
Tuesday, April 01, 2014 2:05:25 AM
pay $14.2 million less in Can. bolshevistic corporate taxes -
http://www.caledoniamining.com/pdfs/03312014.pdf
Caledonia confident of further production increases at Blanket mine

By Giles GwinnettMarch 31 2014, 7:06am Caledonia says it will
continue to invest in the mine to boost production, which, for
2014, it has forecast as 48,000 ounces, and for 2015,
52,000 ounces of the yellow metalCaledonia says it will continue
to invest in the mine to boost production, which, for 2014, it
has forecast as 48,000 ounces, and for 2015,
52,000 ounces of the yellow metal
Caledonia Mining (LON:CMCL)
continues to expect gold production to increase from its Blanket
mine in Zimbabwe in 2014, as it posted what it called a
"creditable" set of full year 2013 numbers.
The lower gold price last year meant the average price realised
was lower but production from the mine beat the firm's own
guidance.
Caledonia says it will continue to invest in the mine to boost
production, which, for 2014, it has forecast as 48,000 ounces,
and for 2015, 52,000 ounces of the yellow metal.
In the 12 months to December 31 last year, gold production came
in 45,527 ounces, compared to 45,465 in 2012, with the fourth
quarter marginally lower than the same quarter in 2012 due to a
three day maintenance shutdown.
The average realised gold price for the year was US$1,402 per
ounce compared to US$1,666 in 2012.
All in sustaining costs for the year were US$973 per ounce (2012:
US$852 per ounce).
Under rules introduced by the Zimbabwean government, all gold
from Blanket must now be sold to state-controlled Fidelity
Printers and Refiners.
These new sales arrangements with have reduced Blanket’s working
capital requirement due to the earlier payment terms.
Blanket has received all payments due from Fidelity in-full and
on-time, the company highlighted.
Meanwhile, exploration at Blanket below 750 metres continues and
Caledonia has been encouraged by results so far.
The mine has surplus plant capacity and is sufficiently cash
generative that, if the investment climate is acceptable, it
could invest in projects with a view to further increasing
production, the company added.
The firm plans to pay a dividend of 6 Canadian cents per share in
2014, split into 4 equal quarterly payments of 1.5 Canadian
cents.
Caledonia's chief executive and president Stefan Hayden said:
"Gold production in 2013 remained slightly ahead of 2012 and was
also ahead of our guidance.
"Blanket’s on-mine cash cost increased in Q4 compared to the
previous quarter, however this was largely due to the higher
work-in-progress at December 31, 2013.
As a measure of Blanket’s continued cost efficiency, the cost
per tonne processed in 2013 fell from US$75.90 to US$70.40.
"In the early part of 2014, the achieved grade in certain
production areas became uneconomic and production in those areas
was terminated.
Production in the first quarter of 2014 was also adversely
affected by the unscheduled requirement to replace the winding
ropes on the main production shaft.
"Both of these factors had an adverse effect on gold production
in the first quarter of 2014. New production areas have and are
being developed and I am confident that the 2014 production
target of 48,000 ounces will be achieved, with 52,000 ounces
expected in 2015.
"Development and exploration work at our satellite projects,
GG and Mascot, has established the existence of multiple
mineralized zones with potentially economic gold grades.
Further work is being done to define the extent and viability of
these mineralized zones."
Mark Learmonth, Caledonia's corporate development director, said
the firm believed its all in sustaining costs for 2013 still
"justifies and consolidates our position as a very low cost
producer so we're not uncessarily concerned about the quarter-on-
quarter movements in our cash costs and our all in costs.
"We think that will, over the period of a few quarters, average
itself out," he told Proactive.

God Bless
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