Caledonia Mining has declared a dividend of 1.5 Canadian cents in respect of the first quarter of its financial year.
The declaration won’t come as a surprise to close followers of the company, as the debt-free company flagged up the payment in November of last year.
The miner, which owns 49% of the Blanket gold mine in Zimbabwe, said the sterling and US dollar equivalents of the payment will be calculated using the relevant Bank of Canada exchange rate at noon on 22 January.
Caledonia’s long term strategy to maximise shareholder value includes a quarterly dividend policy. In 2014, the company intends to pay an annual aggregate dividend of 6 Canadian cents per common