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Caledonia Mining hikes dividend with confidence

The miner raised its dividend amidst rising confidence as its operation scales up and high gold prices boost cash generation

Caledonia Mining Corporation PLC - Caledonia Mining hikes dividend with confidence

Caledonia Mining Corporation PLC (LON:CMCL) has confirmed an increased quarterly dividend, to be paid later this month.

At 11 US cents per share, the dividend is up 10% from the prior quarterly dividend of 210 US cents, paid in October. It is the fourth dividend increase since October 2019 and marks a 60% cumulative rise over that period.

“The decision by the board to increase the dividend reflects our continued and increasing confidence in the outlook for our business,” said Steve Curtis, Caledonia Mining chief executive in a statement. “As we reported in our third quarter 2020 results, the business continues to perform well supported by strong production and a firm gold price.”

READ: Caledonia deals into Connemara North project

Curtis added: "As we approach the end of the six-year investment programme at Blanket Mine, we expect the combination of rising production and declining capital investment over the next two years will give us the scope to consider further increases in the dividend in addition to providing funding for investment in new projects, including the exploration prospects at Glen Hume and Connemara North as announced on 10 and 17 December 2020, respectively."

The company noted that its Central Shaft project is set to be commissioned in the first quarter of 2021.

For 2021, the company is targeting gold production between 61,000 to 67,000 ounces – followed by around 80,000 ounces a year from 2022.

Caledonia shares go ex-dividend on January 14, the record date will be January 15, and cheques are due to be dispatched on January 29.

Quick facts: Caledonia Mining Corporation PLC

Price: 1170 GBX

Market: AIM
Market Cap: £1.83 m

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