Caledonia Maintains US$0.14 Quarterly Dividend
Multi-listed, gold-focused miner, Caledonia Mining Corporation Plc, has announced that its board of directors has declared a quarterly dividend of 14 United States cents (US$0.14) on each Company’s shares.
By Rudairo Mapuranga
For a consecutive quarter since October 2021, the gold mining company will pay a dividend of US$0.14. The board has, however, promised to review dividends based on the company’s performance and capital investment requirements.
According to Caledonia, the relevant dates relating to the dividend are as follows:
– Ex-dividend date VFEX: July 10, 2024
– Ex-dividend date AIM: July 11, 2024
– Ex-dividend date NYSE American: July 12, 2024
– Record date: July 12, 2024
– Payment date: July 26, 2024
Shareholders with a registered address in the UK will be paid in Sterling.
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 to 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, and further quarterly dividends were subsequently paid at the end of April, July, and October in each year.
In December 2015, Caledonia announced that, with effect from the results for the year to 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 overall 1-for-5 share consolidation which became effective on June 26, 2017, Caledonia announced on July 4, 2017, that it had made a commensurate adjustment to the dividend by increasing it fivefold.
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. 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 by 8% to US$0.14 per share, where it has remained, a 104% increase from the dividend announced in October 2019.
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 predominantly focused on de-risking the business from being a single-asset producer.