Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM:
CMCL; TSX: CAL) (“Caledonia” or the “Company”) is pleased to
announce that earnings for 2019 will be substantially higher than
market expectations due to the combined effects of:
- the continued strength of the gold price;
- higher than expected production for 2019; and
- lower than expected operating costs.
As a result of these factors, adjusted earnings
per share (before net realised and unrealised foreign exchange
gains) for 2019 are expected to be in the range of US$1.55 to
US$1.75 per share compared to company guidance in early 2019 of
US$0.86 to US$1.17 per share.
Earnings per share on an IFRS basis which
includes net realised and unrealised foreign exchange profits is
expected to be approximately US$3.80 to US$4.00 per share.
Caledonia expects to publish its results for the
year to December 31, 2019 on or around March 20, 2020.
Commenting on this announcement, Steve Curtis,
Caledonia’s Chief Executive officer said:
“I am delighted by the excellent performance of
the Blanket Mine, particularly in the latter stages of 2019, which,
combined with the strength of the gold price, has resulted in us
comfortably exceeding expectations for the year ended December 31,
2019. This is down to the hard work and dedication of our
exceptional team operating at the Blanket Mine not least in how
they have successfully addressed challenges in the year such as the
variable power supply and grade fluctuations. With these challenges
addressed, an excellent start to 2020 and with the development of
the Central Shaft continuing on time and record quarterly
production in the fourth quarter, we look forward to an exciting
year ahead.”
For further information please contact:
Caledonia Mining Corporation PlcMark
LearmonthMaurice Mason |
Tel: +44 1534 679 800Tel:
+44 759 078 1139 |
WH Ireland (Nomad &
Broker)Adrian Hadden/James Sinclair-Ford |
Tel: +44 20 7220 1751 |
BlytheweighTim
Blythe/Camilla Horsfall/Megan Ray |
Tel: +44 207 138 3204 |
3PPBPatrick
ChidleyPaul Durham |
Tel: +1 917 991 7701Tel:
+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 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 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; 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.
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