Caledonia Mining declares quarterly dividend

Caledonia Mining Corporation

Caledonia Mining Corporation Plc (LON:CMCL) has announced 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.

Highlights

·   104 per cent increase from the level of 6.875 cents since October 2019

·   Target production of 73,000 to 80,000 ounces of gold in 2022

·   The Company’s strategy will focus on becoming a multi-asset gold producer

·   Caledonia continues to evaluate investment opportunities in Zimbabwe and elsewhere

Commenting on the announcement, Steve Curtis, Caledonia Mining Chief Executive Officer, said:

“Over the last 10 years Caledonia has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.

“In January 2020, we announced our first dividend increase and over the last two years we have more than doubled the dividend while always balancing the importance of returning money to shareholders and investing in the Company’s growth.

“Now that the Central Shaft is complete the Company can focus on other areas of its growth strategy, predominately de-risking the business from being a single asset producer. Last year we announced the acquisition of Maligreen, one of the more significant exploration opportunities in Zimbabwe. We see huge geological potential in Zimbabwe, and we continue to evaluate other investment opportunities in the country.

“I am very excited with the opportunity that we have to evolve our business, with Blanket Mine as the foundation for our growth. This marks a strategic pivot in the future direction of Caledonia as it pursues its strategy to become a multi-asset gold producer.”

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Caledonia Mining Corporation

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