The Canadian company acquires another 15pct Zim gold mine



From Business Reporter


Caledonia Mining Corporation, based at CANADA, said it had signed a Memorandum of Understanding to acquire the 15% interest of Fremiro Investments in Zimbabwe's Blanket gold mine in Zimbabwe for $ 16.7 million.

The payment would take place via the cancellation of a loan between the two entities, which amounted to $ 11.5 million on 30 June and the issue of new shares in Caledonia for $ 7.15 each.

Upon completion of the transaction, Caledonia would have a 64% stake in Gwanda-based Blanket and Fremiro 6.4% of the diluted assets of Caledonia.

Blanket was expected to reach an annual output of at least 80k ounces per year by 2021, at low cash costs, chief executive Steve Curtis said.

New ZimbabweThe Canadian company acquires another 15pct Zim gold mine


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