Caledonia Mining Corporation is commencing the process of pursuing a listing of depositary receipts representing the company’s shares on the Victoria Falls Stock Exchange in Zimbabwe.

Such a listing would be conditional upon market conditions and the implementation of positive proposals made by the Zimbabwe authorities in respect of improved payments in US dollars for gold produced at the Company’s majority owned Blanket Mine.

The VFEX is a subsidiary of the Zimbabwe Stock Exchange and was established in 2020 with the objective of kick-starting the Offshore Financial Services Centre which has been earmarked for the special economic zone established at Victoria Falls.  The VFEX will be for foreign as well as domestic investors in Zimbabwe, and all transactions will be denominated in US dollars. 

Securing the VFEX listing is expected to take place during the course of 2021 and would be affected by a placing in Zimbabwe of depositary receipts to raise approximately US$3.0 million (to satisfy the requirements for local shareholder spread) and a subsequent introduction. 

Blanket shows more signs of promise

The proposed VFEX listing demonstrates Caledonia’s continued commitment to Zimbabwe and would allow Caledonia’s and Blanket’s employees in Zimbabwe to participate more easily as Caledonia shareholders.   


The proceeds of the placing would be used for general corporate purposes.  The VFEX listing will be conditional on general market appetite and confirmation that the necessary mechanisms have been implemented so that Caledonia can realise the benefits arising from the VFEX listing including in respect of improved payments in US dollars for gold produced at the Company’s majority owned Blanket Mine.

Caledonia has engaged IH Advisory, a Harare-based financial services group, to advise and assist on this matter.      

Commenting on the proposed listing on the VFEX, Steve Curtis, Caledonia CEO said:

“I welcome the step towards a more liberal financial environment which is embodied in the proposed benefits attaching to a listing on the Victoria Falls Stock Exchange.”