Caledonia Mining Corporation, Gold mining giant in Zimbabwe has been listed on the Victoria Falls Stock Exchange. This marks them the third company to list on the foreign currency denominated bourse since its opening last year. President Emmerson Mnangagwa presided over the listing ceremony and said the listing of Caledonia is a sign of confidence investors are placing in the policies implemented by his government.
“The move also demonstrates our commitment towards devolution as the Offshore Financial Service Centre catapults Victoria Falls City from being just a tourist hub to an internationally recognizable offshore financial hub,” he said.
Profitable cash generative gold producer
Caledonia, which operates Blanket mine, brings in more than 600 000 shares that are available for Zimbabweans. The company is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe. By 2022 the Company plans to increase its annual production to 80,000 ounces.
The Company pays a quarterly dividend of 14 cents a share. The dividend has been increased 7 times & is a 104% increase from 6.875 cents announced in October 2019. Caledonia is committed to evaluating investment opportunities and has entered into an option agreements to acquire the mining claims over Maligreen and Connemara North in Zimbabwe.
They have a strong, experienced management team and board of directors with diverse expertise in gold production, exploration, mine development, finance and marketing. The group’s management team is based in Johannesburg, South Africa, London, United Kingdom and Jersey, Channel Islands.