TIDMCMCL
RNS Number : 4666S
Caledonia Mining Corporation PLC
03 October 2017
Caledonia Mining Corporation Plc
Caledonia declares quarterly dividend of 6.875 cents per
share
(NYSE AMERICAN: CMCL, AIM: CMCL; TSX: CAL)
St Helier, October 3, 2017: Caledonia Mining Corporation Plc
("Caledonia" or the "Company") today announces that its board of
directors has declared a dividend of six and seven eighths United
States cents (US$0.06875) on each of the Company's common shares.
This amount represents the revised quarterly dividend policy
following the overall one for five consolidation of the Company's
common shares on June 26, 2017.
The relevant dates relating to the dividend are as follows:
-- Ex-dividend date for shares held on the share register: October 11, 2017
-- Ex-dividend date for shares held through depositary interests
in CREST in the UK: October 12, 2017
-- Record date: October 13, 2017
-- Dividend cheque mailing date: October 27, 2017
Shareholders and depositary interest holders in Canada and the
UK 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 on the record
date.
Chief Executive Officer, Steve Curtis, said:
"Caledonia maintains its quarterly dividend at 6.875 cents per
share, reflecting a continuing strong balance sheet and cash
position despite the ongoing investment in the Central Shaft
project (the Investment Plan).
"Production remains on track for 52,000 to 57,000 ounces of gold
from the Blanket Mine during 2017 as we progress towards our goal
of 80,000 ounces per year by 2021 as a result of the Investment
Plan.
"Caledonia intends to continue to distribute cash to
shareholders whilst simultaneously retaining a robust balance sheet
as we enter the final stages of the Central Shaft project and we
look forward to updating the market on our recent performance with
our third quarter results, which are expected to be released on or
about November 15, 2017."
Caledonia's Dividend Policy
Caledonia's strategy to maximise shareholder value includes a
quarterly dividend policy which the board of directors adopted in
2014.
On July 3, 2017 the board approved a revised quarterly dividend
policy by increasing the amount of the quarterly dividend fivefold
from 1.375 United Shares cents per share to 6.875 United Shares
cents per share to reflect the one for five share consolidation
that was completed at the end of June 2017. The net overall effect
has been to maintain the aggregate amount of the quarterly
dividend.
Since 2013, Caledonia has paid dividends to shareholders
totaling the equivalent of approximately US$1.58 per share (on a
post share consolidation basis).
It is expected that the dividend of twenty-seven and a half
United States cents per annum, paid in equal quarterly instalments,
will be maintained. Caledonia continues to maintain its strong
financial position and is satisfied that it can implement its
stated growth strategy without the need to raise third party
finance.
Effect of the re-domicile from Canada to Jersey, Channel
Islands
Following the re-domicile of the Company from Canada to Jersey
with effect from March 19, 2016, the dividend is no longer subject
to Canadian withholding tax and it 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 Mine"). Caledonia's shares are listed on
NYSE American (symbol: CMCL) and on the Toronto Stock Exchange
(symbol: CAL) and depositary interests representing the shares are
traded on London's AIM (symbol: CMCL).
At June 30, 2017, Caledonia had cash of approximately US$10.9m.
Blanket Mine plans to increase production from 50,351 ounces of
gold in 2016 to approximately 80,000 ounces by 2021; Blanket Mine's
target production for 2017 is 52,000 to 57,000 ounces. Caledonia
expects to publish its results for the quarter to 30 September 2017
on November 15, 2017.
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Maurice Mason Tel: +44 759 078 1139
WH Ireland
Adrian Hadden/Ed Allsopp Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray Tel: +44 207 138 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, 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 and delays in the development of
projects.
Shareholders, potential shareholders and other 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 and risks relating to the uncertainty of timing of
events including targeted production rate increase. 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
DIVMMMGGKZNGNZM
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October 03, 2017 02:00 ET (06:00 GMT)
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