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Caledonia is an African focused mining and exploration company with an operating gold mine in Zimbabwe, a copper-cobalt exploration project in Zambia and two platinum-nickel exploration projects in South Africa. Caledonia is listed on the TSX (CAL), and on AIM (CMCL) and its shares are traded on the NASDAQ-OTCQX (CALVF).
Caledonia Mining moves step closer to fulfilling indigenisation obligationsJune 21 2012, 7:55am
It has done so by signing an agreement with the National Indigenisation and Economic Empowerment Fund to sell a 16 per cent stake in its Blanket Mine for US$11.7 million.
This is part of a wider accord to transfer 51 per cent of gold mine to indigenous Zimbabweans for a total of US$30.1 million.
Caledonia has agreed to sell 15 per cent to a local consortium and 10 per cent to the Blanket Mine Employee Trust.
Meanwhile, a 10 per cent share of the mine will be donated to the Gwanda Community Share Ownership Trust.
The company has agreed to finance the deals at a rate of 10 per cent above the 12-month London interbank offered rate, with the loans being repaid from future dividends.