Caledonia to turn multi-asset gold producer as Blanket mine shines
Victoria Falls Stock Exchange-listed gold-focused miner Caledonia Mining Corporation which recently increased its dividend by 104 per cent since October 2019 with a single asset is strategizing to make the company a multi-asset gold producer, its CEO Steve Curtis has said.
Rudairo Mapuranga
According to Curtis, the company which late last year acquired the Maligreen project in Gweru from Pan African for US$4 million continues to evaluate investment opportunities in Zimbabwe and elsewhere to increase its mining portfolio.
Curtis said Caledonia is targeting between 73 000 and 80 000 ounces of gold this year underpinned by the commissioning of the Central Shaft sinking project at its single producing asset Blanket Mine in Gwanda.
“Over the last 10 years, Caledonia has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.
“In January 2020, we announced our first dividend increase and over the last two years, we have more than doubled the dividend while always balancing the importance of returning money to shareholders and investing in the Company’s growth.
“Now that the Central Shaft is complete the Company can focus on other areas of its growth strategy, predominately de-risking the business from being a single asset producer. Last year we announced the acquisition of Maligreen, one of the more significant exploration opportunities in Zimbabwe. We see huge geological potential in Zimbabwe, and we continue to evaluate other investment opportunities in the country.
“I am very excited with the opportunity that we have to evolve our business, with Blanket Mine as the foundation for our growth. This marks a strategic pivot in the future direction of Caledonia as it pursues its strategy to become a multi-asset gold producer.” Curtis said.
Caledonia is regarded by the Minister of Mines and Mining Development Hon Winston Chitando as crucial in the achievement of the US$12 Billion mining annual revenue by 2023 due to its resilience in expanding its gold empire in the country.