Caledonia Mining Corporation (DI) (CMCL)

Sector:

Mining

Index:

FTSE AIM All-Share

860.00p
   
  • Change Today:
      10.00p
  • 52 Week High: 1,095.00
  • 52 Week Low: 720.00
  • Currency: UK Pounds
  • Shares Issued: 19.19m
  • Volume: 1,274
  • Market Cap: £165.08m
  • RiskGrade: 174

Caledonia Mining reports rise in Blanket Mine gold production

By Josh White

Date: Wednesday 10 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Caledonia Mining reported a notable increase in gold production from its Blanket Mine in Zimbabwe for the first quarter of 2024 on Wednesday, despite a reduction in production days compared to the same period in 2023.
The AIM-traded company said gold production for the quarter reached 17,050 ounces, making for a 6% rise from the first quarter of the prior year.

Despite operating with 9.3% fewer production days, the increased production was attributed to the company's strategy of setting a production cut-off for gold delivery by 21 March.

That decision contributed to streamlining operations and maximising output within a shorter timeframe.

Caledonia also reported that gold sales for the quarter stood at 18,450 ounces, reflecting a 17% increase compared to the same period in 2023, during which 15,797 ounces were sold.

It noted that the ounces sold in the quarter included 3,057 ounces of gold work in progress, which were classified as inventory at the end of 2023, while the comparable figure for the first quarter of 2023 was 1,657 ounces.

Looking ahead, Caledonia said it was optimistic about its gold production prospects for the year 2024, reaffirming its guidance for Blanket Mine at 74,000 to 78,000 ounces.

"I am pleased that 2024 production at Blanket has got off to a strong start with over 17,000 ounces produced in the quarter which, considering we had 8 fewer production days compared to the first quarter of 2023, is an excellent result," said chief executive officer Mark Learmonth.

"With the current high gold prices, it was good to see our gold sales ounces increase by 17% in the first quarter of 2024 versus the first quarter of 2023."

Learmonth said the company's "significant" investment in Blanket over the last seven years, and completion of the Central Shaft, had nearly doubled production, extended the mine life and allowed the restart of underground exploration in 2023.

"We continue to see Blanket as the solid foundation for growth as we pursue our strategy to become a multi-asset gold producer."

At 1225 BST, shares in Caledonia Mining Corporation was up 0.86% at 880p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CMCL Market Data

Currency UK Pounds
Share Price 860.00p
Change Today 10.00p
% Change 1.18 %
52 Week High 1,095.00
52 Week Low 720.00
Volume 1,274
Shares Issued 19.19m
Market Cap £165.08m
RiskGrade 174

CMCL Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
21.20% above the market average21.20% above the market average21.20% above the market average21.20% above the market average21.20% above the market average
82.09% above the sector average82.09% above the sector average82.09% above the sector average82.09% above the sector average82.09% above the sector average
Price Trend
10.91% above the market average10.91% above the market average10.91% above the market average10.91% above the market average10.91% above the market average
5.56% below the sector average5.56% below the sector average5.56% below the sector average5.56% below the sector average5.56% below the sector average
Income
33.58% above the market average33.58% above the market average33.58% above the market average33.58% above the market average33.58% above the market average
9.09% below the sector average9.09% below the sector average9.09% below the sector average9.09% below the sector average9.09% below the sector average
Growth
19.48% above the market average19.48% above the market average19.48% above the market average19.48% above the market average19.48% above the market average
93.44% below the sector average93.44% below the sector average93.44% below the sector average93.44% below the sector average93.44% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
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CMCL Dividends

  Latest Previous
  2nd Interim 1st Interim
Ex-Div 11-Apr-24 11-Jan-24
Paid 26-Apr-24 26-Jan-24
Amount 14.00¢ 14.00¢

Trades for 28-May-2024

Time Volume / Share Price
09:54 8 @ 838.00p
09:39 100 @ 820.00p
08:12 1,166 @ 822.00p

CMCL Key Personnel

Chair John Lawson Kelly
CEO John Mark Learmonth

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