Caledonia declares US14 cents Q3 dividend

GIANT global investor, Caledonia Mining Corporation, which owns Blanket Gold Mine in Gwanda, has declared a quarterly dividend of US$0,14 for the third quarter ended 30 September 2022.

The latest dividend declaration reflects a 104 percent increase since October 2019.
In a statement yesterday, the company’s chief executive officer, Mr Mark Learmonth, said three years ago the company was paying less than half the quarterly dividend and at the latest share price, annualised dividend equates to a yield of approximately six percent.

“Caledonia Mining Corporation Plc is pleased to announce that the board of directors has declared a quarterly dividend of US$0,14 on each of the company’s shares,” said Mr Learmonth.

“The dividend continues to be a central part of our strategy as we continue to manage returning money to shareholders with production growth and de-risking the business from being a single asset producer.”

Caledonia, which focuses on becoming a multi-asset gold producer said it continues to evaluate investment opportunities in Zimbabwe and elsewhere.

Mr Learmonth said gold production so far this year has been strong, exceeding expectations.

Blanket Gold Mine

He said the company was on track to hit the top end of its guidance range of 73 000 to 80 000 ounces.

“I would like to thank the team for their continued hard work. This is an exciting time for the business as we pivot the company towards our long-term vision of becoming a multi asset gold producer,” he said.

In July this year, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited.

Mr Learmonth said the company will restart the oxides operation at Bilboes under the terms of a tribute arrangement with a view to creating a cash-generative operation within approximately six months.

Money – Image taken from Pixabay

“In July, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited, which is the holding company for a large, high-grade, open-pittable gold resource,” he said.

“The completion of the transaction is subject to several conditions, which we are working on but once achieved we can prepare a feasibility study to identify the most judicious way to commercialise the project with regard to the availability of funding on acceptable terms.”-chronicle.c.zw