Caledonia Mining Corporation Zimbabwe

Caledonia Mining Corporation has declared an increased quarterly dividend of eleven United States cents (US$0.11) on each of the Company’s shares.

Commenting on the announcement, Steve Curtis, CF), said:

“We are pleased to announce an additional 10 per cent increase in our quarterly dividend, the fourth increase in the past 15 months representing a cumulative 60 per cent rise in the dividend since the first increase in October 2019.

Related
Caledonia to acquire option over another exploration prospect

Caledonia’s $60 million shaft project completed

“The decision by the Board to increase the dividend reflects our continued and increasing confidence in the outlook for our business. As we reported in our third quarter 2020 results, the business continues to perform well supported by strong production and a firm gold price.

Read more about mining in Zimbabwe

“As we approach the end of the six-year investment programme at Blanket Mine, we expect the combination of rising production and declining capital investment over the next two years will give us the scope to consider further increases in the dividend in addition to providing funding for investment in new projects, including the exploration prospects at Glen Hume and Connemara North as announced on 10 and 17 December 2020, respectively.”

Highlights

  • 10% increase from the previous quarterly dividend of 10 cents that was paid in October 2020
  • 60% cumulative increase from the level of 6.875 cents since October 2019
  • 4th increase in the quarterly dividend since October 2019
  • Central Shaft scheduled to be commissioned during the first quarter of 2021
  • Target production of 61,000 to 67,000 oz of gold in 2021
  • target production of 80,000 oz of gold per annum from 2022