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Caledonia sets a production record

The Zimbabwe-based gold miner set a production record in 2016, and expects to outstrip that figure this year and next

Caledonia sets a production record

All told, there's not much more investors in Caledonia Mining (CMCL) could have asked from their company in 2016. Gold production hit a record 50,351 ounces, even as proven and probable reserves ticked up 13 per cent. All-in sustaining costs also fell by 12 per cent in the period, helping gross profits rocket by 78 per cent to $23.5m (£18.8m) and supporting the high levels of investment in the expansion of the Blanket mine.


This year, Caledonia expects to increase production by another 20 per cent, which explains consensus estimates for pre-tax profits of $27.8m and adjusted EPS of 37.5¢ for 2017, up from $9.48m and 18¢ in 2016.