Dependable Caledonia declares usual dividend

Strong March quarter helped miner maintain dividend policy

Staff reporter
Caledonia's shareholder have benefited from its strong March quarter

Caledonia's shareholder have benefited from its strong March quarter

The dividend will be recorded on July 13 and the cheque mailed on July 27.

Caledonia had a strong March quarter, with the company benefitting from the Zimbabwe government increasing the export credit incentive to 10% from 2.5% of revenue from February 1.

The current dividends policy was adopted by Caledonia's board of directors in 2014 and it said it expected to maintain the current dividend of US27.5c per annum to be paid out in equal quarterly instalments.

SP Angel described Caledonia as "one of comparatively few profitable, dividend paying mining companies on the AIM market".

"The company is deploying its financial resilience and technical expertise to deliver a major mine expansion and re-development project to access deeper level mineral resources and reserves below the 750m level of the Blanket mine and to increase the mine's life," the broker said.

Caledonia's shares closed at C$11.20 (US$8.51) Monday.

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