Caledonia Mining Corporation (CMCL)

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Caledonia declares quarterly dividend of 6.875 cents per share



ST HELIER, Jersey, Oct. 02, 2018 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL) 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: October 11, 2018
•Record date: October 12, 2018
•Dividend cheque mailing date: October 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.

Caledonia’s Dividend Policy

Caledonia’s strategy to maximise shareholder value includes a quarterly dividend policy which the board of directors adopted in 2014. It is expected that the current dividend of twenty-seven and a half United States cents per annum, paid in equal quarterly instalments, will be maintained.

About Caledonia Mining

Caledonia’s primary asset is a 49% interest in an operating gold mine in Zimbabwe (“Blanket Mine”). In August 2018, Caledonia announced that it had signed a memorandum of understanding to increase its shareholding in Blanket Mine to 64%, subject to the execution of a legally binding sale agreement and regulatory approvals. Caledonia’s shares are listed on the NYSE American (CMCL) and on the Toronto Stock Exchange (CAL) and depositary interests representing the shares are traded on London’s AIM (CMCL).

As at June 30, 2018, Caledonia had cash of approximately US$5.3m. Blanket Mine plans to increase production from 56,136 ounces of gold in 2017 to approximately 80,000 ounces by 2021; Blanket Mine’s target production for 2018 is 55,000 to 59,000 ounces. Caledonia expects to publish its results for the quarter to September 30, 2018 on or around November 14, 2018.