TIDMCMCL
RNS Number : 5365L
Caledonia Mining Corporation PLC
04 October 2016
Caledonia Mining Corporation Plc
Caledonia declares its twelfth quarterly dividend
(TSX: CAL, OTCQX: CALVF, AIM: CMCL)
4 October 2016: Caledonia Mining Corporation Plc ("Caledonia" or
the "Company") today announces that the Board of Directors has
declared dividend number 14 of one and three-eighths United States
cents (US$0.01375) on each of the Company's common shares.
The dividend represents an annualised dividend of 5.5 cents per
share. In July 2016, Caledonia increased its quarterly dividend by
22 per cent from one and one-eighth cents per share to one and
three-eighths cents per share. The dividend which is declared today
is maintained at the increased level.
The relevant dates relating to the dividend are as follows:
-- Ex-dividend date for shares held on the Canadian register: 12 October 2016
-- Ex-dividend date for shares held through depositary interests
in Crest in the UK: 13 October 2016
-- Record date: 14 October 2016
-- Dividend cheque mailing date: 28 October 2016
Shareholders and depositary interest holders who are registered
in Canada and the UK respectively will be paid in Canadian Dollars
and Sterling, respectively. The Canadian Dollar and Sterling
dividend payments will be calculated using the relevant Bank of
Canada exchange rates at noon on the record date.
Chief Executive Officer, Steve Curtis, said,
"Blanket Mine's operating performance continues to improve with
the investment programme being implemented as planned, resulting in
continued robust cash generation for Caledonia Mining and Blanket's
indigenous partners.
"The investment that all stakeholders have made in the Blanket
Mine over the past 20 months continues to bear fruit with increased
operational flexibility and production volumes. I am now confident
that our production guidance of 50,000 ounces in 2016 will be
achieved.
"The planned increase in production up to 80,000 ounces by 2021
is expected to result in a lower average cost of production as
fixed costs are spread across an increased number of gold ounces. I
therefore expect that the benefits of incremental volume will
become increasingly evident in the months and years to come."
Caledonia's Dividend Policy
Caledonia's strategy to maximise shareholder value includes a
quarterly dividend policy. In 2014, the Company paid an annual
aggregate dividend of six Canadian cents (CAN$0.060) per common
share. The first quarterly dividend was paid on 31 January 2014 and
subsequent quarterly dividends have been paid thereafter at the end
of April, July and October.
On 16 December 2015 Caledonia announced that henceforth it will
report its financial results in United States Dollars, commencing
with the results for the quarter and 12 months to 31 December 2015,
which were released on 21 March 2016. The dividend paid at the end
of January 2016 was therefore denominated in United States Dollars
at 1.125 United States cents per share. In July 2016 the quarterly
dividend was increased by 22 per cent to 1.375 United States cents
per share.
Effect of the re-domicile from Canada to Jersey, Channel
Islands
On 19 March 2016 Caledonia re-domiciled from Canada to Jersey,
Channel Islands, after which dividends paid by Caledonia are no
longer subject to Canadian withholding tax. The dividend paid at
the end of April 2016 was the first dividend that Caledonia paid as
a Jersey-domiciled company and was paid without the deduction of
Canadian withholding tax.
Following the re-domicile of the company from Canada to Jersey
with effect from 19 March 2016, the dividend is no longer eligible
for the purposes of the Income Tax Act (Canada).
About Caledonia Mining
Following the implementation of indigenisation in Zimbabwe,
Caledonia's primary asset is a 49% interest in an operating gold
mine in Zimbabwe ("Blanket"). Caledonia's shares are listed in
Canada on the Toronto Stock Exchange as "CAL", on London's AIM as
"CMCL" and are also traded on the American OTCQX as "CALVF".
At 30 June 2016, Caledonia had net cash of US$10.6m. Blanket
plans to increase production from 42,800 ounces in 2015 to
approximately 80,000 ounces in 2021; Blanket's target production
for 2016 is approximately 50,000 ounces. Caledonia expects to
publish its results for the quarter to 30 September 2016 on 14
November 2016.
For further information please contact:
Caledonia Mining Corporation WH Ireland
Plc Adrian Hadden/Nick Prowting
Mark Learmonth Tel: +44 20 7220 1751
Tel: +44 1534 679 802
marklearmonth@caledoniamining.com
Maurice Mason Blytheweigh
Tel: +44 759 078 1139 Tim Blythe/Camilla Horsfall/Megan
mauricemason@caledoniamining.com Ray
Tel: +44 20 7138 3204
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that
are not historical facts are "forward-looking information" within
the meaning of applicable securities legislation that involve risks
and uncertainties relating, but not limited to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Examples of forward-looking information in this news
release include: production guidance, estimates of future/targeted
production rates, and our plans and timing regarding further
exploration and drilling and development. This forward-looking
information is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking information. Such factors
and assumptions include, but are not limited to: failure to
establish estimated resources and reserves, the grade and recovery
of ore which is mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling,
sampling and assay data, assumptions regarding the
representativeness of mineralization being inaccurate, success of
planned metallurgical test-work, capital and operating costs
varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and other factors.
Potential shareholders and prospective investors should be aware
that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward-looking
statements. Such factors include, but are not limited to: risks
relating to estimates of mineral reserves and mineral resources
proving to be inaccurate, fluctuations in gold price, risks and
hazards associated with the business of mineral exploration,
development and mining, risks relating to the credit worthiness or
financial condition of suppliers, refiners and other parties with
whom the Company does business; inadequate insurance, or inability
to obtain insurance, to cover these risks and hazards, employee
relations; relationships with and claims by local communities and
indigenous populations; political risk; availability and increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development, including the risks
of obtaining or maintaining necessary licenses and permits,
diminishing quantities or grades of mineral reserves as mining
occurs; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic
evaluations, and changes in project parameters to deal with
unanticipated economic or other factors, risks of increased capital
and operating costs, environmental, safety or regulatory risks,
expropriation, the Company's title to properties including
ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks
relating to the uncertainty of timing of events including targeted
production rate increase and currency fluctuations. Shareholders
are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 04, 2016 02:00 ET (06:00 GMT)
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