On track to achieving its annual production gold-focused miner, Caledonia Mining Corporation (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce that the Board of Directors has declared a quarterly dividend of 14 United States cents (US$0.14) on each of the Company’s shares.
Rudairo Mapuranga
The company which is targeting annual production of 73,000 to 80,000 ounces of gold in 2022 at its Blanket Mine in Gwanda is strategizing on becoming a multi-asset gold producer. The company continues to evaluate investment opportunities in Zimbabwe and elsewhere.
“Gold production so far this year has been strong, and we are on track to hit the top end of our guidance range of 73,000 to 80,000 ounces.
“Although the dividend continues to be a central part of our strategy, I am very excited with the opportunity that we have to evolve our business in Zimbabwe and de-risk it from being a single asset producer.
“I look forward to updating the market of our progress in due course,” the company Chief Executive Officer Mr Mark Learmonth said.
On January 3, 2020, it was announced that Caledonia would be increasing the quarterly dividend by approximately 9% to 7.5 US cents per share, commencing with the dividend to be paid at the end of January 2020. On June 29, 2020, it was announced that Caledonia would be increasing the quarterly dividend by approximately 13% to 8.5 US cents per share, commencing with the dividend to be paid at the end of July 2020, and on October 1, 2020, a further increase was announced to 10 US cents per share (an 18% increase). In 2021 increased dividends were announced in every quarter: January, April, July and October. The October dividend was increased 8% to US$0.14 cents a share, a 104% increase from the dividend announced in October 2019.
In January 2022, the Company announced a further dividend of US$0.14 cents a share. With Central Shaft now complete, the Company strategy is predominately de-risking the business from being a single asset producer.
The Caledonia board will continue to review dividends which will depend on the performance of the company and its capital investment requirements.