Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) declared a quarterly dividend of US$0.14 per share as it reported a robust performance of Zimbabwe's Blanket mine in 2023, with cash flows improving in the second half.
The dividend was kept the same level as the prior year even though, as revealed in a trading update at the start of this month, one-off costs took the edge off profits.
Chief executive Mark Learmonth said: “We continue to see Blanket as the solid foundation for growth as we pursue our strategy to become a multi-asset gold producer.”
Following encouraging underground exploration restarted during the year, he said a revised resource statement is planned to be published in the second quarter of 2024, which will incorporate an increase in Blanket's life-of-mine.
EBITDA fell to $29.7 million for the 12 months ending December 31 from $50.4 million - primarily due to losses from the Bilboes oxide ore operation, which cost $13.1 million. The mine has now been put on care and maintenance.
It reported several further one-off expenses including those related to labour, power and forex, which added up to a further $8 million.