By ETimes

Caledonia Mining Corporation which owns Gwanda based mine Blanket on Tuesday said it will focus on becoming a multi-asset gold producer as part of its growth strategy.
 
This follows the completion of the Central Shaft project that commenced in February 2015. The new shaft is poised to improve production to 80 000 ounces of gold per annum from 2022 onwards, almost double the level of 2014.
 
It is also expected to result in lower operating costs and capital expenditure, thereby enhancing earnings and cash generation respectively as well as allowing a resumption of deep level exploration which if successful will extend Blanket’s mine life.
 
“Now that the Central Shaft is complete the Company can focus on other areas of its growth strategy, predominately de-risking the business from being a single asset producer,” said company chief executive officer Steve Curtis.
 
“Last year we announced the acquisition of Maligreen, one of the more significant exploration opportunities in Zimbabwe. We see huge geological potential in Zimbabwe, and we continue to evaluate other investment opportunities in the country.”
 
Over the last 10 years, he said, the firm has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.
 
Meanwhile it declared a quarterly dividend of US$0.14 on each of the company’s shares. It doubled from the level of 6.875 cents since October 2019.
 
“In January 2020, we announced our first dividend increase and over the last two years we have more than doubled the dividend while always balancing the importance of returning money to shareholders and investing in the Company’s growth,” he said.
 
In December 2021, the miner became the latest counter to list on the foreign denominated Victoria Falls Exchange (VFEX) and it issued 620 000 shares for local investors uptake.
 
The company joined SeedCo International and Padenga Holdings on the country’s secondary bourse since its inception in October 2021 – Harare

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