Caledonia declares US dollar dividends

Victoria Falls Stock Exchange (VFEX) listed resources group, Caledonia, has announced a US14 cents quarterly dividend for the period to December 31, 2022 as the group maintains its strong dividend policy.

This also comes as the group has achieved record production at its Gwanda based gold mine, Blanket Mine, and is on track to achieve annual production target of 73 000 to 80 000 ounces of gold.

The group is going ahead with its plans to grow into a multi-asset gold producer as it continues scouting for investment opportunities in Zimbabwe.

Commenting on the announcement, chief executive officer Mark Learmonth said: “In January 2022, the company announced that it was looking to evolve the business with a strategic pivot in the future direction of Caledonia as it pursues its strategy to become a multi-asset gold producer.

“At that time, we had recently announced the purchase of the Maligreen claims and during the course of the year we made significant advances in this area, culminating in the publication of an updated technical report on Maligreen last month (November).

“In July, we announced that the company had signed an agreement to purchase Bilboes Gold Limited; and a few months later the company acquired Motapa Mining Company UK Limited, the ultimate holding company of an exploration project adjacent to Bilboes.

“This was achieved alongside three record quarters of production and we are on track to achieve the top end of our 2022 production guidance of between 73,000 and 80,000 ounces of gold. The company has come a long way in the last 12 months as we continue to pursue our strategy of becoming a multi asset gold producer.”-ebusinessweekly