Caledonia declares quarterly dividend

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Caledonia chief executive officer Steve Curtis
Caledonia chief executive officer Steve Curtis

BY MTHANDAZO NYONI
VICTORIA Falls Stock Exchange-listed Caledonia Mining Corporation says dividends continue to be a central part of its strategy as the mining firm seeks to grow the business and de-risk it from being a single asset producer.

The company, which is also listed on both the New York and London Stock Exchange declared a quarterly dividend of US$0,14 on each of its shares.

The total dividends paid in 2021 were 50 cents per share, almost 50% higher than in 2020, it said.

“Our dividend continues to be a central part of our strategy as we seek to grow the business and de-risk it from being a single asset producer. We continue to evaluate investment opportunities while balancing returning money to shareholders and investing in the company’s growth,” the company’s chief executive officer Steve Curtis said in a statement.

Caledonia said the payment date for  the dividend is April 29, 2022.

Caledonia’s strategy to maximise shareholder value includes a quarterly dividend policy which the board adopted in 2014. The board, according to the statement, will consider future increases in the dividend as appropriate in line with its prudent approach to risk management.

Dividend declaration comes after the company last month reported gross revenues of US$121 million for the year 2021, up 21% compared to the same period in 2020.

Gross profit stood at US$54,1 million while earnings before interest, taxes, depreciation, and amortisation (EBITDA) was at US$46,4 million.

Cash generated from operations before working capital increased by 17% from US$42,4 million to US$49,6 million.

The company is targeting production of 73,000 to 80,000 ounces of gold in 2022.