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Highlights:
Caledonia Mining Corporation PLC reported a slight decline in gold production from the Blanket mine in Zimbabwe for the third quarter of 2024.
Year-to-date production increased modestly compared to the same period in 2023, indicating a stable operational performance.
The company announced a new dividend declaration schedule aligned with its quarterly results, with no changes to its overall dividend policy.
Caledonia Mining Corporation PLC (LSE:CMCL) has maintained its forecast for annual gold production, despite a slight decrease in output from its Blanket gold mine in Zimbabwe during the third quarter of 2024. The company's quarterly production figures showed a total of 18,992 ounces of gold for the three months ending September 30, 2024, down from a record 21,772 ounces in the same quarter of the previous year.
However, the cumulative production for the first nine months of 2024 reflects a modest increase, totaling 56,815 ounces compared to 55,244 ounces during the same timeframe in 2023. This indicates a stable operational performance and the company’s resilience in maintaining production levels.
For the entire fiscal year, Caledonia Mining Corporation reiterated its production guidance, anticipating an output of between 74,000 and 78,000 ounces. This forecast aligns with the company's strategic goals and operational capacity, suggesting a commitment to meeting production targets even in the face of challenges.
Additionally, Caledonia has announced a change in its dividend declaration process. Going forward, dividends will be declared alongside quarterly results. This adjustment pertains solely to the timing of dividend payments and does not indicate any modification to the existing dividend policy. This change aims to provide shareholders with clearer expectations regarding dividend distribution.
Caledonia Mining Corporation continues to demonstrate operational stability and transparency, positioning itself to meet production goals while maintaining consistent communication with shareholders. The company's focus on sustaining production levels and its revised approach to dividend declarations reflect its commitment to shareholder value and long-term growth in the gold mining sector.
