Zimbabwe-focused gold miner Caledonia Mining reveals healthy quarterly dividend

Caledonia Mining Corporation has declared a quarterly dividend of US$0.14 per share, resembling a 104% increase on its October 2019 pay out.

The AIM and NYSE-listed gold miner’s chief executive Steve Curtis said Caledonia has built a strong reputation for delivering shareholder returns through growth and dividends over the last 10 years.

“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,” he said in an update to the London market.

Caledonia also announced a 2022 production guidance of 73,000 ounces of gold from its Blanket mine in Southern Zimbabwe. Last year, the company completed a six-year project to deliver the Central Shaft – the deepest of any gold mine in Zimbabwe.

“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,” Curtis continued.

“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.”