30th Jan 2020 15:03
(Alliance News) - Caledonia Mining Corp PLC said Thursday it has raised its guidance for its annual earnings due to a better gold price and higher-than-expected production for 2019.
As a result, adjusted earnings per share for the year - before net realised and unrealised foreign exchange gains - are set to be between USD1.55 and USD1.75, beating company guidance of USD0.86 to USD1.17 given in early 2019.
This reflects a 17% to 33% rise from USD1.32 reported for 2018.
"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," said Chief Executive Officer Steve Curtis.
"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," Curtis added.
Shares in Caledonia Mining - which is based in St Helier, Jersey - were up 7.6% at 705.00 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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