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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

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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. 

 

Quick facts: Caledonia Mining Corporation PLC

Price: 1730 GBX

AIM:CMCL
Market: AIM
Market Cap: £199.31 m
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