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Caledonia Mining Corporation PLC says no impact from Zimbabwe’s new bond notes

Thursday, December 1, 2016 1:22
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(Before It's News)

Caledonia Mining Corporation Plc (LON:CMCL TSE:CAL) said there will no effect on its payment arrangements following the  recent introduction of bond notes by the Reserve Bank of Zimbabwe.

The RBZ, Zimbabwe’s central bank, announced the introduction of the new notes at the weekend with distribution beginning yesterday.

Bank officials denied the notes are effectively a new currency for Zimbabwe. They were pegged on a 1:1 ratio with the US dollar reports but from the country are that they are already trading at a discount.

Since the start of 2014, Caledonia has had to sell all gold produced from its 49%-owned Blanket mine to Fidelity Printers and Refiners Limited, a subsidiary of the RBZ, 

So far all sale proceeds have been received within 48 hours of delivery to Fidelity in US dollars at a price which is 98.75% of the London afternoon “fix” on the day after delivery.

Separately, Caledonia said Mark Learmonth, finance director, has bought 11,500 shares at 84p.

Story by ProactiveInvestors

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