Caledonia Mining (CMCL LN) 38 pence, Mkt Cap £19.4m – Quarterly Dividend
- Caledonia Mining has declared a quarterly dividend of 1.125 US cents/share. The dividend, which is payable to shareholders on the register at 13th January, is the 11th quarterly dividend since the company declared its policy of paying 1.5 Canadian cents quarterly in 2014.
- Following the recently announced move to report Caledonia Mining’s financial statements in US$, the company has revised its quarterly dividend policy to pay 1.125 US cents each quarter amounting to 4.5 US cents annually.
- The company is currently implementing a major redevelopment of its Blanket mine in Zimbabwe which opens up deeper levels of the mine to secure a long term future for the operation and should increase production from the current level of around 40,000oz pa to approximately 65,000 oz pa by 2017 and 80,000oz pa by 2021.
SP Angel Conclusion: Caledonia Mining is in a transformational phase as it implements its long term strategic plan at the Blanket Mine. It is encouraging to see the company’s confidence in the future expressed as a continuing commitment to its policy of dividend distribution.
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