end of the period

 

5,896

8,026

5,896

8,026

 

 

 

 

Condensed consolidated statements of financial position

 

(in thousands of United States dollars, unless indicated otherwise)

 

 

Unaudited

 

September 30,

December 31,

 

As at

 

2019

2018

 

Assets

 

 

 

 

Property, plant and equipment

 

109,179

97,427

 

Deferred tax asset

 

76

98

 

Total non-current assets

 

109,255

97,525

 

 

 

 

 

 

Inventories

 

10,238

9,427

 

Prepayments

 

1,773

866

 

Trade and other receivables

 

7,936

6,392

 

Cash and cash equivalents

 

8,026

11,187

 

 

 

27,973

27,872

 

Assets held for sale

 

-

296

 

Total current assets

 

27,973

28,168

 

Total assets

 

137,228

125,693

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

Share capital

 

56,065

55,102

 

Reserves

 

140,328

142,790

 

Retained loss  

 

(90,020)

(127,429)

 

Equity attributable to shareholders

 

106,373

70,463

 

Non-controlling interests

 

15,604

8,345

 

Total equity

 

121,977

78,808

 

 

 

 

 

 

Liabilities

 

 

 

 

Provisions

 

3,324

3,309

 

Deferred tax liability

 

822

23,328

 

Long-term portion of term loan facility

 

424

5,960

 

Cash-settled share-based payments

 

322

2,090

 

Total non-current liabilities

 

4,892

34,687

 

 

 

 

 

 

Trade and other payables

 

8,013

10,051

 

Income tax payable

 

2,346

1,538

 

 

 

10,359

11,589

 

Liabilities associated with assets held for sale

 

-

609

 

Total current liabilities

 

 

10,359

12,198

Total liabilities

 

 

15,251

46,885

Total equity and liabilities

 

 

137,228

125,693

             
 

 

 

[1] The projected gold production figures in this news release are explained in the management discussion and analysis ("MD&A") dated March 20, 2019 and the MD&A dated August 13, 2019. Refer to technical report dated 13 February 2018 entitled "National Instrument 43-101 Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe (Updated February 2018), a copy of which was filed by the Company on SEDAR on March 2, 2018 for the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves from which planned gold production, as set out in this news release, is to be derived and risks that could materially affect the potential development of the mineral resources or mineral reserves.  Mr Paul Matthews, the Company's qualified person and Group Mineral Resource Manager, supervised the preparation of the technical information in the technical report, and also supervised the preparation of the technical information contained in this news release.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Caledonia Mining Corporation

Price: 623

Market: AIM
Market Cap: £67.05 m
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Caledonia Mining reports 'excellent performance' at Blanket has continued...

Caledonia Mining PLC's (LON:CMCL) Mark Learmonth talks Proactive London's Andrew Scott through the miner's third quarter update. Production at its Blanket mine in Zimbabwe rose by 7% in the period. Gross profits increased 75% to US$8.5mln helped by a higher gold price, though the...

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