3rd Jan 2020 10:53
(Alliance News) - Caledonia Mining Corp PLC on Friday said it will pay an increased quarterly dividend of 7.5 US cents due to improved financial performance.
The amount represents a 9.1% increase from the previous quarterly dividend rate of 6.875 cents.
The mining firm says its improved financial performance comes as a result of increased production and higher gold prices.
Caledonia said the central shaft of its Blanket mine in Zimbabwe will be commissioned in the fourth quarter of 2020, and it has a target of 80,000 ounces of annual gold production from 2022.
"We look forward to further increases in operating cash flow as production increases, capital expenditure falls further and we begin to realise the operational efficiencies arising from the new shaft", said Steve Curtis, Caledonia Mining's chief executive.
The central shaft project at Blanket mine commenced in early 2015. The company spent USD44 million sinking a new shaft from surface to a depth of over 1,200 meters.
Shares in Caledonia were trading 4.1% higher at 640.00 pence per share on Friday morning in London.
By Ife Taiwo; [email protected]
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