6th Feb 2015 12:12
LONDON (Alliance News) - Caledonia Mining Corp Friday said the Zimbabwean government has further revamped its gold pricing and payments structure to "assist its mining industry," and that will benefit the company's Blanket mine.
The company said that Fidelity Printers and Refiners Ltd, which is controlled by the Zimbabwean government and is responsible for the refining and marketing of all gold produced in the country, has cut its pricing and payment terms which apply to the company's Blanket mine to 1.25% from a 1.5% discount on gold sales.
Caledonia said this was in addition to the government's royalty rate being reduced to 5% from 7% in October.
""The company welcomes all encouraging movements from the Zimbabwean government towards further supporting the nation's mining industry, and, Fidelity's announcement on Tuesday will also improve Caledonia's cost efficiency in future gold sales," said Chief Executive Steve Curtis.
Caledonia shares were untraded on Friday, last trading at 41.50 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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