TIDMCMCL
RNS Number : 3523B
Caledonia Mining Corporation PLC
30 January 2020
Caledonia Mining Corporation Plc
Increased earnings guidance for 2019
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
St Helier, January 30, 2020 - Caledonia Mining Corporation Plc
("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 Plc
Mark Learmonth Tel: +44 1534 679 800
Maurice Mason Tel: +44 759 078 1139
WH Ireland (Nomad & Broker)
Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Tel: +44 207 138 3204
Ray
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBRGDBCXDDGGC
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