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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caledonia Mining Corporation Plc | AMEX:CMCL | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.14 | -1.40% | 9.85 | 9.90 | 9.76 | 9.76 | 8,848 | 15:32:31 |
|
Caledonia Mining Corporation
(Registrant)
By: /s/ Steve Curtis
|
Dated: March 18, 2016
|
Name: Steve Curtis
Title: CEO and Director
|
Exhibit
|
Description
|
|
|
Caledonia Mining Corporation: Results for the Fourth Quarter and Year ended December 31, 2015
|
$'000's unless otherwise stated
|
|||||
Q4 2014
|
Q4 2015
|
Year 2014
|
Year 2015
|
Comment
|
|
Gold produced (oz)
|
10,417
|
11,515
|
41,771
|
42,804
|
Gold production increased in the Quarter and the Year due to higher tonnes milled, offset by a lower grade
|
On-mine cost ($/oz)1
|
704
|
701
|
652
|
701
|
On-mine costs increased in the year due to the lower average grade which outweighed the overall reduction in cost per tonne milled
|
All-in Sustaining Cost ($/oz) ("AISC")
|
1,118
|
1,130
|
969
|
1,038
|
All-in sustaining costs increased in 2015 compared to 2014 due to the increased sustaining capital investment
|
Average realised gold price ($/oz)
|
1,180
|
1,083
|
1,245
|
1,139
|
Lower realised gold price in the Quarter and Year reflects the lower prevailing gold price
|
Gross profit 2
|
3,804
|
3,408
|
18,543
|
13,181
|
Gross profit was lower due to the lower realised gold price, the effect of which was offset in Q4 by higher production and sales, and increased production costs
|
Net (loss)/profit attributable to shareholders
|
(251)
|
1,940
|
4,435
|
4,779
|
The effect of lower revenues was outweighed by a foreign exchange gain arising from the devaluation of the South Africa rand against the US dollar and lower taxation
|
Adjusted basic earnings per share3 (cents)
|
2.1
|
0.9
|
10.4
|
8.1
|
Adjusted earnings per share excludes deferred taxation charges, foreign exchange gains, the costs of the Zambian operation and the income tax credits arising in 2015 relating to previous years
|
Net cash and cash equivalents
|
23,082
|
10,880
|
23,082
|
10,880
|
Group net cash was lower due to the high level of capital investment at Blanket. Net cash at December 31, 2015 includes Blanket's overdraft of $1.7m (2014, nil)
|
Cash from operating activities
|
1,383
|
2,556
|
10,951
|
6,869
|
Caledonia remains cash generative at the operating level despite the lower gold price
|
Payments to the community and Zimbabwe government
|
2,616
|
1,976
|
12,354
|
7,373
|
Payments to the community and the Zimbabwe Government in 2015 were lower than in previous years due to the lower income tax and royalty payments.
|
· | increase production to approximately 80,000 ounces of gold in 2021; |
· | further improve Blanket's operational efficiency; and |
· | enhance Blanket's ability for further deep level exploration and development, thereby extending the life of mine. |
Dial-in telephone number
|
Password
|
|
Canada Toll free
|
1 800 608 0547
|
Caledonia
|
South Africa Toll free
|
0 800 980 512
|
Caledonia
|
USA Toll free
|
1 866 966 5335
|
Caledonia
|
UK
|
0808 109 0700
|
Caledonia
|
Other
|
+44 20 3003 2666
|
Caledonia
|
Caledonia Mining Corporation
Mark Learmonth
Tel: +27 11 447 2499
marklearmonth@caledoniamining.com
|
WH Ireland
Adrian Hadden/Nick Prowting
Tel: +44 20 7220 1751
|
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray
Tel: +44 20 7138 3204
|
|
Consolidated Statements of Comprehensive Income
($'000's except per share amounts)
|
||||||||||||||||||||
For the 3 months ended
Dec 31
|
For the 12 months ended
Dec 31
|
|||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2013
|
||||||||||||||||
Revenue
|
11,753
|
11,139
|
48,977
|
53,513
|
63,217
|
|||||||||||||||
Royalty
|
(591
|
)
|
(554
|
)
|
(2,455
|
)
|
(3,522
|
)
|
(4,412
|
)
|
||||||||||
Production costs
|
(7,018
|
)
|
(6,101
|
)
|
(30,019
|
)
|
(27,908
|
)
|
(26,614
|
)
|
||||||||||
Depreciation
|
(736
|
)
|
(680
|
)
|
(3,322
|
)
|
(3,540
|
)
|
(3,181
|
)
|
||||||||||
Gross profit
|
3,408
|
3,804
|
13,181
|
18,543
|
29,010
|
|||||||||||||||
Other (expense)/income
|
54
|
(27
|
)
|
110
|
25
|
-
|
||||||||||||||
Administrative expenses
|
(2,439
|
)
|
(2,460
|
)
|
(7,622
|
)
|
(7,387
|
)
|
(7,546
|
)
|
||||||||||
Share-based payment expense
|
(24
|
)
|
-
|
(24
|
)
|
-
|
(66
|
)
|
||||||||||||
Foreign exchange gain/(loss)
|
774
|
590
|
2,850
|
1,065
|
1,628
|
|||||||||||||||
Impairment
|
-
|
(178
|
)
|
-
|
(178
|
)
|
(13,789
|
)
|
||||||||||||
Operating profit
|
1,773
|
1,729
|
8,495
|
12,068
|
9,237
|
|||||||||||||||
Net finance (cost)/income
|
(107
|
)
|
(61
|
)
|
(535
|
)
|
(140
|
)
|
(105
|
)
|
||||||||||
Profit before tax
|
1,666
|
1,688
|
7,960
|
11,928
|
9,132
|
|||||||||||||||
Tax (expense)/credit
|
287
|
(2,045
|
)
|
(2,370
|
)
|
(5,982
|
)
|
(9,609
|
)
|
|||||||||||
Profit/(Loss) for the period
|
1,953
|
(377
|
)
|
5,590
|
5,946
|
(477
|
)
|
|||||||||||||
Other comprehensive income/(loss)
|
||||||||||||||||||||
Items that are or may be reclassified to profit or loss
|
||||||||||||||||||||
Foreign currency translation differences for foreign operations
|
(1,203
|
)
|
(2,409
|
)
|
(3,291
|
)
|
(685
|
)
|
(1,567
|
)
|
||||||||||
Tax credit on other comprehensive income
|
199
|
111
|
199
|
111
|
-
|
|||||||||||||||
Other comprehensive income/(loss) net of income tax
|
(1,004
|
)
|
(2,298
|
)
|
(3,092
|
)
|
(574
|
)
|
(1,567
|
)
|
||||||||||
Total comprehensive income/(loss) for the period
|
949
|
(2,675
|
)
|
2,498
|
5,372
|
(2,044
|
)
|
|||||||||||||
Profit/(Loss) attributable to:
|
||||||||||||||||||||
Shareholders of the Company
|
1,940
|
(251
|
)
|
4,779
|
4,435
|
(2,967
|
)
|
|||||||||||||
Non-controlling interests
|
13
|
(126
|
)
|
811
|
1,511
|
2,490
|
||||||||||||||
Profit/(Loss) for the period
|
1,953
|
(377
|
)
|
5,590
|
5,946
|
(477
|
)
|
|||||||||||||
Total comprehensive income/(loss) attributable to:
|
||||||||||||||||||||
Shareholders of the Company
|
936
|
(2,549
|
)
|
1,687
|
3,861
|
(4,534
|
)
|
|||||||||||||
Non-controlling interests
|
13
|
(126
|
)
|
811
|
1,511
|
2,490
|
||||||||||||||
Total comprehensive income/(loss) for the period
|
949
|
(2,675
|
)
|
2,498
|
5,372
|
(2,044
|
)
|
|||||||||||||
Earnings/(Loss) per share (cents)
|
||||||||||||||||||||
Basic
|
3.6
|
(0.6
|
)
|
8.9
|
8.4
|
(5.9
|
)
|
|||||||||||||
Diluted
|
3.6
|
(0.6
|
)
|
8.9
|
8.4
|
(5.9
|
)
|
|||||||||||||
Adjusted earnings per share (cents) (i)
|
||||||||||||||||||||
Basic
|
0.9
|
2.1
|
8.1
|
10.4
|
26.8
|
Consolidated Statements of Cash Flows
($'000's)
|
||||||||||||
For the 12 months ended Dec 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Cash generated by operating activities
|
8,823
|
15,584
|
22,820
|
|||||||||
Net interest paid
|
(492
|
)
|
(107
|
)
|
(105
|
)
|
||||||
Tax paid
|
(1,462
|
)
|
(4,526
|
)
|
(7,742
|
)
|
||||||
Net cash from operating activities
|
6,869
|
10,951
|
14,973
|
|||||||||
Cash flows from investing activities
|
||||||||||||
Acquisition of Property, plant and equipment
|
(16,567
|
)
|
(6,150
|
)
|
(11,396
|
)
|
||||||
Net cash used in investing activities
|
(16,567
|
)
|
(6,150
|
)
|
(11,396
|
)
|
||||||
Cash flows from financing activities
|
||||||||||||
Advance dividends paid
|
-
|
-
|
(2,000
|
)
|
||||||||
Dividends paid
|
(2,504
|
)
|
(3,620
|
)
|
(5,871
|
)
|
||||||
Proceeds from the exercise of share options
|
-
|
-
|
456
|
|||||||||
Net cash used in financing activities
|
(2,504
|
)
|
(3,260
|
)
|
(7,415
|
)
|
||||||
Net (decrease)/increase in cash and cash equivalents
|
(12,202
|
)
|
1,181
|
(3,838
|
)
|
|||||||
Cash and cash equivalents at beginning of the year
|
23,082
|
21,901
|
28,125
|
|||||||||
Cash and cash equivalents at year end (net of overdraft)
|
10,880
|
23,082
|
21,901
|
Consolidated Statements of Financial Position
|
||||||||||||
($'000's) |
As at Dec 31,
|
Dec 31,
|
Dec 31, | |||||||||
2015
|
2014
|
2013 | ||||||||||
Total non-current assets
|
49,276
|
34,736
|
31,272
|
|||||||||
Inventories
|
6,091
|
6,512
|
6,419
|
|||||||||
Prepayments
|
667
|
299
|
165
|
|||||||||
Income tax receivable
|
397
|
95
|
-
|
|||||||||
Trade and other receivables
|
3,839
|
1,755
|
3,636
|
|||||||||
Cash and cash equivalents
|
12,568
|
23,082
|
23,580
|
|||||||||
Total assets
|
72,838
|
66,479
|
65,072
|
|||||||||
Total non-current liabilities
|
14,080
|
11,164
|
9,437
|
|||||||||
Trade and other payables
|
6,656
|
3,260
|
4,301
|
|||||||||
Income taxes payable
|
53
|
1,712
|
1,064
|
|||||||||
Bank overdraft
|
1,688
|
-
|
1,679
|
|||||||||
Total liabilities
|
22,477
|
16,136
|
16,481
|
|||||||||
Total equity
|
50,361
|
50,343
|
48,591
|
|||||||||
Total equity and liabilities
|
72,838
|
66,479
|
65,072
|
1 Year Caledonia Mining Chart |
1 Month Caledonia Mining Chart |
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