15th Dec 2015 17:25
LONDON (Alliance News) - Caledonia Mining Corp on Tuesday took note of the recent fall in its share price from late trading on the Toronto Stock Exchange and the OTCQX on Monday.
"The combined trading volume on the TSX and OTCQX on December 14, although higher than in recent months, represents less than 0.5% of Caledonia's issued shares," the company said.
According to the company, the operating and financial performance of the blanket mine in Zimbabwe, its main asset, is on target.
Production remains on track to achieve the target for the 12 months to December 31, 2015 of 42,000 ounces of gold, the company said, while operating costs are "as planned".
"The implementation of the revised investment plan at Blanket, which is expected to result in production increasing from 42,000 ounces in 2015 to approximately 80,000 ounces in 2021 remains on target in terms of the timing. The costs of implementing the revised investment plan are slightly lower than anticipated," Caledonia Mining said.
Caledonia said it has a "strong balance sheet" and intends to maintain its existing dividend policy of paying 1.5 Canadian cents per quarter.
The London-listed shares of the company closed down 5.9% at 40.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Caledonia Min