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Caledonia-owned Gwanda mine declares dividend

22/10/2017 00:00:00
by Business Reporter

TORONTO listed Caledonia Mining Corporation which owns a 49 percent stake in a Zimbabwean gold producer has declared a dividend of $0.07 per share.

“Stockholders of record on Thursday, October 12th will be given a dividend of $0.07 per share on Friday, October 27th,” said the company in a statement.

“This represents a dividend yield of 1, 14 percent. The ex-dividend date of this dividend is Thursday, October 12th.”

Caledonia has a long-term plan to increase production at its Gwanda-based gold mine to 80 000 ounces by 2021.

“We are targeting production of 52,000 to 57,000 ounces of gold from the Blanket Mine during 2017 as we progress towards increasing annual production to 80,000 ounces by 2021 as a result of our Investment Plan,” Caledonia Chief Executive Officer, Steve Curtis recently said in a statement.

The mining corporation has budgeted $18 million investment for 2017 after spending over $36 million in 2015 and 2016.

Since 2013, Caledonia has paid dividends to shareholders totaling the equivalent of approximately $1, 58 per share (on a post share consolidation basis).

According to the company on its website, Caledonia's strategy is to maximise shareholder value includes a quarterly dividend policy which the board of directors adopted in 2014.

“On July 3, 2017 the board approved a revised quarterly dividend policy by increasing the amount of the quarterly dividend fivefold from 1.375 United Shares cents per share to 6.875 United Shares cents per share to reflect the one for five share consolidation that was completed at the end of June 2017.”

Caledonia Mining Corporation primarily engages in the exploration and development of gold properties. The company also explores for precious metals.

The company now holds a 49 percent interest in the Blanket Mine as a result of Zimbabwe’s indigenisation policy.

Caledonia's shares are listed on NYSE American, the Toronto Stock Exchange and depositary interests representing the shares are traded on London's AIM.


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