Caledonia Mining Corporation Plc Results for the Year ended Caledonia Mining Corporation Plc
Results for the Year ended December 31, 2019 and Notice of a Management Conference Call
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
March 18, 2020
Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces its operating and financial results for the year ended December 31, 2019 (the "Year"). Further information on the financial and operating results for the Year and the quarter ended December 31, 2019 (the "Quarter" or "Q4") can be found in the Management Discussion and Analysis ("MD&A") and the audited financial statements which are available on the Company's website and which have been filed on SEDAR.
Caledonia Mining's Steve Curtis looks ahead to 'pivotal year' after reco...
Caledonia Mining Corporation PLC's (LON:CMCL) Steve Curtis caught up with Proactive London's Andrew Scott to discuss the miner's 2019 results and outlook for 2020.
Caledonia reported revenue of US$75.8mln, up from US$68.4mln, as operations at the Blanket mine marked new production records for the year.
The company reported a gross profit of US31.1mln with a gross margin of 41%, up from 32%, and earnings (EBITDA) totalled US$29.9mln, up from US$19.1mln.
Caledonia Mining continues to produce gold in Zimbabwe, while lockdown exemption application is processed Caledonia has built up a strong inventory of spares to sustain it during the coronavirus uncertainty
Caledonia Mining Corporation PLC - Caledonia Mining Corporation PLC (LON:CMCL)(TSE:CAL) has said that the lockdown in South Africa declared by President Ramaphosa is likely to have knock-on effects for operations at the company’s Blanket gold mine across the border in Zimbabwe although is currently continuing to produce gold.
The supply chain for the procurement of a significant portion of mining consumables and capital equipment comes from South Africa.
A lock-down in Zimbabwe was declared on 27 March, but Blanket is continuing to operate as it has applied for an exemption on the grounds that it is able to operate in a manner that contributes to the management of the spread of the coronavirus.
Caledonia will need to quarantine its employee village and surrounding area and reconfigure its operations to reduce the risk of infections being transmitted amongst its employees in order to qualify for the exemption.
In anticipation of supply chain disruptions arising from the coronavirus, Caledonia has increased the levels of consumable stocks at Blanket in recent weeks. Caledonia estimates that Blanket has adequate critical spares and mining consumables in its inventory to sustain uninterrupted gold production well past the expected duration of the supply interruption including allowing for a period of supply chain and inventory restocking after the end of the South African lockdown on 16 April.
Accordingly, management does not expect that Blanket will be forced to suspend gold production as a result of the disruption in the South African supply chain.
Caledonia had cash on hand, as at March 25 2020, of approximately US$12.5mln.
Cash has been boosted by strong first-quarter production.
AIM:CMCL Market: AIM Market Cap: £87.87 m Follow 2019-09-26 2020-03-26 Nov '19 Jan '20 Mar '20 400 600 800 1000 0 60k Zoom 1m 3m 6m 1y From Sep 26, 2019 To Mar 26, 2020 Highcharts.com Wednesday, Oct 30, 2019 ? Share price: 617 ? Volume: 11 957 Add related topics to MyProactive
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