adminTapiwanashe Mangwiro
Senior Business Reporter
GOLD miner Caledonia Mining said it is on course to meet its 2022 output targets after achieving successive record production during the first nine months of the year, the company said in a note to shareholders.
The company, whose main assets include significant stakes in the Blanket Mine and Bilboes also declared a dividend of US$0,14 per share for the quarter ended September 30, in line with its quarterly dividend policy it adopted in 2014 to maximise shareholder value. The dividend will be paid on January 27.
Caledonia, which is targeting to become a top gold producer in the country said it was on track to reach the upper end of its 2022 target production.
“Alongside three record quarters of production…we are on track to achieve the top end of our 2022 production guidance of between 73 000 and 80 000 ounces of gold,” said Caledonia.
“The company has come a long way in the last 12 months as we continue to pursue our strategy of becoming a multi asset gold producer.”
Caledonia said it would continue to evaluate investment opportunities in Zimbabwe. In July, the company signed an agreement to purchase Bilboes Gold. And a few months later, it bought Motapa Mining Company UK Limited, the ultimate holding company of an exploration project adjacent to Bilboes.
Caledonia intends to resume oxides operation at Bilboes, under a tribute arrangement before the completion of the transaction, with a view to creating a cash-generative operation within approximately six months of the commencement of activity.
Last year, it bought Maligreen claims “and we made significant advances in this area,” said Caledonia.
Caledonia’s revenues rose by 21 percent in the quarter under review as production from its Blanket gold mine hit another new record.
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