Zimbabwe News and Internet Radio

Blanket Mine parent firm secures US$13mln to fund solar project

By Oliver Kazunga

Caledonia Mining Corporation, which owns the Matabeleland South gold miner, Blanket Mine, has raised US$13 million for the construction of the planned 20MW solar power plant at the mine.

Blanket Mine workers process gold
Blanket Mine workers process gold

Recently Caledonia announced that the planned solar project was part of efforts to tackle electricity constraints that have hampered the mining industry in recent years.

The mining group said working capital for the proposed power plant was secured from a share sale on the New York Stock Exchange.

“The company has now raised US$13 million pursuant to the ‘at the market’ (ATM) sales agreement through the sale and issue of 597 963 shares in the company,” said Caledonia.

It said following issue of the ATM shares, the mining group now has a total number of shares in issue of 12 118 823 common shares of no par value each.

“Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the company,” said the mining group. The Chronicle