daniel chigunwe
Business Reporter
VICTORIA Falls Stock Exchange (VFEX)-listed group, Caledonia Mining Corporation, continues to stick to its quarterly dividend policy pay out declaring a US$0,14 for the quarter ended June 30, 2024 on each of the entity’s shares.
Since 2014, when the quarterly dividend policy was adopted, the mining concern has been paying out quarterly dividends to shareholders.
“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 the mining concern in a dividend notice.
The quarterly dividend policy is meant to maximise shareholder value.
“The board will consider future dividends as appropriate and in line with other investment opportunities and its prudent approach to risk management,” said the VFEX-listed entity.
Meanwhile, Caledonia has announced that the peak funding requirement for its Bilboes Gold Limited project in Matabeleland North province is estimated at US$309 million with the bulk of the funding expected to come through debt.
The mining group, which is focused on becoming a multi-asset gold producer in Zimbabwe and elsewhere, in 2022 signed a US$53,3 million deal to acquire the Bilboes Gold Limited project from a local businessman, Victor Gapare.
Prior to becoming under the ownership of Mr Gapare, Bilboes was owned and explored by Anglo American Corporation Zimbabwe Limited prior to its exiting the Zimbabwean gold sector in 2003.
And in January 2023, Caledonia acquired Bilboes for 5,12 million consideration shares (28,5 percent of Caledonia’s fully diluted equity, valued at an estimated US$65,7 million at the time) and a one percent net smelter royalty.
Locally, the mining group also owns Blanket Mine — its flagship whose annual output in 2023 was 75 416 ounces of gold in line with its production guidance of between 74 000oz and 78 000oz, as well as the Maligreen Goldfields in Gweru, Midlands Province and the Glen Hulme also in Gweru.
Bongani Ndlovu