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Caledonia Mining ups stake in Zimbabwean gold mine

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Caledonia Mining ups stake in Zimbabwean gold mine

U.K.-based Caledonia Mining Corp. PLC said Jan. 21 that it completed the acquisition of an additional 15% stake in the Blanket gold mine in Zimbabwe from Fremiro Investments (Pvt.) Ltd.

Caledonia Mining now owns 64% of the Blanket mine, which produced 55,182 ounces of gold in 2019.

Caledonia Mining settled the consideration price of about US$16.7 million by canceling Fremiro's loan, worth nearly US$11.5 million as of June 30, 2018, and by issuing 727,266 new shares at US$7.15 apiece that gave Fremiro a 6.3% stake.

In November 2018, the company struck a deal to purchase Fremiro's mine stake after Zimbabwe amended a law removing the need for gold miners in the country to transfer 51% of the property to locals.