Dual-listed Caledonia Mining has declared an increased quarterly dividend of $0.14.
This is an 8% increase from the previous quarterly dividend of $0.13 that was paid in July.
This is the seventh increase in the quarterly dividend since October 2019.
Caledonia’s Central shaft at the Blanket gold mine, in Zimbabwe, is now operating, following commissioning earlier this year.
The company is targeting production of 61 000 oz to 67 000 oz of gold this year and 80 000 oz/y from 2022.
Aim- and NYSE American-listed Caledonia notes that the scheduled ramp-up in production, the current gold price and good cost control engender confidence that the business can sustain a higher level of dividend.
Caledonia's strategy to maximise shareholder value includes a quarterly dividend policy which the board adopted in 2014. The board says it will consider future increases in the dividend as appropriate in line with its prudent approach to risk management.