Pat: I own a bit of Caledonia Mining. Recently it has risen substantially and is now back up close to my break-even price. I would appreciate your assessment of whether it is worth holding on to it, or moving on. Thanks.
Caledonia Mining, $0.12, symbol CAL on Toronto (Shares outstanding: 500.2 million; Market cap: $60.0 million), owns an early-stage copper/cobalt project in Zambia, the Blanket gold mine in Zimbabwe and a platinum/nickel exploration project in South Africa.
In the three months ended September 30, 2010, the company earned $1.7 million, or $0.003 a share, up sharply from $862,000, or $0.002 a share, a year earlier. Revenue rose 28.4%, to $6.3 million from $4.9 million.
The company produced 45% more gold than the year-earlier quarter. That’s because it revised its mine plan, recovered more gold from its ore and installed the first standby generator in late June. This generator has allowed underground operations to continue during power interruptions.
Caledonia holds cash of $1.5 million, or $0.003 a share.
The company’s shares have moved up from around $0.06 in September. That’s due to both higher gold prices and improved operating performance at the Blanket mine.
Caledonia’s properties entail considerable political and currency risk…
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