Caledonia declares quarterly dividend

01 Jan, 2023 - 00:01 0 Views
Caledonia declares quarterly dividend Victoria Falls Stock Exchange

The Sunday News

Judith Phiri, Business Reporter 

VICTORIA Falls Stock Exchange (VFEX) listed resources group, Caledonia Mining Corporation Plc (publicly traded company) has declared a US$0,14 quarterly dividend to its shareholders. 

In a statement on Friday, the company’s chief executive officer, Mr Mark Learmonth, said the mining house strategy to maximise shareholder value includes a quarterly dividend policy, which the board adopted in 2014. 

He said the board will consider future increases in the dividend as appropriate in line with its  prudent approach to risk management. 

“Caledonia Mining Corporation Plc 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,” said Mr Learmonth. 

The firm has been consistent in paying dividends to shareholders. He said the company has come a long way in the last 12 months as they continue to pursue their strategy of becoming a multi-asset gold producer. 

“In January 2022, the company announced that it was looking to evolve the business with a strategic pivot in the future direction of Caledonia as it pursues its strategy to become a multi-asset gold producer. At that time, we had recently announced the purchase of the Maligreen claims and during the course of the year we made significant advances in this area, culminating in the publication of an updated technical report on Maligreen last month (November 2022),” added Mr Learmonth. 

Mr Mark Learmonth

He said in July, they announced that the company had signed an agreement to purchase Bilboes Gold Limited and a few months later the company acquired Motapa Mining Company UK Limited, the ultimate holding company of an exploration project adjacent to Bilboes. 

Mr Learmonth said this was achieved alongside three record quarters of production and they were on track to achieve the top end of their 2022 production guidance of between 73,000 and 80,000 ounces of gold. 

Meanwhile, Caledonia Mining Corporation among some of its key developments for 2022 officially commissioned its US$67 million Central Shaft project at Blanket Mine in Gwanda, Matabeleland South in November. This brought to the fore three critical observations about the prospects for the country’s mining sector and the economy in general. 

The first one is that the multi-million-dollar gold project by Caledonia Mining Corporation is a strong expression of growing investor confidence in Zimbabwe as a favourable destination for business. Secondly, it buttresses the significance of expanding exploration investments across different mineral segments and deepening shaft levels to higher resource concentration so as to increase output and widen job opportunities. Thirdly, the project has magnified in a big way the high-quality standards exhibited by local engineers who were 100 percent behind its implementation. 

President Mnangagwa officially commissioned the project as well as the 12,2 megawatts solar project established at the mine at a cost of about US$14 million. 

Being one of the flagship projects under the country’s drive to achieve a US$12 billion mining milestone target by 2023, the objective of the Central Shaft was to provide access to the deeper mineral resources and enable the company to increase production and extend the mine life. 

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