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Caledonia Mining Corporation Plc (CMCL)

NYSE American - NYSE American Delayed Price. Currency in USD
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Previous Close14.79
Open14.70
Bid14.96 x 1100
Ask15.12 x 1400
Day's Range14.70 - 15.20
52 Week Range6.51 - 29.39
Volume47,489
Avg. Volume72,303
Market Cap181.297M
Beta (5Y Monthly)1.13
PE Ratio (TTM)8.64
EPS (TTM)1.73
Earnings DateNov 12, 2020
Forward Dividend & Yield0.40 (2.70%)
Ex-Dividend DateOct 15, 2020
1y Target EstN/A
  • Caledonia Mining Corporation Plc: Notification of relevant change to significant shareholder
    GlobeNewswire

    Caledonia Mining Corporation Plc: Notification of relevant change to significant shareholder

    ST HELIER, Jersey, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL) announces that it received notification on November 11, 2020, from BlackRock, Inc., which is a “significant shareholder” of the Company as defined by the AIM Rules for Companies, that it has increased its interest in the Company and on November 10, 2020 crossed a particular threshold for notification of its holdings in the Company. A copy of the notification is below. TR-1: Standard form for notification of major holdingsNOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i   1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:Caledonia Mining Corporation Plc 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) Non-UK issuerX 2\. Reason for the notification (please mark the appropriate box or boxes with an “X”) An acquisition or disposal of voting rightsX An acquisition or disposal of financial instruments  An event changing the breakdown of voting rights  Other (please specify)iii:  3\. Details of person subject to the notification obligationiv NameBlackRock, Inc. City and country of registered office (if applicable)Wilmington, DE, USA 4\. Full name of shareholder(s) (if different from 3.)v Name  City and country of registered office (if applicable)  5\. Date on which the threshold was crossed or reachedvi:10/11/2020 6\. Date on which issuer notified (DD/MM/YYYY):11/11/2020 7\. Total positions of person(s) subject to the notification obligation  % of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuervii Resulting situation on the date on which threshold was crossed or reached5.07% 0.47% 5.55% 12,118,823 Position of previous notification (if applicable)4.80% 0.64% 5.45%   8\. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii A: Voting rights attached to shares Class/type of shares ISIN code (if possible)Number of voting rightsix% of voting rights Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) JE00BF0XVB15 615,577 5.07%              SUBTOTAL 8. A615,5775.07%    B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Type of financial instrumentExpiration datexExercise/ Conversion PeriodxiNumber of voting rights that may be acquired if the instrument is exercised/converted.% of voting rights Securities Lending  25,2000.20%                SUBTOTAL 8. B 125,2000.20%    B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Type of financial instrumentExpiration datexExercise/ Conversion Period xiPhysical or cash settlementxiiNumber of voting rights % of voting rights CFD  Cash32,9010.27%                   SUBTOTAL 8.B.232,9010.27%    9\. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii  Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)X Namexv% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold See Attachment      10\. In case of proxy voting, please identify: Name of the proxy holder  The number and % of voting rights held  The date until which the voting rights will be held    11\. Additional informationxvi BlackRock Regulatory Threshold Reporting Team James Michael 020 7743 3650 Place of completion12 Throgmorton Avenue, London, EC2N 2DL, U.K. Date of completion11 November, 2020 Section 9 Attachment Namexv% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable threshold BlackRock, Inc.    BlackRock Holdco 2, Inc.    BlackRock Financial Management, Inc.    BlackRock Holdco 4, LLC    BlackRock Holdco 6, LLC    BlackRock Delaware Holdings Inc.    BlackRock Institutional Trust Company, National Association         BlackRock, Inc.    BlackRock Holdco 2, Inc.    BlackRock Financial Management, Inc.    BlackRock International Holdings, Inc.    BR Jersey International Holdings L.P.    BlackRock (Singapore) Holdco Pte. Ltd.    BlackRock HK Holdco Limited    BlackRock Lux Finco S.a.r.l.    BlackRock Japan Holdings GK    BlackRock Japan Co., Ltd.         BlackRock, Inc.    Trident Merger, LLC    BlackRock Investment Management, LLC         BlackRock, Inc.    BlackRock Holdco 2, Inc.    BlackRock Financial Management, Inc.    BlackRock International Holdings, Inc.    BR Jersey International Holdings L.P.    BlackRock Holdco 3, LLC    BlackRock Canada Holdings LP    BlackRock Canada Holdings ULC    BlackRock Asset Management Canada Limited         BlackRock, Inc.    BlackRock Holdco 2, Inc.    BlackRock Financial Management, Inc.    BlackRock Holdco 4, LLC    BlackRock Holdco 6, LLC    BlackRock Delaware Holdings Inc.    BlackRock Fund Advisors         BlackRock, Inc.    BlackRock Holdco 2, Inc.    BlackRock Financial Management, Inc.         BlackRock, Inc.    BlackRock Holdco 2, Inc.    BlackRock Financial Management, Inc.    BlackRock Capital Holdings, Inc.    BlackRock Advisors, LLC         For further information please contact:Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall Tel: +44 1534 679 800 Tel: +44 7817841 793    WH Ireland (Nomad & Broker) Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751    Blytheweigh Tim Blythe/Megan Ray   Tel: +44 207 138 3204    3PPB Patrick Chidley Paul Durham Tel: +1 917 991 7701 Tel: +1 203 940 2538 The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

  • Caledonia Mining Corporation Plc Results for the quarter ended September 30, 2020
    GlobeNewswire

    Caledonia Mining Corporation Plc Results for the quarter ended September 30, 2020

    ST HELIER, Jersey, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL) (“Caledonia” or the “Company”) announces its operating and financial results for the quarter and the nine months ended September 30, 2020 (the “Quarter” and “Nine Months ” respectively). Further information on the financial and operating results for the Quarter and Nine Months can be found in the management discussion and analysis (“MD&A”) and the unaudited financial statements which are available on the Company’s website and have been filed on SEDAR. Financial Highlights for the Quarter * Gross revenues of $25.4 million, a 27 per cent increase on the $20.0 million achieved in the third quarter of 2019 (“Q3 2019”). * Gross profit1 of $12.5 million, a 47 per cent increase on the $8.5 million in Q3 2019 at a gross margin of 49 per cent (Q3 2019, 43 per cent). * EBITDA2 (excluding net foreign exchange gains and share based payments) of $11.2 million, a 34 per cent increase on the $8.3 million in Q3 2019 at a margin of 44 per cent (Q3 2019, 42 per cent). * The on-mine cost per ounce3 increased from $686 in Q3 2019 to $758 due to costs associated with COVID-19, a share-based payment expense and increased use of the diesel generators. * The all-in sustaining cost per ounce3 increased from $872 in Q3 2019 to $1,119 due to a higher insurance premium and an increased share-based payment expense. * Basic IFRS earnings per share (“EPS”) of 36.6 cents (Q3 2019, 63.4 cents). IFRS earnings for the Quarter were adversely affected by a lower foreign exchange gain and higher taxation. * Adjusted EPS3 of 34.1 cents (Q3 2019, 15.8 cents). * Net cash from operating activities of $5.3 million (Q3 2019, $4.9 million). * Net cash and cash equivalents of $21.6 million (December 31, 2019, $8.9 million). * Total dividend paid in the Quarter of 8.5 cents per share; a further dividend at the increased rate of 10 cents per share was paid in October.Operating Highlights * 15,155 ounces of gold produced in the Quarter (Q3 2019, 13,646 ounces); 42,887 ounces produced in the Nine Months (first nine months of 2019, 38,306 ounces). * Tonnes mined and milled in the Quarter increased by 10 per cent compared to Q3 2019; recoveries were also slightly improved. * Equipping of Central Shaft continued in the Quarter at an increased rate as operations returned to normal following the relaxation of measures to prevent the spread of COVID-19. Effect of COVID-19 and Outlook * COVID-19 had no effect on production in the Quarter which was above target for the Nine Months. * Production guidance for 2020 increased from 53,000 to 56,000 ounces to 55,000 to 58,000 ounces. * Progress on the Central Shaft returned to the planned rate as travel and transport restrictions were lifted. Central Shaft is expected to be fully equipped by the end of 2020 and to be commissioned in the first quarter of 2021 – approximately three months later than expected due to the delays arising from COVID-19. Production guidance for 2021 is 61,000 to 67,000 ounces; guidance for 2022 is approximately 80,000 ounces. * Voltalia, an international renewable energy provider, has been appointed as the contractor for the 12MW solar project which is expected to be commissioned before the end of 2021 and is expected to provide approximately 27 per cent of Blanket’s average daily electricity requirements.Dividend * The July dividend was increased by 13.3 per cent to 8.5 cents per share and the October dividend was further increased to 10 cents per share following the continued strong financial and operating performance. * The cumulative increase in the dividend per share since January 2020 is 45 per cent. * Further dividend increases will depend on the balance between delivering returns to shareholders and pursuing the significant growth opportunities within Zimbabwe. Steve Curtis, Chief Executive Officer, commented:“I am delighted by Blanket Mine’s continued strong operating performance in the Quarter. Despite the disruption caused by the COVID-19 pandemic, the management initiatives which were implemented in 2019 have continued into 2020 and have resulted in a 12 per cent increase in gold production in the first nine months of 2020 compared to the same period of 2019\. The resilience of Blanket’s operations during this difficult period is testament to the outstanding commitment of the entire team at Blanket Mine. Production for the first nine months of 2020 exceeded expectations and this trend continued into October. We have therefore increased our gold production guidance for 2020 from a range of 53,000 to 56,000 ounces to a range of 55,000 to 58,000 ounces.“Cost control in the Quarter continued to be excellent, but a comparison of the costs for the Quarter to costs in the third quarter of 2019 is complicated by factors which somewhat increased the costs in this Quarter. The on-mine cost per ounce in the Quarter was $758 compared to $686 in Q3 2019\. However, the costs in Q3 2020 include approximately $73 per ounce of costs relating to COVID-19, a non-cash charge in respect of share-based payments and the cost of increased usage of the diesel generators. After adjusting for these items, the on-mine cost per ounce of the Quarter was $685 per ounce – virtually unchanged from Q3 2019 and lower than budget. “The all-in sustaining cost per ounce for the Quarter was $1,119 per ounce – an increase of 28 per cent compared to Q3 2019. This increase was due to a higher royalty charge, which reflects the increased gold price, increased administrative expenses, which is largely due to higher insurance premiums and an increased charge for share-based payments, which reflects the increased share price.“Notwithstanding these and other factors, we remain on track to achieve our cost guidance for 2020 of between $693 and $767 per ounce for on-mine costs and between $951 and $1,033 per ounce for all-in sustaining costs. “The excellent performance was also reflected in continued strong cash generation: net cash flow from operating activities (i.e. before interest, taxation payments and capital expenditure) was $7.4 million in the Quarter compared to $4.9 million in Q3 2019\. Net cash flow from operating activities for the Quarter was after an increase in working capital of $1.5 million as we replenished our inventories to increase our business resilience to guard against any resurgence of the COVID-19 pandemic which could affect Blanket’s supply chain.“During the Quarter we raised $13 million (before expenses) from the issue of equity, and the proceeds will be used to construct the 12 MW solar plant.“Caledonia ended the Quarter with net cash and cash equivalents of $21.6 million (excluding $1 million of a gold ETF which we purchased in the Quarter to protect cash in South Africa against devaluation of the South African Rand). “The continued strong performance was achieved without compromising on safety performance. The Total Injury Frequency Rate has been substantially reduced from the levels in 2019 after a concerted effort by management over the last 18 months to improve and enforce safety standards. I am also very pleased to report that in the Quarter we achieved one million manhours at the Central Shaft project without incurring any serious injury.“Interruptions to the supply of electricity from the grid have continued, but Blanket manages these using its increased suite of diesel generators. In the previous quarter we resolved to construct a 12MW solar plant at a cost of approximately $12 million, which is expected to provide 100 per cent of Blanket’s baseload electricity demand during daylight hours and approximately 27 per cent of Blanket’s total daily electricity demand. Whilst expected to deliver an acceptable financial return, this investment is primarily intended to protect Blanket from a further deterioration in its electricity supply as well as to reduce Blanket’s environmental footprint. We have raised the funds to construct this project and have appointed Voltalia as the contractor for the project which could be operational by the end of 2021.“The coronavirus pandemic had no appreciable effect on Blanket’s production in the Quarter and a minor effect on costs. However, work on Central Shaft has been slower than planned because travel restrictions imposed to control the spread of COVID-19 affected the movement of specialised equipment and contractors between South Africa and Blanket. The project is approximately 12 weeks behind schedule: it is currently expected that the shaft will be equipped before the end of 2020 and will be commissioned during the first quarter of 2021\. As a result of this delay, the build-up in production will also be affected: gold production in 2021 is now expected to be in the range of 61,000 to 67,000 ounces; there is no change to the production target of approximately 80,000 ounces of gold from 2022 onwards4.“In light of the improved performance and the brighter outlook for 2020 and beyond, Caledonia increased its quarterly dividend from 6.875 cents per share to 7.5 cents per share in January 2020. At the end of June, in light of Blanket’s strong performance, the higher gold price and the return to normal levels of production including renewed access to supply chains, Caledonia increased its quarterly dividend further to 8.5 cents per share. In October, due to the continued strong operational performance, the dividend was further increased to 10 cents per share. This means the cumulative increase in the quarterly dividend in 2020 is 45 per cent. The board will review Caledonia’s future dividend distributions as appropriate while considering the balance between delivering returns to shareholders and pursuing the significant growth opportunities within Zimbabwe and in line with a prudent approach to financial management.” ___________________ 1 Gross profit is after deducting royalties, production costs and depreciation but before administrative expenses, other income, interest and finance charges and taxation. 2 EBITDA is after deducting royalties, production costs and administrative expenses, but is before depreciation, net other income, profit on sale of a subsidiary, net foreign exchange gains, cash-settled share-based payments, hedging expenses, finance charges and taxation. 3 Non-IFRS measures such as “on-mine cost per ounce”, “all-in sustaining cost” and “adjusted EPS” are used throughout this announcement. Refer to section 10 of the MD&A for a discussion of non-IFRS measures. 4 Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company's qualified person as defined by Canada's National Instrument 43-101 and has approved any scientific or technical information contained in this news release.For further information please contact:Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall Tel: +44 1534 679 800 Tel: +44 7817841 793    WH Ireland (Nomad & Broker) Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751    Blytheweigh Tim Blythe/Megan Ray Tel: +44 207 138 3204    3PPB Patrick Chidley Paul Durham Tel: +1 917 991 7701 Tel: +1 203 940 2538 The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.Cautionary Note Concerning Forward-Looking InformationInformation 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 Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “envisage”, “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.Securityholders, potential securityholders and other 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; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); 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 Company’s 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.This news release is not an offer of the common shares of Caledonia for sale in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.              Condensed consolidated statements of profit and loss and other comprehensive income (in thousands of United States dollars, unless indicated otherwise)  Three months ended  Nine months ended UnauditedSeptember 30,  September 30,  2020  2019   2020  2019  Revenue25,359  19,953   71,874  52,393  Less: Royalty(1,271) (999)  (3,599) (2,682) Production costs(10,399) (9,410)  (32,537) (26,750) Depreciation(1,143) (1,059)  (3,457) (3,159) Gross profit12,546  8,485   32,281  19,802  Other income27  5   4,736  2,043  Other expenses(305) (173)  (1,827) (482) Administrative expenses(2,539) (1,246)  (5,361) (3,951) Cash-settled share-based payment(231) (36)  (1,177) (406) Net foreign exchange gain985  3,345   4,694  28,270  Profit on sale of subsidiary–  –   –  5,409  Fair value gain/ (loss) on derivative assets27  –   (121) (324) Operating profit10,510  10,380   33,225  50,361  Finance income4  30   36  80  Finance cost(91) (46)  (390) (116) Profit before tax10,423  10,364   32,871  50,325  Tax expense(4,993) (1,858)  (11,410) (3,154) Profit for the period5,430  8,506   21,461  47,171          Other comprehensive income       Items that are or may be reclassified to profit or loss       Exchange differences on translation of foreign operations(88) (353)  (1,146) (353) Reclassification of accumulated exchange differences on the sale of subsidiary–  –   –  (2,109) Total comprehensive income for the period5,342  8,153   20,315  44,709          Profit attributable to:       Owners of the Company4,433  7,007   17,807  39,628  Non-controlling interests997  1,499   3,654  7,543  Profit for the period5,430  8,506   21,461  47,171          Total comprehensive income attributable to:       Owners of the Company4,345  6,654   16,661  37,166  Non-controlling interests997  1,499   3,654  7,543  Total comprehensive income for the period5,342  8,153   20,315  44,709          Earnings per share       Basic earnings per share ($)0.37  0.63   1.50  3.60  Diluted earnings per share ($)0.37  0.63   1.50  3.60  Condensed consolidated statements of financial position (in thousands of United States dollars, unless indicated otherwise) Unaudited September 30, December 31,  As at 2020 2019       Assets    Property, plant and equipment 123,923 113,651  Deferred tax asset 105 63  Total non-current assets 124,028 113,714       Inventories 14,280 11,092  Prepayments 4,254 2,350  Trade and other receivables 6,839 6,912  Derivative financial assets 1,160 102  Cash and cash equivalents 21,562 9,383  Total current assets 48,095 29,839  Total assets 172,123 143,553       Equity and liabilities    Share capital 74,696 56,065  Reserves 137,337 140,730  Retained loss (73,240)(88,380) Equity attributable to shareholders 138,793 108,415  Non-controlling interests 15,913 16,302  Total equity 154,706 124,717       Provisions 3,404 3,346  Deferred tax liabilities 1,724 3,129  Term loan facility - long term portion 193 1,942  Cash-settled share-based payment - long term portion 1,692 540  Total non-current liabilities 7,013 8,957       Term loan facility - short term portion 322 529  Cash-settled share-based payment - short term portion 285  –  Income taxes payable 1,902 163  Trade and other payables 7,895 8,697  Overdraft – 490  Total current liabilities 10,404 9,879  Total liabilities 17,417 18,836  Total equity and liabilities 172,123 143,553       Condensed consolidated statements of cash flows (in thousands of United States dollars, unless indicated otherwise)      UnauditedThree months ended Nine months ended  September 30, September 30,  2020 2019  2020 2019         Cash generated from operations7,393 4,886  23,764 14,003  Net interest paid(74)(33) (337)(129) Tax paid(2,048)–  (4,082)(608) Net cash from operating activities5,271 4,853  19,345 13,266         Cash flows used in investing activities      Acquisition of property, plant and equipment(8,007)(5,583) (15,928)(14,909) Purchase of derivative financial asset– –  (1,058)–  Proceeds from disposal of subsidiary– –  900 1,000  Net cash used in investing activities(8,007)(5,583) (16,086)(13,909)        Cash flows from financing activities      Dividends paid(1,129)(883) (3,110)(2,503) Payment of lease liabilities(30)–  (87)–  Shares issued - equity raise12,538 –  12,538 –  Share options exercised– –  30 –  Net cash used in financing activities11,379 (883) 9,371 (2,503)        Net increase/ (decrease) in cash and cash equivalents8,643 (1,613) 12,630 (3,146) Effect of exchange rate fluctuations on cash held1,280 1,063  39 (15) Net cash and cash equivalents at the beginning of the period11,639 9,742  8,893 11,187  Net cash and cash equivalents at the end of the period21,562 9,192  21,562 8,026

  • GlobeNewswire

    Caledonia Mining Corporation Plc: Solar power project update

    ST HELIER, Jersey, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Further to the announcement on September 4, 2020 regarding Caledonia Mining Corporation Plc (NYSE American: CMCL; AIM: CMCL) (the “Company” or “Caledonia”) raising the required funds to invest in the construction of a solar power plant to supply electricity to the Blanket Mine in Zimbabwe, Caledonia is pleased to now announce that it has appointed Voltalia as the contractor for the project.   Voltalia is an international renewable energy provider and is listed on the regulated market of Euronext Paris. It has considerable experience in the delivery of renewable energy projects including the development, construction, operation and maintenance of solar power plants. Voltalia is already active notably in Burundi, Malawi and South Africa. Caledonia looks forward to working closely with Voltalia to deliver a successful project at the Blanket Mine which, on completion, is expected to provide approximately 27% of the mine’s total electricity demand. This will significantly reduce the risk to the mine of any further deterioration in the quality of grid power which would necessitate increased use of diesel generators (which are substantially more expensive than grid power). The plant will also reduce Blanket Mine’s environmental footprint.Caledonia and Voltalia have agreed an initial design phase for the project after which, subject to the conclusion of an Engineering, Procurement and Construction (EPC) contract, procurement and construction are expected to begin with current indicated commissioning for the 12MW solar plant in the last quarter of 2021.As previously announced, Caledonia raised the funds required to construct the plant by way of an at the market sales process on NYSE American conducted by Cantor Fitzgerald & Co on its behalf. Pursuant to the process, the Company issued 597,963 shares, representing considerably fewer issued shares than the expected 800,000 that it had initially applied to list.The project is primarily intended to protect the Blanket Mine from any further deterioration in the electricity supply situation. Whilst the project is therefore being done for largely defensive reasons, it is expected to yield a modest return to shareholders after taking account of the dilutive effect of the equity issued to fund it.For further information please contact:Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall Tel: +44 1534 679 802 Tel: +44 7817 841793 WH Ireland Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751 Blytheweigh Tim Blythe/Megan Ray   3PPB Patrick Chidley Paul Durham Tel: +44 207 138 3204 Tel: +1 917 991 7701 Tel: +1 203 940 2538 Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.Cautionary Note Concerning Forward-Looking InformationInformation and statements contained in this news release that are not historical facts are “forward-looking information”, “financial outlooks” or “future oriented financial information” (collectively, “forward-looking information”) within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s 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, construction plans, financial and shareholders returns on investment in construction projects and electricity production/supply to the mine. 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, the completion of construction projects, the proposed benefits from construction projects and other factors.To the extent any forward-looking information herein constitutes a financial outlook or future oriented financial information, any such statement is made as of the date hereof and included herein to provide prospective investors with an understanding of the Company’s construction plans and assumptions. Security holders, potential security holders and other prospective investors are cautioned that such information may not be appropriate for other purposes and 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, contractors 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; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); 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 Company’s 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, construction activity and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned that the assumptions used in the preparation of such forward-looking information, although considered reasonable at the time of preparation, may prove to be imprecise and, accordingly, they should not to place undue reliance on such 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.