Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, FRA:9CD1) has declared an increased quarterly dividend of US$0.14 per share, as gold production from the Blanket mine in Zimbabwe continues apace.
The new dividend is 8% higher than the US$0.13 paid in July 2021, and is over 100% higher tna the US$0.6875 that Caledonia paid in October 2019.
The rises come as the company’s newly constructed Central Shaft allows for a planned boost to production to 80,000 ounces from 2022.
"We are pleased to announce an additional eight per cent increase in our quarterly dividend, the seventh increase in the past two years, which reflects our continued confidence in the outlook for our business,” said chief executive Steve Curtis.
“This dividend represents a 104 per cent rise since October 2019. The anticipated increase in production following the successful commissioning of the Central Shaft earlier in 2021 gives us confidence to further increase the dividend payment in addition to providing funding for investment in new projects, including the exploration prospects at Maligreen and Connemara North, as announced last month and at the end of 2020 respectively.”