Proactive Investors - Run By Investors For Investors

Gold production from Caledonia’s Blanket mine dips, as per plan

Caledonia is moving towards a medium-term production target of 80,000 ounces per year
Gold production from Caledonia’s Blanket mine dips, as per plan
Headframe at Blanket

Caledonia Mining Corporation Ltd (LON:CMCL) produced 11,948 ounces in the first quarter of 2019, approximately eight per cent below the first quarter of 2018. Production was adversely affected by lower grade, although this was anticipated as part of the mine plan.

Operating profit before tax rang in at US$12.3mln, 105 per cent higher than in the first quarter of 2018, although this increase was entirely due to exceptional gains of US$3.3mln on foreign exchange, following the devaluation of the domestic Zimbabwean currency, and a profit on the sale of a subsidiary of US$5.4mln.

WATCH: Caledonia Mining reports strong cash generation as it mulls options around electricity supply

Attributable profit after tax was also substantially higher than the comparable quarter in 2018 at US$9.3mln again due to exceptional items which outweighed lower gross profit.

Operating cash flows for the quarter were US$6.3mln, down from the US$7mln delivered in the first quarter of 2018.

Caledonia’s balance sheet remains strong, with net cash of US$9.7mln as at 31 March 2019. 

 

View full CMCL profile View Profile

Caledonia Mining Corporation Timeline

Related Articles

The Tran-Siberian railway
May 14 2019
The miner is advancing the Sergeevskoe gold project in the Mogocha district of the Zabaikal’skiy region
1541077171_Gold-bar-plus-nugget.jpg
November 01 2018
Medusa remains on track to produce between 90,000 and 100,000 ounces of gold in 2019
1542614662_Galantas-fourth-try.jpg
November 19 2018
The plan is to move towards a production rate of 30,000 ounces of gold a year

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use