Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Caledonia Mining Is Too Cheap To Ignore

(Editor's Note: Trading in Caledonia's listing on the Toronto Stock Exchange under CAL.TO offers enhanced liquidity.)

(Before reading this, note that Caledonia Mining (OTCQX:CALVF) reports all of its figures in Canadian Dollar terms. To make my life easier in working with the company's financial statements, and to make it easier for the reader to refer back to the company's documents, all of the figures below are in Canadian Dollars until I calculate the final valuation at the end in U. S. Dollars.)

Caledonia Mining has been largely ignored by gold mining investors because it operates in Zimbabwe. While it owns 49% of and operates the low cost, cash-flow generating Blanket mine, the company trades at just 3-times trailing...

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