Caledonia Mining ( (CMCL) ) has released its Q3 earnings. Here is a breakdown of the information Caledonia Mining presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Caledonia Mining Corporation Plc is a company engaged in the exploration, development, and production of gold, primarily operating in the mining sector with significant operations in Zimbabwe.
In its latest earnings report for the quarter and nine months ending September 30, 2024, Caledonia Mining highlighted a revenue increase to $46.9 million for the quarter, with a nine-month revenue total of $135.5 million. Despite the revenue growth, the company reported a decline in gross profit margins and earnings per share due to increased production costs and lower ounces sold.
Key financial metrics showed higher consolidated on-mine costs per ounce at $1,056, up from $928 in the same quarter of the previous year, primarily due to increased labor and electricity expenses. The company’s all-in sustaining cost also rose to $1,501 per ounce. Caledonia declared a quarterly dividend of 14 cents per share and reiterated its production guidance for 2024, targeting between 74,000 and 78,000 ounces of gold. Additionally, the company announced a conditional sale agreement for its 12.2MWac solar plant.
Looking forward, Caledonia remains focused on maintaining production levels at its Blanket mine and progressing its exploration and development projects, including the Bilboes sulphide project. The company is also exploring cost reduction initiatives in labor and electricity to improve profitability.
Caledonia Mining’s management continues to prioritize safety, cost management, and strategic growth opportunities, which are expected to support its long-term shareholder value and ensure sustainable operations despite the challenging economic environment.
