Caledonia Mining Corp./ CAL (TSX)

  • WKN 883 686
    ISIN CA12932K1030


    Date: April 07, 2006

    Caledonia May Be A Very Different Company By This Time Next Year.

    By Jack Hammer

    There’s lots going on inside Caledonia Mining, the diversified mining

    company with listings on Aim, on Nasdaq and in Toronto. There’s the

    Barbrook gold mine just south of Nelspruit in South Africa, which

    Caledonia hopes to return to profitability this year. There’s the Rooipoort

    platinum exploration project on the northern limb of the Bushveld, where

    a 43-101 compliant inferred resource contains an estimated 428,600

    ounces of palladium, 274,000 ounces of platinum, 33,000 tonnes of

    nickel and 20,000 tonnes of copper. There’s the Nama cobalt project in

    Zambia, which according to Caledonia chief executive Stefan Hayden

    is “the only primary cobalt deposit of any size ever discovered”. There’s

    diamond exploration in the Kalahari region of Zambia and at Kikerk Lake

    in Canada; there’s gold exploration at the Eesterling and Zandrivier

    regions of South Africa; and there’s the Moordrift, Jaagbaan and

    Grasvally farms with mineralization down-dip from Rooipoort, just

    recently acquired from Falconbridge.

    Is this a mish-mash of projects inside a directionless company? Not at

    all, says level-headed analyst Charles Kernot of UK broker Seymour

    Pierce. “Their strategy is to be diversified - they want to have a little bit of

    everything, or at least a little bit of a few things”. Mr Kernot even

    speculates that Caledonia chairman Rupert Pardoe’s past life as a

    senior figure within the highly diversified Anglo American may also have

    an influence in putting such a wide range of assets into the company.

    Caledonia chief Stefan Hayden agrees that to date a mixture of

    commodities has been the goal. “We are a very diversified company. I

    personally get nervous when I see companies tied to a single

    commodity”, he says. But nevertheless there’s about to be a step change

    in Caledonia’s structure. In response to consistent share price

    weakness in the face of the commodities boom and a lack of

    appreciation from the market, Caledonia is about to get simpler.

    “I realise that the market doesn’t like diversified juniors,” says Mr

    Hayden. “It appears to want – in terms of the juniors – relatively pure

    plays. That’s a lesson that has been coming through to us for quite

    some time now.” The new plan, which will be formally elucidated at the

    company’s AGM, due on 16th April, is to turn Caledonia into what Mr

    Hayden calls “an incubator”, and to allow the gold, platinum and cobalt

    projects to stand alone as separate listed vehicles.

    It hasn’t helped that Barbrook hasn’t been profitable for a while, and with

    increased milling capacity is only just coming into its own in the face of

    currency and other cost pressures.

    ..........................stark gekürzt..........................

  • Miners dig to record depths to find more gold

    1 Jun 07


    Zitatweise Auszug aus Aufsatz in RSA_Minenzeitung


    This favourable environment has prompted Gold Fields to start work on a R4,7-billion project to deepen both its Kloof and Driefontein mines, near Carletonville, to 4 020 m and 4 121 m below surface, respectively, providing access to 10,8-million ounces of gold.

    Shaft sinking at Driefontein is expected to be completed by 2011, which will make it the world’s deepest mine, with the silver medal going to Kloof once it is fully developed.

    AngloGold Ashanti is continuing with its R1,2-billion Below 120 Carbon Leader project, which will take its TauTona mine, also in Carletonville, to 3 902 m.

    This will yield 2,6-million ounces of gold over a nine-year period ending 2017.

    “By July 15, 2008, we should be able to celebrate the unveiling of a new Guinness Book of Records plaque at a depth of 3 778 m below datum,” TauTona GM Frank Russo Bello told Mining Weekly last year.

    This plaque will bear the words “The deepest man-made hole in the world”.

    Currently, the accolade for the world’s deepest mine belongs to AngloGold Ashanti’s Savuka operation, in the North West province, which decends to 3 777 m.

    This mine was due to close in the first quarter of last year, but will now remain operational as long as it is profitable to do so, says AngloGold Ashanti executive director Neville Nicolau.

    Positive economics have also opened the doors for the R2-billion deepening of the Mponeng mine, again near Carletonville, to below 3 600 m, extending the life-of-mine by a further eight years.

    Harmony is also deepening its Elandsrand mine, in Gauteng and the North West province, which is set to go below 3 300 m, opening up an additional 6,22-million ounces. This project is scheduled to be completed by 2010.

    Mining deeper and deeper does not come cheaply, though.

    At Driefontein, apart from the capital costs to get there, mining at depth will cost R66 000/kg over the life of the mine – not bad when considering the current gold price of about R160 000/kg.

    Indeed then, there is money to be made, should all the fundamentals remain positive, but nobody says it’s going to be easy.

    A costly affair

    Mines are large consumers.

    Gold Fields CEO Ian Cockerill says the power consumption of a mine such as Driefontein equals that of Eastern Cape city East London. The mine has an installed capacity of 800 MW.

    “We pay R250-million a quarter in electricity bills. It makes up 12% of our costs.”

    The reason for this is that an underground mine must be ventilated and cooled, and increasingly so as it goes deeper.

    At Driefontein, at 4 000 m, the rock temper-ature will reach 55 730C as one inches closer to the earth’s molten core, explains Gold Fields head of South African operations Terence Goodlace.

    “We have to take cognisance of the fact that it continues to grow hotter as we go deeper.”

    The solution to this is improved cooling technologies, with the use of ice rather than water to cool underground working conditions, he adds.

    Council for Scientific and Industrial Research (CSIR) mining technology senior scientist Schu Schutte says the cut-off point where workers can function optimally underground is about 28 730C wet bulb.

    Wet bulb temperature provides an indication of ambient humidity, which often reaches high levels in mines.

    At temperatures higher than 28 730C wet bulb, two things happen, notes Schutte.

    The ability of mine workers to concentrate and to make accurate spatial perceptions decreases.

    In other words, the possibility of making a fatal mistake increases.

    Individuals also work even faster than before, and with decimated accuracy.

    It is, therefore, not surprising that an analysis of the effect of heat in gold mines, conducted between 1987 and 1994, indicates a notable increase in the injury rate when temperatures reach 29 0C wet bulb and upwards.

    Physically speaking, it is possible to continue working until the temperature reaches 32,5 OC, although this is not desirable, says Schutte.

    “Formal heat-stress management programmes and administrative control measures are required where wet bulb temperature reaches 28 OC, while routine work should not be permitted where wet bulb temperature exceeds 32,5 0C, or the dry bulb temperature is more than 37 OC,” he adds.

    What all this means in practice, Schutte notes, is that Driefontein will have to reduce the environmental temperatures at 4 000 m to 28 0C wet bulb or below, if it wants to create a productive and safe working environment.

    Interesting to note, he adds, is that platinum mines are much warmer than gold mines, owing to the rock environment in which platinum-group metals reside.

    Virgin rock temperatures, which apply to unbroken rock, increase at about 9 OC per kilo- metre depth in the central Witwatersrand region – but nearly double that for the Bushveld Igneous Complex.

    This means platinum mines will, considering current cooling technology, have much more difficulty to reach the depths of gold mines.

    However, it is not impossible.

    South African researchers are continuously developing technologies to enable deep-level mining, having been the first country to dig this deep into the earth.

    The country’s Chamber of Mines conducted a study into heat tolerance among mineworkers in gold mines as far back as the 1930s.

    A more recent CSIR project called Deepmine probed the technology necessary to drop down as deep as 5 km in local gold mines.

    It concluded that these depths are not impossible, but that the gold price will have to justify the cost.

    Goodlace says the break-even point of the Driefontein drop-down project is R86 000/oz, but adds that growing project costs will see this increase – which means Gold Fields will only continue to go deeper if the gold price holds steady, or rises from current levels.

    After all, nobody’s going to dig 4 000 m into the earth’s belly for the sheer fun of it. Shareholders demand a profitable company.

    A complicated dig

    There are many things to consider, says Goodlace, but in the end, pushing down to 4 km is about two fundamental things: cooling and sound rock engineering.

    “We know the rock strength is such that we can go to 4 000 m. We’re at 3 500 m, so we’re nearly there anyway.

    “The key is to ensure we reduce the stress of the surrounding environment. “In essence, we need to simulate shallower mining conditions.”

    At three-and-a-half kilometres deep, the natural pressure on the rock is about 9 500 t/m2. If you start mining, the pressure on the remaining rock can double or triple.

    This can lead to fatal rockbursts if not handled expertly.

    “Mine design is key as you go down to 4 000 m. We have to take a close look at the way we design our system of stopes and haulage, ensuring we leave the neccesary support in place to carry the rock,” says Goodlace.

    Another issue to consider when digging deeper is travelling time to the work face.

    It’s impossible to reach 4 000 m in a single drop down a mine shaft.

    At 3 000 m down, the rope of the cage carrying workers down the mine weighs 70 t – this for a cage that has a capacity of 10 t. It simply becomes too heavy to reach any deeper.

    So, gold mines typically reach 3 000 m and below using a multiple shaft system.

    At TauTona, current travelling time to the work face is an average of 1,5 hours.

    This is set to increase to two hours as the mine goes deeper, which means only 4,5 hours to 5 hours out of a nine-hour shift will be spent working.

    A possible solution to the problem is developing linear motor systems which do not make use of a rope – but this is costly technology, not yet fully developed.

    So, what’s next?

    The good news for those considering deeper-level mining is that one would only suffer decompression sickness at 6 000 m underground.

    Nitrogen narcosis (the bends, which scuba divers should be familiar with), and oxygen toxicity (too much oxygen in the air is lethal) set in at 16 000 m and 22 000 m respectively.

    The bad news is that the difference in pressure will aready cause your ears to ache at a few hundred metres (similar to when you take off in a plane) – not to mention acute toothache as cavities, which contain gas, become extremely painful with changes in ambient pressure.

    Worse news is that the rock temperature at 5 000 m is around 70 0C.

    Consider the cost of countering this. If traditional methods are used, vast amounts of water will have to be pumped to and from the surface to keep the mine cool.

    Electricity costs will soar. Travelling times will be more than the actual time spent working. And what do we really know about the earth 5 km down?

    “Mining beyond 4 000 m, to 5 000 m, is a bit of a push,” says Goodlace.

    “No-one has ever operated at that level. It is unknown territory.”


  • ....bin am Leichen buddeln :rolleyes: ob da wohl wieder etwas Leben rein kommt ?( hat noch jemand (s)eine Meinung ;)

    -> Posted by ganndolph @ 1:58 am on November 30, 2007
    Regarding Canadian Juniors and Highlighting Caledonia Mining Corporation CA:CAL, CALVF

    “Unfortunately, with the gold shares we have two markets, and so far it has boiled down to the large caps - most of which have performed reasonably well, and everything else that has performed rather poorly. Canadian jrs. being the worst, most of which are down from Sept. and in many cases down for the last two years or longer? I’ve said I’m sticking to J.S. and his advice because I do believe eventually the rising tide will lift all boats. That doesn’t make it any easier though when you hold stocks with hefty losses, like UXG, GRS, GSS, and the list goes on. Is trading every swing the answer? I dunno, I haven’t tried. Never been any good at picking tops or bottoms. I think though, after taking a beating on some of these stocks even as gold has rallied, it is natural to wonder what would happen if Goldman was right and gold fell.”

    I wanted to start with your comment about underperforming Canadian Junior gold stocks. In the Spring of 2004, I lost about half my profits that I had made in the first leg of the gold bull market in that year’s downdraft. There are two lessons I took away from that experience. One is to never underestimate the power of the anti-gold forces, and the second is that if I was going to invest in a Canadian gold junior company, I had better thoroughly research their balance sheet, their resources in the ground, and their production flow sheet. Then find a stock that is substantially undervalued relative to its peers, and could swing from a loss to a substantial profit in a fairly short time period.

    So here’s an idea take your UXG shares priced at $3.62 and trade them in on 36 times the shares of CALVF. Take your TRE shares at $6.41 and trade them in for 61 shares of CALVF, or take your GSS shares at $3.11 and trade them in for 30 shares of CALVF. Why would you do such an outrageous thing?

    Well, Goldman can short gold until the cows come home, and that negatively impacts gold stocks, but they can’t touch cobalt, and cobalt has broken out over its historic highs of $32 a pound, and currently the spot price of cobalt is $39.75, and the Chinese are paying $28 a pound for cobalt hydroxide now. Now wrap your minds around the following calculation:

    10,000 metric tons of cobalt = 16,000 metric tons of cobalt hydroxide x 2205 pounds per metric ton x $28 a pound = revenues of $987 million dollars.

    Subtract from that $200 million in operating costs, and $300 million in capital cost fully paid for in the first year of production and you have net income of $487 million dollars with a 487 million share float. That’s EPS of $1 a share in production year 1. In production year 2, add in revenues from copper, nickel, and manganese production to pay for their operating costs, and EPS is close to $2 a share. How long is it going to take for some of these gold companies to make $2 a share in profit? In his recent interview on, Mr. Hayden has confirmed that the Nama cobalt project is going into production at 10,000 metric tons of cobalt per year, and that they have a minimum price built in to their contract that assures that Nama remains profitable.

    What’s the downside risk? Well, Mr. Mugabe could confiscate the Blanket gold mine, but its far more likely that he will want to trade his 25% of Blanket for some CALVF shares. The upside is that Blanket’s MRP has the capacity to produce 100,000 ounces of gold per year, and assuming the next government introduces currency reform and we get paid in hard currency, that mine could add $70 million in revenue at $1000 an ounce gold. That’s about 14 cents a share in EPS.

    So the bearish case is $1 per share EPS without Blanket, and $1.14 EPS with Blanket. So at a PE of 10 Caledonia stock should be trading at between $10 and $11.40 a share, not at 10.4 cents. Now, I am not good enough to time the market, but I can say with certainty that once the market understands that the Nama Cobalt Project is going into production that this stock will outperform the other gold stocks on your PIGS index by a wide margin.

    That’s my view and that’s why 95% of my portfolio is in CALVF stock. Word is that the Nama Cobalt Project announcement may happen in a fortnight. Somebody on the TSX certainly knows something. A block trade for 653,000 shares went through shortly before 3:00 PM today.


    linar :) ?(

  • hab nur was von Seymour Pierce (Nominated Adviser and Broker to Caledonia in the United Kingdom) gefunden:

    Caledonia Mining downgraded to "hold"

    Tuesday, March 20, 2007 3:59:57 AM ET

    NEW YORK, March 20 ( - Analyst Charles Kernot of Seymour Pierce downgrades Caledonia Mining Corporation (ticker: CALVF) to "hold."

    In a research note published this morning, the analyst mentions that the downgrade in rating follows the release of a NI 43-101 compliant resource estimate, which is marginally dissimilar from the resource estimate calculated 18 months back, for the Nama project in northern Zambia. The analyst expresses his concern regarding the lack of progress at the project. Caledonia Mining needs to take significant efforts, before it could commercialize the deposit, Seymour Pierce adds.

  • ja, das bin ich....

    die liegen bei mir auch noch in 2 depots rum.....

    war ja mal ein tip von thai guru....naja, bei us$ 1000 pog wird er sich ja eh' wieder melden, wenn nicht hier , dann bei w:o.

    wie imer bei explorern, hatte er 10baggers und total losers dabei....

    aber caledonia gibt's und lebt immerhin noch!

    ich bleibe drin!


  • heute + 75%! Leider nur in meinem Musterdepot....

    Toronto, Ontario – January 29, 2008: Caledonia Mining Corporation (“Caledonia”) (TSX: CAL, NASDAQ-OTCBB: CALVF, AIM: CMCL) is pleased to announce the signing of a cobalt off-take agreement with a large Chinese refiner. Under the terms of the agreement, Caledonia will supply a minimum of 21,000 tonnes of cobalt metal equivalent in the form of cobalt hydroxide from its Nama Cobalt Project over the next six years. The agreement specifies that the price shall be based on the published monthly average for 99.3% cobalt from the London Metal Exchange, and contains a guaranteed “Take or Pay” minimum cobalt price of US$12/lb of cobalt metal. The agreement is renewable.


  • Caledonia Mining to sell Barbrook Mines to Eastern Goldfields for 70 mln rand
    02.25.08, 10:25 AM ET

    LONDON (Thomson Financial) - Caledonia Mining Corporation said it has it accepted an offer to sell Barbrook Mines Ltd to Eastern Goldfields Inc for 70 mln rand.

    Barbrook Mines, a unit of Caledonia includes assets & liabilities of the Barbrook Gold Mine, is located in the Barberton region in South Africa. As at Sept 30, 2007, Barbrook had a carrying value of 9.4 mln usd on the Caledonia balance sheet and in the nine month period ended Sept 30, 2007 generated losses of 0.37 mln usd.

    Looking ahead, Caledonia said it is in negotiations for the sale of Eersteling Gold Mine in South Africa.

    Caledonia added that an independent feasibility study of its Nama Cobalt Project in Zambia is due during the second quarter of 2008.…008/02/25/afx4692095.html

    Lottoschein bis jetzt :D

    linar :)

  • Ist hier noch jemand investiert? Die letzten Zahlen sehen sehr gut aus. Wo ist - außer Afrika - der Haken?

    Caledonia has released impressive Q212 operational results. In Q212 the
    Blanket Gold Mine produced a 26% increase in gold to 11,560ozs (vs
    9,164ozs in Q112) at cash costs of US$547/oz (vs US$648/oz in Q112),
    translating to a gross profit of US$10.067m (at an average realised gold
    price of US$1,599/oz). Net cash flow from operations also saw a marked
    increase of 91.2%, from US$7.346m to US$11.195m (before capex). Gold
    production for July 2012 was c 4,700ozs (already 40.7% of the Q212
    total). Caledonia had cash at end June 2012 of US$18.323m. There are two
    main reasons for such a material increase in quarterly production.
    First is the completion of scheduled maintenance on the No. 4 Shaft,
    which had adversely affected production in Q112 (Q212 gold production up
    41% vs Q112). Second, Blanket has encountered higher grade resources in
    the AR South ore body than was anticipated in its mining plan.


    Second Quarter Report 2012

    Beste Grüße

  • Ja, 30.000 Stck. seit dem 24.07.03. Kauf damals zu 0,3 CAD.
    Langzeitschläfer, den ich mir schon lange nicht mehr im Detail anschaue.
    Schwachsinnig, ich weiß, aber jeder hat halt seinen Spleen.



    “If you don’t own gold you neither understand history nor economics.”
    Ray Dalio

    For my money give me gold not dollars.

    „Blinder Glaube an die Regeln ist der schlimmste Feind der Realität."

    „Entferne dich von Menschen, die meinen, bei dir ihren mentalen Müll abladen zu müssen.“
    Dalai Lama

  • Viel Glück ... uns beiden.


    “If you don’t own gold you neither understand history nor economics.”
    Ray Dalio

    For my money give me gold not dollars.

    „Blinder Glaube an die Regeln ist der schlimmste Feind der Realität."

    „Entferne dich von Menschen, die meinen, bei dir ihren mentalen Müll abladen zu müssen.“
    Dalai Lama

  • .

    Hab´ meine paar Caledonia noch.

    War nie im plus.

    Die shares sind betriebswirtschaftlich aktuell superb.

    Das sind viele west- und ostafrikanische GM_aktien ebenfalls genauso.

    Ob die betriebswirtschaftliche lage allerdings ausschlaggebend ist,

    weiss ich nicht. Sambia hat unter Kenneth Kaunda seinen eigenen Weg gefunden.

    Mir gefaellt sowas, weil ich selber das verrueckte dem normalen vorziehe.

    Die junge Generation von Anlegern ist mir von der Denkungsart fremd. Beruht wahrscheinlich auf Gegenseitigkeit.

    viel Erfolg


  • CAL eignet sich nur als Beimischung im Depot. Sambia is too hot



    ""Caledonia sets all-time production record at Blanket gold mine
    7:33 am by Philip Whiterow[Blockierte Grafik:]Blanket has now produced 33,643 oz in total in 2012, a 33% increase over 2011’s comparable 25,331oz.

    Caledonia Mining (LON:CMCL TSE:CAL) has enjoyed a record production quarter at its Blanket mine in Zimbabwe, helping to boost total output this year so far by a third.

    Some 12,919oz of gold were produced during the three months to September, a 33% increase on a year earlier (9,743oz) and 12% more than the preceding three month’s 11,560oz.

    Blanket has now produced 33,643 oz in total in 2012, a 33% increase over 2011’s comparable 25,331oz.

    Stefan Hayden, Caledonia’s president and chief executive, said: “The record gold production achieved during the quarter is the highest quarterly gold production ever achieved by the Blanket Mine since its first recorded year of production in 1906. The management and staff at Blanket are to be congratulated on this noteworthy achievement."


  • Blanket Mine Fourth Quarter 2012 Production Update…

    TORONTO, ONTARIO--(Marketwire - Jan. 14, 2013) - Caledonia Mining
    Corporation ("Caledonia") (TSX:CAL)(OTCQX:CALVF)(AIM:CMCL) is
    pleased to announce gold production from the Blanket Mine in
    Zimbabwe ("Blanket") during the fourth quarter ending December 31,
    2012 (the "Quarter") and for the 2012 calendar year.

    11,980oz of gold were produced during the Quarter, a 14%
    increase on gold production in Q4 2011 (10,533oz) and a 7% decrease
    on Blanket's record quarterly gold production in Q3 2012

    Total gold production for the 12 months to December 31, 2012 was
    45,623oz, a 27% increase over the gold production in the 12 months
    to December 31 2011 (35,826oz).

    Commenting on the Q4 2012 production, Caledonia's President and
    Chief Executive Officer, Stefan Hayden said: "As anticipated and as
    previously advised, gold production in Q4 was lower than in Q3 as
    the achieved grade returned towards the long term average of
    3.84g/t. The production of 11,980oz achieved in Q4 is an excellent
    performance by Blanket and is 16.5% higher than the targeted
    production of 10,000 oz/quarter. Production for the whole of 2012
    of over 45,600oz is a new annual production record for Blanket and
    reflects the outstanding performance of Blanket's management and
    staff during the year with its multitude of challenges."

    Caledonia expects to release its Q4 and 2012 full year results on
    or before March 31, 2013.

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