Caledonia Mining Corporation Plc: Increased earnings guidance for 2019
ST HELIER, Jersey, Jan. 30, 2020 (GLOBE NEWSWIRE) --
Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL) (“Caledonia” or the “Company”) is pleased to announce that earnings for 2019 will be substantially higher than market expectations due to the combined effects of:
the continued strength of the gold price;
higher than expected production for 2019; and
lower than expected operating costs.
As a result of these factors, adjusted earnings per share (before net realised and unrealised foreign exchange gains) for 2019 are expected to be in the range of US$1.55 to US$1.75 per share compared to company guidance in early 2019 of US$0.86 to US$1.17 per share.
Earnings per share on an IFRS basis which includes net realised and unrealised foreign exchange profits is expected to be approximately US$3.80 to US$4.00 per share.
Caledonia expects to publish its results for the year to December 31, 2019 on or around March 20, 2020.
Commenting on this announcement, Steve Curtis, Caledonia’s Chief Executive officer said:
“I am delighted by the excellent performance of the Blanket Mine, particularly in the latter stages of 2019, which, combined with the strength of the gold price, has resulted in us comfortably exceeding expectations for the year ended December 31, 2019. This is down to the hard work and dedication of our exceptional team operating at the Blanket Mine not least in how they have successfully addressed challenges in the year such as the variable power supply and grade fluctuations. With these challenges addressed, an excellent start to 2020 and with the development of the Central Shaft continuing on time and record quarterly production in the fourth quarter, we look forward to an exciting year ahead.”
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth
Maurice Mason
Tel: +44 1534 679 800
Tel: +44 759 078 1139
WH Ireland (Nomad & Broker)
Adrian Hadden/James Sinclair-Ford
Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray
Tel: +44 207 138 3204
3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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