Caledonia declares US dollar quarterly dividend

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

In a latest statement, the company said the mining house was forging ahead with its strategy to maximise shareholder value including a quarterly dividend policy, which the board adopted in 2014.

“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,” it said.

“Caledonia’s strategy to maximise shareholder value includes a quarterly dividend policy, which the board adopted in 2014.

“The board will consider future dividends as appropriate and in line with its prudent approach to risk management.”

The firm has been consistent in paying dividends to shareholders. Meanwhile, Caledonia Mining Corporation recently declared that despite facing a challenging first six months of the year, it hopes to achieve its set gold production target of 75 000 to 80 000 ounces a year at Blanket Mine. In the period under review, the mining entity produced 17 436 ounces of gold compared to 20 091 ounces produced in the corresponding period last year.

Last year, it produced a record 80 775 ounces against a set target of 80 000 ounces.

In the first six months of the year, Caledonia posted a slight drop in gross revenues of $37 million compared to $37,09 million achieved in the corresponding period last year.

Gross profit was $10,9 million down from $17,9 million achieved in the corresponding quarter.

In its operating and financial results for the quarter and six months ended June 30, the firm said while its flagship project, Blanket Mine contributed $13,1 million, the group’s gross profit was affected by the costs of waste-stripping at the Bilboes oxide operation.

In 2022, the resource group expanded its footprint by purchasing Motapa Mining Company UK Limited and signed a US$53,2 million agreement to buy Bilboes Gold Limited. — @SikhulekelaniM1