New President Emmerson Mnangagwa has a plan to end Zimbabwe's economic isolation:
pay compensation to white farmers whose land was confiscated,
sell bonds to rebuild infrastructure and hold internationally acceptable elections.
"We really need a substantial investment in the productive economy," he declared, remaining optimistic about lender support and tapping international capital markets.
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
10 charts that show why gold is undervalued right now - Frank Holmes - U.S. Global Investors | about 19 hours ago | ex.
Zimbabwe will rejoin the Commonwealth this year, and President Mnangagwa has formally informed the British government of this position, The Sunday Mail has gathered.
The President has also — on top of undertaking to dispatch technical teams to London to kickstart comprehensive talks — reminded Prime Minister Theresa May’s administration of its colonial obligation to provide compensation to white farmers affected by Zimbabwe’s Land Reform Programme.
Caledonia Mining achieves new production record at Blanket gold mine 08:12 21 Mar 2018
“The production difficulties which we encountered in the first half of the year were identified and addressed and it was pleasing to see that these remedial measures resulted in Blanket achieving consecutive production records in the third and fourth quarters of the year.”
Gold and dollars It saw an average gold price of US$1,243 per ounce in 2017 Caledonia Mining Corporation Plc (LON:CMCL) told investors it achieved a new production record at the Blanket mine, in Zimbabwe, where it unearthed 56,133 ounces of gold during 2017 - some 11.5% more than in the preceding year.
The company, in financial results for the year, reported an average gold price of US$1,243 per ounce (up from S$1,232 in the year before) and it said gross profit amounted to US$26.32mln, up from US$23.49mln.
Net profit was reported at US$9.38mln, with adjusted earnings per share confirmed at 135.4p per share for the twelve months ended December 31.
At the end of the year, Caledonia had US$12.75mln of cash and equivalents, having generated some US$24.5mln in the twelve months.
"I'm delighted to report that production for the year was a new record: the 56,133 ounces of gold produced in 2017 being 11.5 per cent higher than in 2016,” said Steve Curtis, Caledonia chief executive.
“The production difficulties which we encountered in the first half of the year were identified and addressed and it was pleasing to see that these remedial measures resulted in Blanket achieving consecutive production records in the third and fourth quarters of the year.”
"In addition to increased production, we have also reduced our unit costs: Caledonia's AISC per ounce for the year was $847 per ounce - seven per cent lower than in 2016. The combination of increased production and lower costs and a small increase in the gold price resulted in a 14 per cent increase in profit attributable to shareholders.”
Curtis added: “There were some significant political developments in Zimbabwe towards the end of 2017 which culminated in the appointment of the new President.
“The new President has made several pronouncements regarding a relaxation in the indigenisation policy and specifically the removal of the indigenisation requirement for gold mining companies.”
He highlighted that the company now intended to proceed with a funding process to raise US$4mln which will fund exploration and it will, assuming indigenous investors don’t acquire new shares, see the company’s stake in Blanket increase above 50%.
The company is also said to be considering options to acquire stakes from certain indigenous stakeholders, to further increase its direct ownership of the mine.
"I wholeheartedly welcome the change in legislation which means that Caledonia can commit new capital so that Blanket can commence exploration and evaluations of additional projects in Zimbabwe,” Curtis said.
“If this investment is successful it will benefit all stakeholders, including Blanket's indigenous shareholders, future employees on the new projects, the communities around the new projects and the government of Zimbabwe which would benefit from increased royalty and tax receipts and greater inflows of foreign exchange arising from increased gold production.”
Caledonia is described, by Curtis, as being ‘highly cash generative” at present levels (55,000 ounces per year) and he is confident that this will improve further as the Blanket operation is expanded up to a rate of 80,000 ounces per year by 2021.
“Once the Investment Plan is completed towards the end of 2020, we expect to have substantial free cash flows to deploy elsewhere. Against this background, there are very encouraging political developments in Zimbabwe which we are optimistic will create new investment opportunities,” Curtis added.
Caledonia Mining Corporation (CMCL) Q4 2017 Earnings 48.6 cents per share Here's the link:
Caledonia Mining Q4 2017 Results
Gross profit at $8.411 million USD is up, while
cash cost of gold production is down to $556 USD/oz.
Cash at the end of the year was $12.756 million USD.
Highlights for this past quarter are: The pilot plant at GG finally started producing gold 2,196 tons were processed at an average feed grade of 3.13 g/t, and gold recovery was 54 percent and is economic.
Gold ore grades at Blanket were 3.58 g/t in January and 3.51 g/t in February which means at least 15,000 ounces of gold for Q1 2018.
Central shaft sinking is at 990 meters which means only 340 meters to go.
Management is considering stock buy backs and rights offerings to take shareholder ownership from 49 percent to 51 percent.
Gold production was at record levels last quarter with 16,425 ounces produced.
Dividend policy of 6.875 cents per share is envisaged to be maintained.
There will be a conference call at 1000 AM on March 27 where I am sure that there will be many questions. by ganndolph sth thanks good info :-))
Gold settles higher, gains more ground in electronic trading after Fed statement Published: Mar 21, 2018 2:11 p.m. ET
This is the first time gold is up on FOMC meeting The boldness of the market not to protect what the FED is deciding on. Usually they wait a week to allow gold to go up in reaction of what the FED is doing so there is no apparent correlation.
Is the market finally balking at the FED, giving up on it. I'm not saying that is a good sign. Usually it is a bed sign. Things are falling apart in the world, and gold reacts to that.
Here's some of the headlines on kitco, the first 5 or so are recogning the gold price is moving up on what the FED is doing. The FED is being targeted for being wrong and can't contain gold's price that is the signal the FED is wrong and not doing things right for the US or world. Just for itself and fellow banking system.
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
Ex-Fed Chairman Alan Greenspan: ‘We are in a bond market bubble’ that’s beginning to unwind
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