IH SECURITIES (IH) predicts Caledonia Mining Corporation’s revenue will reach US$176 million by the end of the fiscal year, driven by favourable gold prices.
This forecast comes as gold prices are expected to hit US$2 500 per ounce in the fourth quarter of 2024.
IH notes, “Rising gold prices did not only help to improve short-term profit margins for gold companies but also led to a reduction in debt which is beneficial over the long term.”