3 January 2018

Zimbabwe: 'Growing' Caledonia Declares Dividend

JUNIOR resources group, Caledonia Mining Corporation, has declared a dividend of $0.06875 per share for the last quarter of 2017, management confirmed Tuesday.

The Canadian mining company's principal asset is Zimbabwe-based Blanket Gold Mine.

Group Chief Executive Officer Steve Curtis said the dividend was evidence of growth in production capacity of the Gwanda-based Blanket Gold Mine which was one of the first mines to fully comply with the country's Indigenisation policy.

Caledonia corporation owns 49 percent mine while 51 percent is owned by indigenous Zimbabweans.

"2017 has been another significant year for Caledonia having announced at the start of November a significant and continued increase in Blanket Mine's resource base and, shortly thereafter, an extension to the Central Shaft project to deepen the shaft by two extra production levels in order to access the increased resource base at those depths," Curtis said in a statement on Tuesday.

He added, "Caledonia intends to continue to distribute cash to shareholders whilst simultaneously retaining a robust balance sheet and we look forward to updating the market on our recent performance with our fourth quarter and annual results for 2017, which are expected to be released on or about March 20, 2018."

The company has invested millions of dollars in recent years expanding operations at the mine and production is set continue on an upward trend. After completion of the phased expansion in the next three years, production is expected to increase to 80 000 ounces.

"Production guidance for 2017 is between 54 000 to 56 000 ounces of gold and we expect to announce Blanket Mine's gold production for 2017 later this month," said Curtis.

"Blanket Mine continues to make progress towards its goal of 80,000 ounces per year by 2021 as a result of the implementation of the Investment Plan."

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