DUAL-LISTED gold miner Caledonia Mining has declared its ninth quarterly dividend of $0.1125 a share.
Following its recent move to report its financial statements in US dollars, the company revised its quarterly dividend policy to pay $0.1125 each quarter, amounting to $0.45 a year.
“It’s currently envisaged that this existing dividend policy will be maintained. We’ll also continue to maintain our strong financial position so that we can implement our growth strategy without the need to raise third-party finance,” the company said in a statement.
Analyst company SP Angel marked the company’s confidence and continued commitment to its policy dividend distribution as encouraging, noting that the miner was currently in a transformational phase, as it implemented its long-term strategic plan at its 49 percent-owned Blanket gold mine, in Zimbabwe.
This included implementing a major redevelopment to open up deeper levels of the mine and potentially increase production from the current 40,000 oz/y to 65,000 oz/y by 2017 and 80,000 oz/y by 2021. —miningweekly.