Caledonia Mining Strikes Gold With Q3 Profits

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Canadian-based Caledonia Mining (LSE:CMCL), traded on the AIM, is up 40% in mid-morning trading following an announcement of positive third quarter results.

Caledonia Mining focuses its exploration and operations on Africa, with a gold mine in Zimbabwe, two platinum-nickel exploration projects in South Africa, and a cobalt-copper exploration project in Zambia.

Operational Highlights

The company increased gold produced in their Zimbabwe Blanket Mine by 18% from the previous quarter to 9,743 ounces, a 97% increase from the third quarter in 2010. This represents the sixth consecutive quarterly increase in production.

The company’s rate of recovery increased to 93.1% in lieu of investments in improved milling and Carbon-in-Leach circuits.

Financial Highlights

Company profits for the third quarter hit $6.15 million, compared to $742,000 in the comparative quarter in 2010. This represents the seventh consecutive quarterly increase in profits.

The recent increase in gold prices, along with the increased production of gold in the Zimbabwe mine has led to these record profits. Gold prices on average in the third quarter were $1,737, compared to $1,241 in the comparative quarter in 2010.

CEO Stefan Hayden commented on the results:

Caledonia has had, as forecast, a very strong performance for the third quarter and profits for the third quarter of 2011 exceeded profits for the entire first half of 2011.”

 Caledonia Mining Q3 Results
 About Caledonia Mining

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