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Mining Capital
Market: AIM:CMCL
52-week High/Low: 715.00p / 411.00p
Sector: General Mining - Gold
Market Cap: 47.40M

Caledonia is a Mining, Exploration and Development company focused on Southern Africa whose primary asset is a 49% interest in the Blanket Mine ("Blanket") in Zimbabwe. Caledonia’s shares are listed on the Toronto Stock Exchange (CAL) and on the NYSE American (CMCL) and depositary interests in the shares are traded on London’s AIM (CMCL)"

Caledonia Mining Corporation

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Big picture - Why invest in Caledonia Mining Corporation

Caledonia Mining Corporation Snapshot

Blanket Gold Mine

Blanket Mine, Zimbabwe


Caledonia acquired the Blanket Mine from Kinross Gold Corporation with effect from April 2006. Following the implementation of indigenisation with effect from September 5, 2012, Caledonia now owns 49% of Blanket.

Blanket Gold Mine is a well-established Zimbabwean gold mine, which operates at a depth of approximately 750 meters below surface and produced approximately 45,500 ounces of gold in 2013. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant.  In November 2014, Caledonia announced a revised investment plan for the Blanket Mine in terms of which production is expected to increase to approximately 80,000 ounces of gold by 2021 following the investment of approximately US$70m, all of which is expected to be funded from internal cash generation and existing cash resources.

The Blanket Mine is located in the south-west of Zimbabwe approximately 15 km west of Gwanda, the provincial capital of Matabeleland South. Gwanda is 150 km south east of Bulawayo the country's second largest city and 196 km northwest of the Beit Bridge Border post with South Africa, and 560 km from Harare, Zimbabwe's capital city. Access to the mine is by an all-weather tarred road from Gwanda, which is linked from Beit Bridge to Bulawayo and Harare by a national highway.

Zimbabwe - Background

Zimbabwe had an excellent infrastructure system comprising good roads, railways and electricity generation. Lack of investment over the last 10 to 15 years means that much of the general infrastructure in Zimbabwe has deteriorated and substantial investment will be required to rectify and remediate it.

Not withstanding the general deterioration in Zimbabwe's infrastructure, Blanket has adequate access to the specific infrastructure it requires in order to operate efficiently:

  • Zimbabwe's national highway system remains serviceable and most of Blanket's consumable and equipment supplies are transported to the mine by road from Johannesburg, in South Africa. Blanket has funded the maintenance of the minor road that connects the mine to the national highway and heavy goods vehicle can easily access the mine without impediment throughout the year.
  • Zimbabwe produces approximately 50% of Zimbabwe's total electricity demand and in 2010 this resulted in considerable interruptions to power supplies at Blanket. To address this situation, Blanket installed four, 2.5 MW diesel generators which allow the mine and all of the metallurgical operations to run normally during any interruption to the main electricity supply. In addition, Blanket has entered into an un-interruptible power supply agreement with the state-owned electricity supplier. Although the power supplied in terms of this agreement is more expensive than previously, it is substantially cheaper than the electricity generated by the stand-by diesel generators. Following the conclusion of the un-interruptible power supply agreement, the frequency of power interruptions has diminished to an acceptable level.
  • Much of Zimbabwe's social infrastructure (e.g. water treatment and healthcare) has deteriorated and there have been outbreaks of illness such as cholera and typhoid amongst the general population. The majority of Blanket's employees live with their dependants on the Blanket Mine village where they are provided with potable water (treated at blanket's on-site treatment facility) and healthcare facilities.
  • Zimbabwe has historically had a strong and highly effective educational system. Notwithstanding a chronic shortage of funding in recent years, the general levels of education in the Zimbabwean workforce are very high and this is reflected in Blanket's well-educated and highly skilled workforce.
  • Caledonia in Johannesburg, South Africa provides procurement services to Blanket.  This means that Blanket has ready access to consumables and specialist technical services at highly competitve prices.

For further informaton please click here



Leigh Alan Wilson - Chairman, and Director

Member of Governance, Compensation, Nomination, Strategic Planning and Disclosure Committees

leighwMr. Leigh Alan Wilson has an international business and financial services background having served in senior executive and management positions with Union Bank of Switzerland (Securities) Ltd. in London and with the Paribas Group in Paris and New York where he served as CEO of Paribas North America between 1984 and 1990.

Mr. Wilson has served on the Victory Fund Board since 1993 and currently serves as Independent Chairman of its Board of Trustees.

Mr Wilson is also the Chief Executive Officer of New Century Home Health Care Inc., a role he has held since 1995. In March 2006, Mr. Wilson received the Mutual Fund Trustee of the Year Award from Institutional Investor Magazine. 

Between March 2008 and October 2008, Mr. Wilson was an Independent Non-Executive Director of Caledonia. 

Mr. Wilson was re-appointed to the Caledonia board as an independent non-executive director in May 2012 and was appointed Chairman in May 2013. 



Steve Curtis, C.A. (SA) - ChiExecutive Officer (Caledonia Mining South Africa Proprietary Limited) and Director


Member of Strategic Planning, Technical and Disclosure Committees


Mr. Curtis is a Chartered Accountant with over 30 years’ experience and has held a number of senior financial positions in the manufacturing industry. Before joining Caledonia in March 2006, he was Director Finance and Supply Chain for Avery Dennison SA and prior to this Financial Director and then Managing Director of Jackstadt GmbH South African operation. Mr. Curtis is a member of the South African Institute of Chartered Accountants and graduated from the University of Cape Town. He was appointed to the Caledonia board in July 2008.

Mark Learmonth - Chief Financial Officer and Director

Member of Strategic Planning and Disclosure Committees


Mr Learmonth joined Caledonia in July 2008. Prior to this, he was a Division Director of Investment Banking at Macquarie First South in South Africa, and has over 17 years' experience in corporate finance and investment banking, predominantly in the resources sector in Africa.

Mr Learmonth graduated from Oxford University and is a chartered accountant. Mr Learmonth is a member of the Executive Committee of the Chamber of Mines, Zimbabwe. Mr Learmonth was appointed Caledonia's Chief Financal Officer in November 2014.








John Lawson Kelly - Director

Member of Audit, Governance, Compensation, Strategic Planning and Disclosure Committees

johnkMr. John Lawson Kelly has over 30 years of experience in the financial services industry in the U.S.A and international markets including emerging markets in Asia. He has held executive management positions in globally active, full-service financial firms as well as technology-enabled financial services.   

Mr Kelly was appointed to the Caledonia board as an independent non-executive director in May 2012.









Johan Andries Holtzhausen - Director

Member of Audit, Compensation, NominationStrategic Planning, Technical and Disclosure Committees; Chairman of the Audit Committee

johanhMr. Johan Andries Holtzhausen is a retired partner of KPMG South Africa with 42 years of audit experience, of which 36 years were as a partner focused on the mining sector. Mr Holtzhausen chaired the Mining Interest Group at KPMG South Africa and his clients included major listed mining companies operating in Africa and elsewhere, which operated across a broad range of commodities. In addition to his professional qualifications, Mr Holtzhausen holds a B.Sc. from the University of Stellenbosch, majoring in chemistry and geology. 

Mr Holtzhausen is chairman of the Finance, Audit and Risk Committees of Strategic Partners in Tourism and its related party the Tourism Micro Enterprises Support Fund, both of which are not-for-profit organizations. Until 28 February 2011, Mr Holtzhausen served as a director of KPMG Inc. and KPMG Services (Pty) Ltd, both of which are private companies registered in South Africa and which provided audit, taxation and advisory services. My. Holtzhausen is also a non executive director of DRDGOLD Ltd. a medium sized South African gold producer listed in on the Johannesburg and New York Stock Exchanges.







John McGloin - Director

Member of Audit, Governance, NominationStrategic Planning and Technical Committees

John McGloinJohn McGloin is the former Chairman and Chief Executive of Amara Mining and is currently a Non-executive director of Perseus Mining. Mr McGloin joined Caledonia in August 2016, he is a geologist and graduate of Camborne School of Mines.

Mr McGloin worked for many years in Africa within the mining industry before moving into consultancy. He joined Arbuthnot Banking Group following four years at Evolution Securities as their mining analyst.

He is also the former Head of Mining at Collins Stewart

Caledonia Mining Corporation Plc ("Caledonia") is incorporated in Jersey. The rights of the shareholders of Caledonia may be different in certain respects from the rights of shareholders of a company incorporated in the United Kingdom or other jurisdictions.  It should be noted that significant shareholders (which under the AIM Rules are any persons with holdings of 3% or more of Caledonia’s securities) are required to notify their holdings in the Company as is similarly required under the United Kingdom’s Disclosure and Transparency Rules. Under the securities laws in Canada, an “insider” of Caledonia (which would include a shareholder who beneficially owns, controls or has direction over more than 10% of Caledonia’s common shares) is required to report their holdings in accordance with the applicable regulations.

Caledonia has 10,603,153 common shares issued. The Directors and management own 252,599 common shares representing 2.38% of Caledonia’s issued capital as of  March 22 , 2018.

Allan Gray, a South African fund manager, has disclosed to Caledonia that it holds through two of its funds a total of 2,130,668 depositary interests in common shares representing 20.0946% of Caledonia’s issued capital.  The holdings are split as to 1,322,104 depositary interests in common shares (which represents 12.4690% of the shares in issue) held by Allan Gray Africa ex-SA Equity Fund Limited and 808,560 depositary interests in common shares (which represents 7.6257% of the shares in issue) held by Allan Gray Africa Equity Fund Limited.

23.46 % of Caledonia's securities are held "not in public hands" in terms of the AIM Rules.

Caledonia has ascertained that as at 25 August, 2017 Sales Promotion Services S.A. held an interest through various intermediaries in 938,773 common shares of the Company (which represents 8.85% of the shares in issue).  Caledonia was informed on November 2, 2017 that the beneficial owner of Sales Promotion Services S.A. is Heinrich Auwärter.

As at 30 June 2017, or as subsequently disclosed or ascertained, to the knowledge of Caledonia the significant shareholders of Caledonia are:


Shares / Depositary interests

% of share capital

Allan Gray



Sales Promotion Services SA / Heinrich Auwärter



TD Ameritrade



UBS, New York



Charles Schwab, San Francisco



National Financial Services






Royal Bank of Canada



TD Waterhouse



There are no restrictions on the transfer of Caledonia’s issued shares.

Head Office - Jersey

Caledonia Mining Corporation plc
43-45 La Motte Street
Jersey, Channel Islands

+44 1534 702998
[email protected]


South Africa

Caledonia Mining South Africa (Pty) Ltd.
P.O. Box 4628
Weltevreden Park 1715
South Africa

+27 11 447 2499
Johannesburg, South Africa

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