Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) said 2021 was a turning point for the Zimbabwe-focused group after the completion of a new central shaft at its Blanket gold mine.
Revenues rose 21% to US$121mln in 2021, helped by a strong gold price and flat costs of production.
Production rose to 67,476 ounces (oz) of gold (2020: 57,899oz), a new record for the Blanket Mine.
The target this year is to increase this to between 73,000oz-80,000oz as the new shaft ramps up operations.
"Operationally, the last 12 months have marked a turning point for the business," Steve Curtis, chief executive, said.
“The Central Shaft has been a huge project costing approximately US$67mln, all funded through internal cash flow and I am delighted that it was commissioned in the first quarter of 2021.
"We continued to increase the dividend in 2021. The total dividends paid in 2021 were 50 cents per share - almost 50% higher than in 2020.
“Caledonia's immediate strategic focus is to complete the remaining underground development associated with the Central Shaft project, which is expected to increase production, reduce operating costs and increase the flexibility to undertake further exploration and development at depth.”