Caledonia Mining Corporation declares quarterly divided

Leafias Mazviro

Zimbabwe mining giant and Victoria Falls Stock Exchange listed firm, Caledonia Mining Corporation Plc has declared a quarterly dividend of 14 United States cents (US$0,14) on each of the Company’s shares.

Caledonia has been consistent in paying dividends to shareholders.

The last year has seen it implement several key structural changes in its quest to become a multi-asset, Zimbabwe-focused gold producer.

Its new acquisition, Bilboes Gold Project recently commenced production — setting the thriving mining firm in a firm position to further boost its output in line with the company’s growth plans.

Bilboes is a large, high-grade sulphide deposit situated in Matabeleland North province, which is amenable to low-cost, open-pit operations. It also saw its 12,2MW solar plant connected to the Blanket Mine electrical grid in Gwanda generating slightly more power than was anticipated.

The solar plant provides approximately 27 percent of Blanket’s average daily electricity demand. This has seen a marked reduction in the amount of diesel consumed in the mine and has reduced the frequency of interruptions to production.

In a circular issued by the company this week, Chief Executive Officer, Mark Learmonth outlined the company’s regularity in rewarding shareholders and new developments driving power output to its Blanket mining subsidiary.

“Over the last 10 years Caledonia has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.

“The last 18 months have seen much change in the shape of the business: we have acquired three new gold projects in Zimbabwe and we commissioned the 12MWac solar plant which provides about a quarter of Blanket’s average daily electricity requirements.

“I am very excited with the opportunity that we have to evolve the business; as we pursue our strategy to become a multi-asset, Zimbabwe-focused gold producer,” reads the part of the statement.

Caledonia Mining is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe. In 2022 the Company achieved its long-term annual production target of 80,000 ounces.

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