Caledonia declares quarterly dividend of 6.875 cents per share
Rudairo Mapuranga
The body of directors Caledonia Mining Corporation on Tuesday declared a dividend of six and seven United States cents (USD 0.06875) on each of the company’s common shares.
According to its press release, the relevant dates relating to the dividend are, on April 11 2019 ex-dividend date, April 12 will be Record date and then on April 26 will be dividend cheque mailing date.
“Shareholders and depositary interest holders in Canada and the UK will be paid in Canadian Dollars and Sterling respectively. The Canadian Dollar and Sterling dividend payments will be calculated using the relevant Bank of Canada exchange rates on the record date” reads the press release.
Caledonia’s strategy to maximise shareholder value includes a quarterly dividend policy which the board of directors adopted in 2014. It is expected that the current dividend of twenty-seven and a half United States cents per annum, paid in equal quarterly instalments, will be maintained.
In November 2018, Caledonia announced that it had signed a legally binding sale agreement to increase its holding in Blanket Mine to 64%, subject to receipt of, amongst other things, regulatory approvals. Caledonia’s shares are listed on the NYSE American (symbol: CMCL) and on the Toronto Stock Exchange (symbol: CAL) and depositary interests representing the shares are traded on London’s AIM (symbol: CMCL).
Blanket Mine plans to increase production from 54,511 ounces of gold in 2018 to approximately 75,000 ounces in 2021 and approximately 80,000 ounces in 2022; Blanket Mine’s target production for 2019 is between 53,000 and 56,000 ounces. Caledonia expects to publish its results for the quarter to March 31, 2019 on or around May 14, 2019.