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Victoria Falls Stock Exchange (VFEX)-listed group, Caledonia Mining Corporation, has declared a quarterly dividend of US$0.14 on each of the entity’s shares expressing optimism that various opportunities are available to evolve as a business. The firm has been consistent in paying dividends to shareholders.
“Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) 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 the mining entity.
In the past 18 months, Caledonia has undergone several key structural changes that are strategic in its quest to become a multi-asset, Zimbabwe-focused gold producer.
For instance, its new acquisition, Bilboes Gold Project, has commenced production — setting the thriving mining firm in a firm position to further boost its output in line with the company’s growth plans.
Bilboes is a large, high-grade sulphide deposit situated in Matabeleland North province, which is amenable to low-cost, open-pit operations. It also saw its 12,2MW solar plant connected to the Blanket Mine electrical grid in Gwanda generating slightly more power than was anticipated.
The solar plant provides approximately 27 percent of Blanket’s average daily electricity demand. This has seen a marked reduction in the amount of diesel consumed in the mine and has reduced the frequency of interruptions to production.
In a trading update, chief executive officer, Mr Mark Learmonth, said over the last 10 years Caledonia has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.
“The last 18 months have seen much change in the shape of the business, we have acquired three new gold projects in Zimbabwe and we commissioned the 12 MWac solar plant which provides about a quarter of Blanket’s average daily electricity requirements.
“I am very excited with the opportunity that we have to evolve the business; as we pursue our strategy to become a multi-asset, Zimbabwe-focused gold producer.”
The alternative energy project buttresses the country’s shift towards investments in clean energy sources in keeping with global climate change adaptation and mitigation commitments.
The improved supply of power comes at a time when the firm is in a buoyant mood after achieving a record 80,775 ounces last year against a set target of 80, 000 ounces, as it plans to pour millions of dollars towards capital expenditure.
Caledonia is consolidating its strategy of becoming a multi-asset gold producer by acquiring several lucrative mining assets. Chronicle
