Caledonia announces 18% increase in quarterly dividend
Dual-listed gold miner Caledonia Mining has declared an increased quarterly dividend of $0.10 on each of the company’s common shares.
This marks an 18% increase from the previous quarterly dividend of $0.085 paid in July and is a 45% cumulative increase from $0.069 since October 2019.
Stable production, a high gold price and good cost control have resulted in increased cash generation during the year, which has given Caledonia’s board members confidence that the business can sustain a higher level of dividend distributions before the benefits of the completion of the Central shaft at the company's Blanket mine, in Zimbabwe, are realised.
Caledonia also displayed “significant business resilience” throughout the Covid-19 pandemic, the company said in a statement on October 1.
“The decision by the board to increase the dividend reflects our continued and increasing confidence in the outlook for our business,” said CEO Steve Curtis.
As Caledonia approaches the end of the six-year investment programme at the Blanket mine, it anticipates that the rate of capital expenditure will begin to reduce in 2021.
“We expect the combination of rising production and declining capital investment to give us greater flexibility to consider further increases in the dividend in addition to possible investment in new projects,” Curtis commented.
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