Zimbabwe’s Blanket Mine owner to start trading on New York Stock Exchange on Thursday


Caledonia Mining Corporation whose primary asset is a 49 percent stake in Blanket Mine, a gold mine near Gwanda in south-western Zimbabwe, is to start trading on the New York Stock Exchange on Thursday, 27 July.

The company will also remain listed on the Toronto Stock Exchange but trading on this bourse will stop once trading on the NYSE starts.

Chief executive, Steve Curtis, said:"This listing for the Company on the NYSE American is another significant step for Caledonia which joins some of the world's best-known gold and precious metals companies with a listing on this prestigious US exchange.

“This further step in the development of Caledonia's corporate status has taken place against the backdrop of continued progress on our major operational development projects, principally the sinking of the Central Shaft at the Blanket Mine in Zimbabwe.

“The Central Shaft, which is being funded from Blanket's internal resources, is expected to fundamentally change the nature of Blanket's operations by improving operating efficiencies and providing access to deeper levels for exploration, development and production.

“Completion of the Central Shaft remains on schedule for the fourth quarter of 2018.

“The listing on the NYSE American is intended to provide the Company with greater access to US institutional and retail investors which in turn is hoped will result in better overall trading liquidity, a lower cost of capital and other benefits for Caledonia and its shareholders."

Caledonia Mining complied with the indigenisation laws of Zimbabwe in 2012 reducing its stake to 49 percent and plans to increase production at the mine from 50 351 ounces last year to 80 000 in 2021.

It will be publishing its results quarterly and will be paying dividends quarterly as well.

It expects to release its quarterly results for the 30 June, on or about 14 August.


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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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