Caledon Resources plc (CDN) – Preliminary Results

Caledon Resources plc (CDN) – Preliminary Results

Caledon Resources plc announces its preliminary results for the year ended 31 December 2008.

• First ever profit from operations – A$26.8m in 2H08, with full year net profit A$8.2m
• Basic earnings per share of 4.3 cents (2007: loss per share 23 cents)
• Strong financial footing: year-end cash on hand A$44.2m
• Outstanding convertible notes down from £27.5m to £18m
• Final payment made on Minyango

David Weill, Chairman, commented:
“Caledon enters 2009 with its first ever profit from operations, a strong funding position and consistent levels of mining output. Expectations for 2009 sales remain subdued, with our December 2008 guidance of a minimum of 400kt remaining unchanged. We continue to manage the business with a sharp focus on costs, to preserve our strong financial position”

About Caledon Resources plc

Caledon is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia. It acquired the mothballed Cook Mine in late 2006 and has since recommissioned the operation and introduced an innovative new underground mining methodology. The Company also purchased the nearby Minyango exploration concessions in 2006 and has conducted a number of drilling programs in preparation for a feasibility study.

No Comments

Post a Comment