TIDMCMCL
RNS Number : 8117N
Caledonia Mining Corporation PLC
04 October 2021
Caledonia Mining Corporation Plc
Caledonia declares another increased quarterly dividend
(NYSE AMERICAN: CMCL; AIM: CMCL)
St Helier, October 4, 2021 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") is pleased to announce that the
Board of Directors has declared an increased quarterly dividend of
14 United States cents (US$0.14) on each of the Company's
shares.
Highlights
-- Eight per cent increase from the previous quarterly dividend
of 13 cents that was paid in July 2021
-- 104 per cent increase from the level of 6.875 cents since October 2019
-- Seventh increase in the quarterly dividend since October 2019
-- Central Shaft now operating
-- Target production of 61,000 to 67,000 ounces of gold in 2021
and 80,000 ounces of gold per annum from 2022 [1]
-- Scheduled ramp up in production, the current gold price and
good cost control give the Board confidence that the business can
sustain a higher level of dividend
Commenting on the announcement, Steve Curtis, Chief Executive
Officer, said:
"We are pleased to announce an additional eight per cent
increase in our quarterly dividend, the seventh increase in the
past two years, which reflects our continued confidence in the
outlook for our business. This dividend represents a 104 per cent
rise since October 2019.
"The anticipated increase in production following the successful
commissioning of the Central Shaft earlier in 2021 gives us
confidence to further increase the dividend payment in addition to
providing funding for investment in new projects, including the
exploration prospects at Maligreen and Connemara North, as
announced last month and at the end of 2020 respectively.
"The Board will continue to review the Company's future dividend
distributions as appropriate, while balancing the importance of
returning money to shareholders and investing in the Company's
growth."
The relevant dates relating to the dividend are as follows:
-- Ex-dividend date: October 14 , 2021
-- Record date: October 15 , 2021
-- Payment date: October 29 , 2021
Shareholders with a registered address in the UK will be paid in
Sterling.
Caledonia's Dividend Policy
Caledonia's strategy to maximise shareholder value includes a
quarterly dividend policy which the Board adopted in 2014. The
Board will consider future increases in the dividend as appropriate
in line with its prudent approach to risk management.
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Camilla Horsfall Tel: +44 7817 841793
WH Ireland
Adrian Hadden Tel: +44 20 7220 1751
Blytheweigh
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (EU) No.
596/2014 .
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.
Security holders, potential security holders 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; risks related to natural disasters, terrorism,
civil unrest, public health concerns (including health epidemics or
outbreaks of communicable diseases such as the coronavirus
(COVID-19)); 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. Security holders,
potential security holders and other prospective investors 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 news release is not an offer of the shares of Caledonia for
sale in the United States or elsewhere. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the shares of Caledonia, in any
province, state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such province, state or
jurisdiction.
[1] Refer to the technical report entitled "Caledonia Mining
Corporation Plc NI 43-101 Technical Report on the Blanket Gold
Mine, Zimbabwe" dated May 17, 2021 prepared by Minxcon (Pty) Ltd
and filed by the Company on SEDAR on May 26, 2021. Mr Dana Roets (B
Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer,
is the Company's qualified person as defined by Canada's National
Instrument 43-101 and has approved any scientific or technical
information contained in this news release.
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END
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October 04, 2021 02:00 ET (06:00 GMT)
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