Caledonia Mining Corporation PLC (LON:CMCL, NYSE:CMCL) lifted its quarterly dividend for the fifth time in 18 months and said it is confident of making further increases based on its outlook for the business.
It plans to pay a quarterly dividend of 12 US cents, a 75% rise since the first dividend increase in October 2019 and 1 US cent higher than the payout in the previous quarter.
"As we reach the end of the six-year investment programme at Blanket mine, the anticipated combination of rising production and declining capital investment gives us confidence to further increase the dividend payment in addition to providing funding for investment in new projects, including the exploration prospects at Glen Hume and Connemara North, as announced at the end of 2020," said chief executive Steve Curtis.
The company also brought its Central Shaft at the mine into operation during the first quarter of 2021.
"I am delighted to announce that our new Central Shaft, which is the deepest shaft of any gold mine in Zimbabwe, is fully operational,” said Curtis.
“We can now start to hoist rock, men and material on a daily basis, which will solve our hoisting constraints and facilitate the planned expansion in mine capacity targeting 80,000 oz of gold production per year,” he added.