Caledonia Mining Corporation Plc - Caledonia declares quarterly dividend of 6.875 cents per share
(NYSE AMERICAN: CMCL, AIM: CMCL; TSX: CAL)
St Helier, January 2, 2018: Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) http://www.caledoniamining.com/pdfs/Press%20Release%20-%20Dividend%20-%20January%202018.pdf
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.
The relevant dates relating to the dividend are as follows:
• Ex-dividend date for shares held on the share register: January 10, 2018
• Ex-dividend date for shares held through depositary interests in CREST in the UK: January 11,
• Record date: January 12, 2018
• Dividend cheque mailing date: January 26, 2018
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 at the
Blanket Mine (the Investment Plan).
“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.
“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. 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.
“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
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 September 30, 2017, Caledonia had cash of approximately US$11.8m. 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 54,000 to 56,000 ounces and Caledonia expects to
announce annual production for 2017 later this month. Caledonia expects to publish its results for
the fourth quarter and annual results for 2017 on March 20, 2018.
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Maurice Mason Tel: +44 759 078 1139
Adrian Hadden/Ed Allsopp Tel: +44 20 7220 1751
Tim Blythe/Camilla Horsfall/Megan Ray Tel: +44 207 138 3204 https://investorshub.advfn.com/boards/read_msg.aspx?message_id=136400128
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