Caledonia Mining Corporation (LON:CMCL) CFO Mark Learmonth talks to DirectorsTalk about the better than expected Q1 results,Mark also explains why net cash is down for the period, how that will change, how the revised investment plan is going and what we can expect to see over the next 6 months.
Caledonia Mining Corporation is an exploration, development and mining company focused on Southern Africa. Caledonia’s primary asset is a 49% interest in the Blanket Mine in Zimbabwe which produced over 42,800 ounces of gold in 2015 at a cash cost of US$701/oz. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant. In November 2014, Caledonia announced a revised investment plan for the Blanket Mine in terms of which production is expected to increase to approximately 80,000 ounces of gold by 2021 following the investment of approximately US$70m, all of which is expected to be funded from internal cash generation and existing cash resources. The company has offices in Jersey, South Africa and Zimbabwe.
