Update: Development gathers pace
Caledonia’s Q315 results indicate continuing steady progress in implementing its revised investment plan (RIP), with year-to-date gold production of 31.3koz making its FY15 guidance of 42koz of gold look eminently achievable. In US dollar terms, on-mine costs remained stable q o-q. Increased capex in Q3 reflects adherence to the RIP as well as normal run-of-mine equipment purchases. Accounting for the lower gold price environment, Caledonia will inject US$5m of its own treasury in FY16 to support implementation of the RIP, as well as to continue quarterly dividend payments.
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