Caledonia declares dividend; confirms 2017 guidance
VANCOUVER (miningweekly.com) – TSX- and Aim-listed gold producer Caledonia Mining has declared a quarterly dividend of $0.01375, supporting its position as one of only a handful of junior gold miners on the LSE able to afford rewarding its investors.
The Southern Africa-focused company’s dividend announced Tuesday is in line with the company’s established policy, initiated in January 2014, and subsequently increased in July 2016, of paying a yearly rate of $0.055 cents a quarter.
Caledonia, which is executing a significant development programme to access deeper ore below the 750 m level at its 49% owned Blanket gold mine, in Zimbabwe, said it is targeting output of 60 000 oz of gold in 2017, as it ramps up to the longer term objective of 80 000 oz/y by 2021.
“The continued payment of dividends to our shareholders is a key component of our strategy as we invest in future production growth and we are particularly proud of being able to continue to pay a healthy dividend whilst we invest in expanding production,” CEO Steve Curtis commented.
Caledonia’s investment plan at Blanket is now past its peak capital exposure and with a cash balance of $12.4-million as at September 30, combined with rising production levels and declining unit costs, the company is expected to be positioned “to take advantage of further investment opportunities.”
The stock traded higher on the TSX Tuesday, gaining a hair below 7% at C$1.55 apiece.
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