Caledonia Mining Maintains US$0.14 Dividend for Ninth Straight Quarter


ST HELIER, Jersey — Multi-listed Caledonia Mining Corporation's board of directors has declared a dividend of US$0.14 on each of the Company's shares, for a straight quarter since October 2021.   

Caledonia Mining Blanket Mine Zimbabwe
Reaping the rewards—Caledonia's Blanket Mine in Gwanda, which has driven the company's exponential dividend growth

The gold-focused miner is listed on the New York Stock Exchange, the Alternative Investment Market (a sub-market of the London Stock Exchange), and the Victoria Falls Stock Exchange. 

Its shares are currently trading at US$12.16 on the New York Stock Exchange, 965p on AIM, and US$16.20 on the Victoria Falls Stock Exchange. 

In the notice to shareholders dated January 2, 2024, the board also promised to review the dividend, depending on the company's performance and its capital investment requirements. 

According to Caledonia, the relevant dates relating to the dividend are: 

  • Ex-dividend date: January 10, 2024
  • Ex-dividend date AIM and NYSE: January 11, 2024
  • Record date: January 12, 2024
  • Payment date: January 26, 2024

Shareholders with a registered address in the UK will be paid in Sterling. 

Caledonia's declared dividend has grown exponentially from its initial figure of 6 Canadian cents, declared in February 2012.  

In 2014, they introduced a quarterly dividend policy.

In December 2015, Caledonia announced that it would start reporting its financials in United States Dollars, instead of Canadian Dollars. Accordingly, all dividends started being declared in United States Dollars. 

Since then, the dividend has grown 1144.44% from US$0.01125 to the recently declared US$0.14. 

The Company’s primary asset is the Blanket Mine in Gwanda, Zimbabwe, which they purchased from Kinross Gold Corporation in 2006. They hold a 64% share in Blanket Mine. 

In December 2022, the miner commissioned a US$67 million Central Shaft, as well as a 12,2 megawatts solar project established at a cost of about US$14 million.

After the Central Shaft's completion, Blanket Mine now boasts as one of Zimbabwe’s deepest gold mine shafts, going down to 1,200 metres from the surface. 

The Central Shaft's completion spurred the miner to 80,000 ounces of gold in 2022.

The company has also acquired brownfield and exploration projects—namely Bilboes near Bulawayo, Maligreen in Gweru, and Motapa; an early-stage project next to Bilboes.

With the Central Shaft now operational, and new claims acquired, the company is now shifting it's focus to de-risking the business from being a single asset producer. 

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