Mine cedes 13k shares to workers

13 Jun, 2019 - 00:06 0 Views
Mine cedes 13k shares to workers Caledonia Mining Corporation Plc

The Chronicle

Natasha Chamba, Business Reporter

AIM-listed mining group, Caledonia Mining, has issued a total of 13, 137 securities to its staff as part of measures to empower them.

The securities have been issued in the form of depository interests representing shares in the company. In a business context, a security refers to a financial instrument that has monetary value and can be traded.

The group announced the development in a statement. 

“Caledonia Mining Corporation Plc announces that following the maturing of a long term incentive plan award on June 8, 2019 a total of 13,137 securities in the company have been issued to a member of Caledonia’s staff. 

“The securities have been issued in the form of depositary interests representing shares in the company,” reads statement. 

Caledonia controls 49 percent shareholding in the Matabeleland South-based gold operation, Blanket Mine, and plans to increase its stake to 64 percent after the Government announced changes to ownership laws last year.

The group said an application has been made by Caledonia for the admission of the depository interests to trade on the AIM saying trading in such securities will commence this week on June 14.

AIM is a sub-market of the London Stock Exchange, launched on June 19, 1995.

It allows smaller, less-viable companies to float shares with a more flexible regulatory system than is applicable to the main market.

The company said it has a total common number of shares in issue of 10 763 041.

The company is currently seeking ways to deepen its investment in Zimbabwe despite the challenging economic conditions the country is facing.

The mine has been producing for a century despite a temporary shut-down from October 2008 to April 2009 at the height of Zimbabwe’s economic woes.

Caledonia is expanding production at the mine in Gwanda and says it is confident the country’s economy will recover from its problems to re-invest on a modest scale.

— @queentauruszw.

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