- Caledonia Mining declared an increased quarterly dividend of 10 US cents, citing 'increasing confidence' in the outlook for its business amid strong production and higher gold prices.

The dividend represented an 18% increase from the previous quarterly dividend of 8.5 cents paid in July 2020.

'The central shaft equipping on track to be completed in Q4 2020 and commissioning to be completed by end of Q1 2021,' the company said.

'Stable production, a high gold price and good cost control have resulted in increased cash generation in 2020; this has given the Board confidence that the business can sustain a higher level of dividend distributions before the benefits of the completion of Central Shaft are realised,' it added.

At 9:59am: [LON:CMCL] Caledonia Mining Corp share price was +27.5p at 1380p

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