- Caledonia Mining said it beat its annual production guidance after output jumped 13% in the fourth quarter on-year.

Total gold production for the year through December rose to 55,182 ounces, ahead of revised production guidance of 50,000 to 53,000 ounces.

For 2020, the company forecast production of 53,000 to 56,000 ounces.

Chief executive Steve Curtis said fourth-quarter performance benefited from an improved electricity supply and focus on grade control.

'I expect 2020 to be a landmark year for our business: we look forward to commissioning the central shaft later in 2020, which we anticipate will then deliver increased operating cash flows and reduced capital expenditure will follow,' Curtis said.

'In early January 2020 we announced a 9.1% increase in Caledonia's quarterly dividend; the anticipated improvement in free cash flow is expected to enable the board to review future dividend distributions as appropriate.'

At 2:06pm: [LON:CMCL] Caledonia Mining Corp share price was +10p at 645p

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