Caledonia Mining Corporation : Results for the Fourth Quarter and Year ended December 31, 2015
(firmenpresse) -
Caledonia Mining Corporation : Results for the Fourth Quarter and Year ended December 31, 2015
March 21, 2016: Caledonia Mining Corporation (Caledonia or the Company - http://www.commodity-tv.net/c/search_adv/?v=295214) (TSX: CAL, OTCQX: CALVF, AIM: CMCL) announces its operating and financial results for the fourth quarter (Q4 or the Quarter) and the year ended December 31, 2015 (the Year). All results are reported in United States dollars unless otherwise indicated. Following the implementation of indigenisation in September 2012, Caledonia owns 49 per cent of the Blanket Mine (Blanket) in Zimbabwe. Caledonia continues to consolidate Blanket and the operational and financial information set out below is on a 100 per cent basis unless indicated otherwise.
Financial and Operating Review
$000s unless otherwise stated
Q4 Q4 Year Year Comment
2014 201 2014 2015
5
Gold produced 10,4111,5141,7742,80Gold production increased
( 7 5 1 4 in the Quarter and the
oz) Year due to higher
tonnes milled, offset by
a lower grade
On-mine cost 704 701 652 701 On-mine costs increased
($/ in the year due to the
oz) Non-IFRS lower average grade
measures which outweighed the
overall reduction in
such as cost per tonne
On-Mine milled
Cost per
ounce,
All-in
Sustaining
Cost per
ounce and
average
realised gold
price are
used
throughout
this
document.
Refer to
Section 10
of this MD&A
for a
discussion
of non-IFRS
measures
.
All-in Sustain1,1181,130969 1,038All-in sustaining costs in
ing creased in 2015 compared
to 2014 due to the
Cost ($/oz) ( increased sustaining
AISC) capital investment
Average 1,1801,0831,2451,139Lower realised gold price
realised in the Quarter and Year
gold price reflects the lower
($/ prevailing gold price
oz)
Gross profit 3,8043,40818,5413,18Gross profit was lower
Gross profit 3 1 due to the lower
is after realised gold price, the
deducting effect of which was
royalties, offset in Q4 by higher
production production and sales,
costs and and increased production
depreciation costs
but before
administrativ
e
expenses.
Net (251)1,9404,4354,779The effect of lower
(loss)/profit revenues was outweighed
attributable by a foreign exchange
to gain arising from the
shareholders devaluation of the South
Africa rand against the
US dollar and lower
taxation
Adjusted 2.1 0.9 10.4 8.1 Adjusted earnings per
basic share excludes deferred
earnings per taxation charges,
share
Adjusted earn foreign exchange gains, th
ings per e costs of the Zambian
share operation
(EPS) is a
non-IFRS and the income tax
measure credits arising in 2015
which aims relating to previous
to reflect years
Caledonias
ordinary
trading
performance.
Refer to
Section 10
of this MD&A
for a
discussion
of non-IFRS
measures
.
(cents)
Net cash and 23,0810,8023,0810,88Group net cash was lower
cash 2 2 0 due to the high level of
equivalents capital investment at
Blanket. Net cash at
December 31, 2015
includes Blankets
overdraft of $1.7m
(2014, nil)
Cash from 1,3832,55610,956,869Caledonia remains cash
operating 1 generative at the
activities operating level despite
the lower gold price
Payments to 2,6161,97612,357,373Payments to the community
the 4 and the
community
and Zimbabwe Zimbabwe Government in
government 2015 were lower than in
previous years due to
the lower income tax and
royalty
payments.
Commenting on the results for 2015, Steve Curtis, Caledonias CEO said:
2015 was another challenging year due to the lower gold price. Despite the tough environment, Blanket remained cash generative at the operating level. Production in 2015 was 2.5 per cent higher than in 2014 and 2 per cent higher than target, at 42,806 ounces.
Investment at the Blanket Mine increased from $6 million in 2014 to almost $17 million in 2015 due to the implementation of the Revised Investment Plan, which was announced in November 2014. The objectives of the Revised Investment Plan are to:
- increase production to approximately 80,000 ounces of gold in 2021;
- further improve Blankets operational efficiency; and
- enhance Blankets ability for further deep level exploration and development, thereby extending the life of mine.
Implementation of the Revised Investment plan is on-track and within budget. During the year the Tramming Loop was completed, which allowed a sustained increase in tonnes produced in the second half of the year.
In the middle of March 2016, production from below 750 meters commenced, as planned, via the Number 6 Winze. Production from below 750 meters is expected to increase progressively in the remainder of 2016 and 2017 and will contribute to the higher targeted production of approximately 50,000 ounces of gold in 2016 and approximately 65,000 ounces of gold in 2017.
Blanket achieved a creditable AISC of $1,038 per ounce of gold (2014: $969/oz), the increase being largely due to higher sustaining capital investment in 2015 compared to 2014. It is expected that the AISC per ounce will fall in 2016 as fixed costs are spread over higher production ounces and the cost reduction measures implemented in 2015 take effect.
The focus on resource development at Blanket increased in 2015. There were two resource upgrades in the Year as a result of which the total resource base The total resource base comprises measured, indicated and inferred resources.
remained broadly unchanged, notwithstanding record production in 2015 in terms of tonnes mined. Following the upgrades, measured and indicated resources increased from 55 per cent of the total resource base to 64 per cent. Towards the end of the Year, new drilling machines were installed and commissioned as a result of which the drilling rate achieved in January and February 2016 increased to over 2,000 meters per month compared to the average achieved in 2015 of approximately 700 meters per month.
In February 2016 Caledonias shareholders approved, by an overwhelming majority, the proposal that Caledonia should migrate its tax and legal domicile from Canada to Jersey, Channel Islands. This migration will be effected today and reduce the tax burden on Caledonia and its shareholders, and reduce the costs of tax compliance.
I expect that 2016 will be a Transformational Year for Caledonia as the benefits of restructuring and investment become apparent and I look forward to updating the market accordingly.
Shareholder Conference Call
A presentation of the 2015 results and outlook for Caledonia is available on Caledonias website (www.caledoniamining.com). Management will host a Question and Answer call at 3pm British Summer Time. Details for the call are as follows:
Date: March 29, 2016
Time: 1500 London /1400 Johannesburg, Zurich, Frankfurt/1000 Toronto, New York
Dial-in Password
telephone
number
Canada Toll free1 800 608 0547 Caledonia
South Africa 0 800 980 512 Caledonia
Toll
free
USA Toll free 1 866 966 5335 Caledonia
UK 0808 109 0700 Caledonia
Other +44 20 3003 Caledonia
2666
Caledonia Mining
Corporation
Mark Learmonth
Tel: +27 11 447 2499
marklearmonth(at)caledoniamini
ng.com
Blytheweigh
Tim Blythe/Camilla Horsfall
/Megan
Ray
Tel: +44 20 7138 3204
WH Ireland
Adrian Hadden/Nick Prowting
Tel: +44 20 7220 1751
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are forward-looking information within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonias current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as anticipate, believe, expect, goal, plan, target, intend, estimate, could, should, may and will or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Companys title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
Consolidated Statements of Comprehensive Income
($000s except per share amounts)
For the 3 For the 12 months
months ended
ended Dec
31
Dec 31
2015 2014 2015 2014 2013
Revenue 11,7511,13948,97753,51363,217
3
Royalty (591)(554) (2,455(3,522(4,412
) ) )
Production costs (7,01(6,101(30,01(27,90(26,61
8) ) 9) 8) 4)
Depreciation (736)(680) (3,322(3,540(3,181
) ) )
Gross profit 3,4083,804 13,18118,54329,010
Other (expense)/income 54 (27) 110 25 -
Administrative expenses (2,43(2,460(7,622(7,387(7,546
9) ) ) ) )
Share-based payment expense (24) - (24) - (66)
Foreign exchange gain/(loss) 774 590 2,850 1,065 1,628
Impairment - (178) - (178) (13,78
9)
Operating profit 1,7731,729 8,495 12,0689,237
Net finance (cost)/income (107)(61) (535) (140) (105)
Profit before tax 1,6661,688 7,960 11,9289,132
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/(los
s)
Items that are or may be
reclassified to profit or
loss
Foreign currency translation di (1,20(2,409(3,291(685) (1,567
fferences for foreign 3 ) ) )
operations )
Tax credit on other 199 111 199 111 -
comprehensive
income
Other comprehensive income/(los (1,00(2,298(3,092(574) (1,567
s) 4 ) ) )
net of income tax )
Total comprehensive 949 (2,6752,498 5,372 (2,044
income/(loss) for the ) )
period
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/(los
s)
attributable to:
Shareholders of the Company 936 (2,5491,687 3,861 (4,534
) )
Non-controlling interests 13 (126) 811 1,511 2,490
Total comprehensive income/(los 949 (2,6752,498 5,372 (2,044
s) ) )
for the period
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
($000s)
For the 12 months
ended Dec
31,
2015 2014 2013
Cash flows from operating
activities
Cash generated by operating 8,823 15,584 22,820
activities
Net interest paid (492) (107) (105)
Tax paid (1,462) (4,526) (7,742)
Net cash from operating 6,869 10,951 14,973
activities
Cash flows from investing
activities
Acquisition of Property, (16,567)(6,150) (11,396)
plant and equipment
Net cash used in investing (16,567)(6,150) (11,396)
activities
Cash flows from financing
activities
Advance dividends paid - - (2,000)
Dividends paid (2,504) (3,620) (5,871)
Proceeds from the exercise - - 456
of share
options
Net cash used in financing (2,504) (3,260) (7,415)
activities
Net (decrease)/increase in (12,202)1,181 (3,838)
cash and cash
equivalents
Cash and cash equivalents at 23,082 21,901 28,125
beginning of the year
Cash and cash equivalents at 10,880 23,082 21,901
year end (net of
overdraft)
Consolidated Statements of Financial Position
($000s) As at Dec Dec 31, Dec 31,
31,
2015 2014 2013
Total non-current 49,276 34,736 31,272
assets
Inventories 6,091 6,512 6,419
Prepayments 667 299 165
Income tax receivable 397 95 -
Trade and other 3,839 1,755 3,636
receivables
Cash and cash 12,568 23,082 23,580
equivalents
Total assets 72,838 66,479 65,072
Total non-current 14,080 11,164 9,437
liabilities
Trade and other 6,656 3,260 4,301
payables
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 72,838 66,479 65,072
liabilities
Leseranfragen:
Caledonia ist ein Bergbau-, Explorations- und Entwicklungsunternehmen mit Schwerpunkt auf das südliche Afrika. Nach Umsetzung des Indigenisierungs-Gesetzes in Simbabwe ist Caledonias hauptsächliches Asset ein 49-%-Anteil an einer laufenden Goldmine in Simbabwe („Blanket“).
Datum: 21.03.2016 - 08:08 Uhr
Sprache: Deutsch
News-ID 458699
Anzahl Zeichen: 22151
contact information:
Town:
Wien
Kategorie:
Business News
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"
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