Chronicle Editor
Senior Business Writer
CALEDONIA Mining Corporation, one of the top gold producers in Zimbabwe, experienced a slight dip in gold production to 18 992 ounces in the third quarter of 2024, down from a record 21 772 ounces the previous year.
However, the Victoria Falls Stock Exchange listed firm, remains steadfast in its expectation to achieve its targeted gold production of between 74 000 and 78 000 ounces.
In the nine months to the end of September, production rose modestly to 56 815 ounces compared to 55 244 ounces achieved last year.
All production numbers are expressed on a 100 percent basis and are based on the final assay at the refiners.
The mining group, which is focused on becoming a multi-asset gold producer in Zimbabwe noted that going forward dividends will be declared alongside its quarterly results, adding the change relates solely to the timing of future payments and does not indicate any change in dividend policy.
“As previously announced, in the company’s last quarterly results, to streamline board processes, future dividends are expected to be declared at the same time as the publication of quarterly results (mid-March, May, August and November).
“This will mean that the Q3 2024 dividend, if approved by the board, will be declared in mid-November rather than at the start of October,” it said.
“This change relates only to the timing of future dividends and does not denote any change in the Company’s dividend policy,” reads part of the notice.
The firm said the board will continue to consider the dividend as appropriate in line with other investment opportunities and its prudent approach to risk management.
The Victoria Falls Stock Exchange-listed mining group owns Blanket Mine, its flagship whose annual output in 2023 was 75 416 ounces.
Caledonia also owns the Maligreen goldfields and the Glen Hulme gold project in Gweru, Midlands province.
Online Reporter