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Caledonia Mining declares quarterly dividend as Blanket mine operations continue

The company said Blanket’s supply chain was now “close to normal” and the mine was re-establishing full production after having operated at 93% of capacity during lockdown in Zimbabwe

Caledonia Mining Corporation PLC - Caledonia Mining declares quarterly dividend as Blanket mine operations continue

Caledonia Mining Corporation PLC (LON:CMCL) (TSE:CAL) has declared a quarterly dividend of US$0.07 per share after having deferred the payment at the start of April.

However, since then, the AIM-listed firm said, it has been “encouraged” by continued operations at its Blanket mine and the re-opening of important supply lines.

WATCH: Caledonia Mining declares quarterly dividend and encouraged by continued operations at Blanket

The company said Blanket’s supply chain of consumables and spares parts was now “close to normal” and the mine was re-establishing full production after having operated at 93% of capacity during lockdown in Zimbabwe.

Caledonia also said it has committed to making weekly donations to coronavirus-related projects in Zimbabwe to combat the spread of the disease.

"Blanket Mine has continued to operate during the recent regional shut down: it has paid its workers, suppliers and the Zimbabwe tax authorities as usual; and it has continued to generate substantial foreign exchange for Zimbabwe”, Caledonia chairman Leigh Wilson said in a statement.

"Our ability to make this dividend payment whilst at the same time making larger contributions to the fight against [coronavirus] is testament to the resilience of our business…Our balance sheet remains in an enviable position and the dividend remains comfortably affordable. Today's announcement is a continuation of the prudent approach to capital allocation that we have followed for several years - a path that we expect to continue", he added.

Quick facts: Caledonia Mining Corporation PLC

Price: 1317.5 GBX

AIM:CMCL
Market: AIM
Market Cap: £151.79 m
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