Multi-listed, gold-focused miner Caledonia Mining Corporation has approved a 14 United States cents dividend for the quarter ending September 30, 2024, Mining Zimbabwe can report.
By Hazel Gara
For a consecutive quarter since October 2021, the gold mining company will pay a dividend of US$0.14. However, the board has promised to review dividends based on the company’s performance and capital investment requirements.
According to Caledonia, all shareholders with a registered address in the UK will be paid in sterling.
The mining corporation’s strategy to maximize shareholder value includes a quarterly dividend policy, which was adopted by the board in 2014.
In a press statement released on November 11, 2024, the relevant dates related to the dividend are as follows:
Ex-dividend date VPEX: November 20, 2024
Ex-dividend date AIM: November 21, 2024
Ex-dividend date NYSE American: November 22, 2024
Record date: November 22, 2024
Payment date: December 6, 2024
Caledonia paid its initial dividend in February 2012 of 6 Canadian cents. On April 4, 2013, Caledonia announced an annual dividend in respect of the year ending December 31, 2012, also of 6 Canadian cents. On November 25, 2013, Caledonia announced that in 2014, it intended to pay an annual aggregate dividend of 6 Canadian cents per common share, payable on a quarterly basis. The first quarterly dividend of 1.5 Canadian cents per common share was paid at the end of January 2014, with further quarterly dividends paid at the end of April, July, and October each year.
In December 2015, Caledonia announced that, starting from the results for the year ending December 31, 2015 (which were released at the end of March 2016), it would report its financial results in United States Dollars instead of Canadian Dollars. Accordingly, all dividends would also be declared in United States Dollars. In January 2016, Caledonia announced that the dividend payable at the end of January 2016 would be 1.125 US cents, and the quarterly dividend policy was subsequently increased in Q3 of 2016 from 1.125 US cents per share to 1.375 US cents per share, an increase of 22%. In conjunction with the 1-for-5 share consolidation effective June 26, 2017, Caledonia announced on July 4, 2017, a commensurate adjustment to the dividend by increasing it fivefold.
On January 3, 2020, Caledonia announced an approximate 9% increase in the quarterly dividend to 7.5 US cents per share, starting with the dividend paid at the end of January 2020. On June 29, 2020, another increase of about 13% was announced, raising the dividend to 8.5 US cents per share, with the first payment at the end of July 2020. On October 1, 2020, a further increase to 10 US cents per share (an 18% rise) was announced. In 2021, dividends were increased every quarter in January, April, July, and October. The October dividend was raised by 8% to US$0.14 per share, where it has remained, marking a 104% increase from the October 2019 dividend.
In January 2022, the company announced a further dividend of US$0.14 per share. With Central Shaft now complete, the company’s strategy is focused on de-risking the business from being a single-asset producer.