Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) share moved higher, climbing around 7%, after it told investors that Zimbabwe has amended proposed changes to mining royalties and taxes outlined in the country’s 2026 National Budget, easing potential impacts on gold producers.
The government revised plans to raise the gold royalty rate from 5% to 10%, with the increase now applying only if gold prices exceed 5,000 dollars per ounce. Proposals affecting capital expenditure deductions and offshore loan interest withholding tax were withdrawn.
Chief executive Mark Learmonth said: “We welcome the revised provisions announced this week which we believe demonstrate the Government of Zimbabwe's support for the mining sector and the development of future mining projects in the country.”
In London, Caledonia shares were up 125p or 6.9% changing hands at 1,920p