Caledonia maintains US$0.14 quarterly dividend
New York Stock Exchange and Victoria Falls Stock Exchange listed gold-focused miner, Caledonia Mining Corporation has declared a quarterly dividend of 14 United States cents (US$0.14) on each of the Company’s shares.
Rudairo Mapuranga
The mining company for the last three quarters has been maintaining the dividend having been known for increasing its dividend.
According to Caledonia Chief Executive Officer Mr Mark Learmonth, for the past three years, the company was paying less than half of the current dividend. He said the company was always thriving to grow and develop as dividend is the central part of the company’s strategy.
“Three years ago the Company was paying less than half the current quarterly dividend and at the current share price, the annualised dividend equates to a yield of approximately 6%. The dividend continues to be a central part of our strategy, as we continue to manage returning money to shareholders with production growth and de-risking the business from being a single asset producer.
“I would like to thank the team for their continued hard work; this is an exciting time for the business as we pivot the Company towards our long-term vision of becoming a multi asset gold producer,” He said.
He said that the Company is on track to hit the target production of 73,000 to 80,000 ounces of gold in 2022.
Learmonth said, on 21 July 2022, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited. Caledonia will restart the oxides operation at Bilboes under the terms of a tribute arrangement with a view to creating a cash-generative operation within approximately six months.
“Gold production so far this year has been strong, exceeding our expectations, and we are on track to hit the top end of our guidance range of 73,000 to 80,000 ounces.
“In July, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited, which is the holding company for a large, high-grade, open-pittable gold resource. The completion of the transaction is subject to several conditions, which we are currently working on, but once achieved we can prepare a feasibility study to identify the most judicious way to commercialise the project with regard to the availability of funding on acceptable terms,” the Caledonia CEO said.