Caledonia increases dividend again, reports record production
Gold miner Caledonia Mining achieved record production of 16 710 oz of gold at its Blanket mine, in Zimbabwe, during the quarter ended June 30, representing an increase of about 23.8% on the 13 499 oz produced in the corresponding quarter of 2020.
Gold produced for the first half of this year was 29 907 oz, which Caledonia on July 6 said was about 7.8% above the 27 732 oz produced in the first half of 2020.
Caledonia on Tuesday confirmed that it maintains its full-year production guidance of between 61 000 oz and 67 000 oz and reiterated that it remains on track to achieve its target of producing 80 000 oz/y from 2022.
CEO Steve Curtis said the quarter’s production result was “an outstanding achievement” which left the company well-placed to meet its full-year guidance.
“During the quarter, we also announced that Central shaft was operational; this has been a huge feat by the team. We are currently working hard to achieve the expansion and we remain on track to hit our 80 000 oz target in 2022,” he commented.
Further to this achievement, Caledonia on July 6 also declared a quarterly dividend of $0.13 a share.
This is an additional 8% increase in Caledonia’s quarterly dividend, and is the sixth increase in the past two years.
This represents a cumulative 89% rise in the dividend since the first increase in October 2019.
“With the Central shaft now in operation, the anticipated combination of rising production and declining capital investment gives us confidence to further increase the dividend payment in addition to providing funding for investment in new projects, including the exploration prospects at Glen Hume and Connemara North, as announced at the end of 2020,” Curtis said.
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