https://www.miningweekly.com
Business|Exploration|Gold|Mining|PROJECT|Maintenance
Business|Exploration|Gold|Mining|PROJECT|Maintenance
business|exploration|gold|mining|project|maintenance

Caledonia declares quarterly dividend

11th November 2024

By: Creamer Media Reporter

     

Font size: - +

Zimbabwe-focused gold miner Caledonia Mining Corporation has approved a dividend of $0.14 a share for the quarter ended September 30.

The company achieved a net profit of $3.29-million for the quarter, down from a net profit of $5.7-million in the third quarter of 2023. Its net profit for the nine months to September 30 was, however, higher at $16.45-million, compared with $1.69-million for the nine months to September 30, 2023.

Consolidated on-mine costs for the quarter had increased to $1 056/oz, compared with $928/oz in the third quarter of 2023, mainly owing to lower ounces sold and higher production costs at the Blanket mine.

All-in sustaining costs for the quarter increased to $1 501/oz, compared with $1 268/oz in the third quarter of 2023, mainly as a result of lower ounces sold, higher on-mine costs and increased cash-settled share-based payment expenses.

Gold production of 18 992 oz for the quarter was lower than the 21 772 oz produced in the comparable quarter of 2023, but output for the nine months to September 30 increased to 56 815 oz, from 55 244 oz in the first nine months of 2023.

Caledonia remains on track to produce 74 000 oz to 78 000 oz at the Blanket mine for the full-year.

"We continue to explore ways to reduce on-mine costs at Blanket – particularly the cost of electricity and labour, where several initiatives are being implemented and further measures are under consideration.

"In parallel, we continue to carefully manage our cash flows and working capital, albeit we have made the strategic decision to accelerate investment in inventory levels during the quarter to support preventative maintenance initiatives and reduce potential production delays.

“This investment would have previously been scheduled for 2025. Our cash reserves have also been negatively impacted by the currency devaluation in Zimbabwe during the quarter,” comments CEO Mark Learmonth.

He adds that the Blanket mine remains a solid foundation for the company’s growth profile in Zimbabwe, while exploration activities at the Blanket and Motapa assets continue to deliver encouraging results.

"We continue to progress the revised feasibility study for the Bilboes sulphide project with a focus on capital allocation and expect to complete this in the first quarter of 2025.

“We are also making encouraging progress towards identifying and implementing a funding structure for Bilboes with the objective of minimising equity dilution and optimising the uplift in net present value per Caledonia share. 

“We are excited by this opportunity to evolve our business and expand our production profile, which we believe will generate significant long term shareholder value," Learmonth says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (29/11/2024)
29th November 2024 By: Martin Creamer
Magazine video image
Magazine round up | 29 November 2024
29th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:4.2 4.237s - 145pq - 2rq
Subscribe Now