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Production up from last year!
July 9, 2020 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces quarterly gold production from the Blanket Mine ("Blanket") in Zimbabwe for the quarter ended June 30, 2020 ("Q2 2020" or the "Quarter").
· Approximately 13,499 ounces of gold were produced during the Quarter, an increase of approximately 6.2% on the12,712 ounces produced in the corresponding quarter of 2019.
· Gold produced for the first half of 2020 was 27,732 ounces approximately 12.5% above the 24,660 ounces produced in the first half of 2019.
· Caledonia maintains its 2020 full year production guidance of 53,000 to 56,000 ounces and remains on track with progress towards its target of 80,000 ounces by 2022[1].
Commenting on the announcement, Steve Curtis, Chief Executive Officer, said:
"The production of 13,499 ounces in the second quarter is an outstanding achievement given the challenges faced during the quarter as a result of the COVID-19 Pandemic. To have achieved a 6.2% increase on the comparable quarter of 2019 during a period where our workforce and supply chains were disrupted is a performance of which every employee should be justifiably proud. Thankfully the virus has not affected our operations or the broader Zimbabwean gold mining sector too seriously although we remain vigilant."
"For production to be 12.5% ahead of the corresponding 2019 level at the half year stage leaves us well placed for the full year and on track to meet our full year guidance of 53,000 - 56,000 ounces. This strong performance and high gold prices have ensured that the business remains on a very solid foundation as we prepare for the next phase of our growth with the completion of the central shaft in 2020 and increased production to 80,000 ounces by 2022."
In Fortune's interview yesterday he mentions covid cases are on the rapid increase, however, he then goes onto say that the lockdown has allowed them to put mitigation processes in place in anticipation for this spike.
St Helier, June 29, 2020 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") today announces that the Board of Directors has declared a further increased quarterly dividend of eight and a half United States cents (US$0.085) on each of the Company's common shares.
Highlights
· 13 per cent increase from the previous quarterly dividend of 7.5 cents, which, together with the increase to the dividend in January 2020 from 6.875 cents, represents a cumulative 24% increase since October 2019.
· Significant business resilience demonstrated through the COVID 19 pandemic with gold production levels still within the range of 2020 guidance of 53,000 - 56,000 ounces
· Stable production, a high gold price and good cost control have resulted in increased cash generation in 2020; this has given the board confidence that the business can sustain a higher level of dividend distributions
· Central Shaft on track to be completed in Q4 2020.
· Target production of 80,000 ounces of gold per annum from 2022.[1]
Commenting on the announcement, Steve Curtis, Chief Executive Officer, said:
"We are pleased to announce a 13 per cent increase in the dividend which reflects our continuing confidence in the outlook for our business. As we reported in our Q1 2020 results, our financial performance has been strong due to increased production and a higher gold price which has continued into Q2 2020.
"As we approach the end of the five-year investment programme at Blanket Mine, we anticipate the rate of capital expenditure will begin to reduce towards the end of 2020, which gives us greater flexibility to consider deploying some of our cash reserves on an increased dividend.
"We expect the Central Shaft equipping to be completed in the fourth quarter of 2020; thereafter we look forward to the commissioning of the shaft and further increases in operating cash flow as production is expected to increase by over 30 per cent over the coming 24 months to approximately 75,000 ounces in 2021 and to the target rate of 80,000 ounces of gold per annum from 2022, as capital expenditure falls further and we begin to realise the operational efficiencies arising from the new shaft.
"The Board will review Caledonia's future dividend distributions as appropriate while considering the balance between delivering returns to shareholders, pursuing the significant growth opportunities within Zimbabwe and maintaining a prudent approach to financial management."
The relevant dates relating to the dividend are as follows:
· Ex-dividend date: July 16, 2020
· Record date: July 17, 2020
· Dividend cheque mailing date: July 31,2020
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 of Directors adopted in 2014. The Boa
Bluejay CEO, Roderick McIllree said: "I am extremely pleased that we now have an accepted Exploitation Licence application and that the Public Consultation has commenced. I would like to thank both the Greenlandic Authorities and the Bluejay team for their hard work in finding a solution in these COVID-19 challenged times. The unprecedented global situation has put a lot of pressure on the society and the authorities in Greenland, but I'm happy that the Company can now say it is reaching the final components of the decision making process regarding the Mining Licence award for Dundas."
Hans Jensen, Managing Director ofsubsidiary Dundas Titanium A/S said: "We very much look forward to continuing the good working relations with the Greenlandic Government, local stakeholders, suppliers and the Avannaata Kommunia; the municipality of North-West Greenland, in the continuing effort to create a sustainable, low impact, long duration mining operation for the benefit of Greenland and all stakeholders.
"Being able to support and create job opportunities for the community in the high Arctic is a special privilege. I have lived and worked in Greenland for 32 years and I have travelled all over the country, but I must say that the population living in the high Arctic deserves opportunities like this. Dundas could be a once in a lifetime opportunity for employment and growth in the region. Last year, in collaboration with The School of Mines in Sisimiut and the Government, Bluejay commenced training and educating potential machine operators, and we have already had students from The School of Mines and the local communities working for us during our summer programmes.
"We look forward to increasing the collaboration even further in the years to come, bringing the Dundas Ilmenite Project into its next phase. We very much look forward to engaging with the public during this Consultation Period."
OK OK... sorry chaps, wrong analogy he used, but I won't apologise for the right sentiment... dodgy!
True, my apologies gkb47.
I know a guy who's had some dealings with ap. He told me the guy is like a used car salesman. I should have listened to him... but here I am. BP. I wait with baited breath.
Yup I missed that one too... good buying op for sure...
Reading it right BTB... Hopefully we will play catch up today!
I'm no expert but it could be down to the tsx delisting...
Have a look at CMCL. A well run aim company operating in Zim and it pays a divi... has done for years, so one can externalise cash.
Agree with you that Romania is the jewel to get this over the line... AP... we wait with baited breath
The Company has been advised by the Ministry of Mineral Resources that the Dundas Public Consultation process ("Consultation Process" or "Stakeholder Consultation") will be tabled at this week's ministerial meeting to be held on Thursday 18th June 2020. We will advise the market of the Governments decision in due course.
Can someone whisper in AP's ear to do one...
https://mobile.twitter.com/thegeorgeroach?lang=en
No idea who set this up but it's pretty funny... the Roach has depleted a lot of folks pockets with no remorse... how has he been allowed to get away with it?