ST HELIER, Jersey, October 3, 2022 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc CMCLCMCLCMCL)) (“Caledonia” or the “Company”) is pleased to announce that its board of directors has declared a quarterly dividend of 14 cents (US$0.14) on each share of the Company.
highlights
- The Company is on track to achieve target production of 73,000 to 80,000 ounces of gold in 2022.
- On July 21, 2022, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited.
- Caledonia will resume oxide operations at Bilboes under the terms of a tribute agreement to create a cash generating operation within approximately six months.
- The Company’s strategy is focused on becoming a multi-asset gold producer.
- Caledonia continues to review investment opportunities in Zimbabwe.
Commenting on the announcement, Mark Learmonth, Chief Executive Officer said:
“Gold production so far this year has been strong, exceeding our expectations and we are on track to reach the high end of our guidance range of 73,000 to 80,000 ounces.
“In July, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited, the holding company for a large, high-grade, open pit gold resource. Completion of the transaction is subject to several conditions that we are currently working on, but once achieved we can undertake a feasibility study to determine the most reasonable path to commercialize the project in terms of the availability of funding on acceptable terms.
“Three years ago, the company was paying less than half of its current quarterly dividend, and at the current share price, the annualized dividend represents a yield of about 6%. The dividend remains a core part of our strategy to manage the return of money to shareholders with production growth and reduce the risk of the company being a lone asset producer.
“I would like to thank the team for their continued hard work; this is an exciting time for…
