Caledonia declares dividend, gives resource update

Mining concern, Caledonia Mining Corporation, has announced a quarterly dividend of 14 US cents on each of the company’s shares.

The dividend will be paid to shareholders on April 28, 2023.

Mark Learmonth, the chief executive officer of Caledonia, said that the quarterly dividend of 14 cents per share is an important part of the company’s strategy and sets it apart from its peer group.

He added that the total dividend paid for 2022 was 56 cents per share, which is a 12 percent increase from the previous year.

“The total dividend paid for 2022 was 56 cents per share, a 12 percent increase on the 50 cents per share in 2021. The quarterly dividend, which remains at 14 cents a share, continues to be an important part of the company’s strategy and we believe sets us apart from our peer group” .

The dividend policy adopted by Caledonia in 2014, is part of its strategy to maximise shareholder value. The Board will consider future increases in the dividend as appropriate in line with its prudent approach to risk management.

In fiscal year 2022, the company reported 80,775 ounces of gold with an average gold price of US$1,772 per ounce. For fiscal 2023, management is guiding approximately 92,500 ounces of gold as positive contributions from Bilboes start to gain traction.

Not only is the increase in production significant but the fact that the price of gold continues to gain traction.

Caledonia last month filed a new NI 43-101 technical report on SEDAR in support of Blanket’s mineral resources and reserves estimates.

This report showed that total measured and indicated mineral resources, inclusive of mineral reserves, now stands at 1,095,000 ounces of gold, contained in 10.72 million tonnes of ore grading 3.18 grammes per tonne.

The total mineral reserves estimated at Blanket is 395,000 ounces of gold in 3.94 million tonnes of ore at 3.12 grammes.-ebusinessweekly