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Caledonia Declares US$0.14 Dividend


Victoria Falls Stock Exchange listed gold producer, Caledonia Mining Corporation has declared a dividend of US$0.14 per share for the quarter ended September 30.

Commenting on the announcement, the company CEO, Mark Learmonth said the figures are backed by strong gold production throughout the year 2022.

“Gold production so far this year has been strong, exceeding our expectations, and we are on track to hit the top end of our guidance range of 73,000 to 80,000 ounces.

“Three years ago, the Company was paying less than half the current quarterly dividend and at the current share price, the annualised dividend equates to a yield of approximately 6%. The dividend continues to be a central part of our strategy, as we continue to manage returning money to shareholders with production growth and de-risking the business from being a single asset producer.

“I would like to thank the team for their continued hard work; this is an exciting time for the business as we pivot the Company towards our long-term vision of becoming a multi asset gold producer.”

Meanwhile, in July, Caledonia signed an agreement to purchase Bilboes Gold Limited, the holding company for a large, high-grade, open-pittable gold resource. The company plans to restart the oxides operation at Bilboes under the terms of a tribute arrangement with a view to create a cash-generative operation within approximately six months.

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