Gross Profit (i.e. after depreciation and amortization but before administrative expenses) was $9,364,000 compared to $1,607,000 in the comparative quarter. This is almost a six-fold increase on the comparative quarter and is the seventh consecutive quarterly increase in gross profit.
The average price received per ounce of gold sold during the Quarter was US$1,737 compared to US$1,241 in the comparative quarter.
Caledonia recorded net profit before tax of $8,442,000.-- compared to $742,000 in the comparative quarter which represents an 11-fold increase.
At September 30, 2011 the Corporation had no debt except current trade payables (September 30, 2010 $1,680,000) and had cash and cash equivalents of $6,847,000 (net debt as at September 30, 2010 $226,000).
Other Highlights
Blanket made payments in respect of direct and indirect taxes, royalties, licence fees, levies and other payments to the Government of Zimbabwe during the Quarter totalling US$3,847,000 (US$3,307,000 - Q2 2011).
Blanket Mine's Occupational, Safety and Health policies and procedures were audited by the National Social Security Authority (the "NSSA") as a result of which Blanket was awarded the NSSA gold medal in the Mining and Quarrying sector in Matabeleland and the bronze medal across all industrial sectors in Zimbabwe.
Work on the 4-hole drilling program at the Konkola West area of the Nama base metals project in Zambia has continued.
At the end of October, 3 holes had been completed and the drill rig had been moved to the fourth hole.
The conclusions from this program will be provided when Management has received and evaluated all of the results.
Great Caledonia Mining presentation and confirms my decision to buy more Nov. 2011 :-) -
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