Caledonia Mining Corporation Plc Revised Zimbabwe monetary policy affects 2019 earnings (NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
(PresseBox) - Caledonia Mining Corporation Plc (?Caledonia? or the ?Company? - http://www.commodity-tv.net/c/search_adv/?v=298787) announces that following the announcement of a revised monetary policy by the Reserve Bank of Zimbabwe (?RBZ?), the export credit incentive (?ECI?) program for Zimbabwean gold producers will be withdrawn. It is estimated this will reduce Caledonia?s earnings per share (calculated on an IFRS basis) for 2019 and thereafter by approximately US$ 5.4 million or 40 to 46 United States cents per share.
For several years the RBZ has operated an ECI program in terms of which Zimbabwean gold producers received a premium to the international gold price.
The removal of the ECI program comes as part of a monetary policy statement which permits bank trading of currency held in local banking system (known as ?RTGS dollars?) and currency held in foreign currency accounts (?FCA?) which is capable of being used for payments outside Zimbabwe.
The effect on Caledonia?s earnings per share for 2019 is calculated assuming a gold price of $1,300 for the remainder of the year, that Blanket achieves the production guidance for 2019 as announced on January 14, 2019 of between 53,000 and 56,000 ounces of gold and that there are no changes in Blanket?s operating costs.
Note:
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are ?forward-looking information? within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia?s current expectations, intentions, plans, and beliefs.her expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding furtheruture exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.
Securityholders, potential securityholders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.thiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company?s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase anquired by law.
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Datum: 27.02.2019 - 10:34 Uhr
Sprache: Deutsch
News-ID 1547162
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