Caledonia Mining’s earnings fell 59% to Canadian cents 3.4/share in H1 2015 (adjusted: Canadian cents 5.2/share), as gold production at its 49%-owned Blanket mine, in Zimbabwe, dipped to 20.4 koz (H1 2015: 21.5 koz), AISC rose 11%, to US$984/oz, and the gold price received was lower at US$1,187/oz gold. Costs rose as a result of lower mined gold grades and increased electricity consumption.
Cash flow from operations was C$5.9 million for the half year and as at 30 June 2015 the company had cash of C$23.7 million.
Note that Caledonia consolidates Blanket and the operational and the financial information above is on a 100% basis
Caledonia’s earnings hit by higher costs and lower gold price: CMCL