Caledonia Mining (CMCL) has released an update.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Caledonia Mining Corporation Plc announces the sale of its 12.2MWac solar plant in Zimbabwe to CrossBoundary Energy Holdings for $22.35 million in cash, with anticipated profits realized from the sale. The solar plant, which has significantly reduced diesel and grid power usage at Blanket Mine by supplying roughly a fifth of its electricity needs, will continue servicing the mine through an exclusive power purchase agreement. The sale proceeds will be reinvested into Caledonia’s higher return projects, emphasizing the company’s focus on gold mining and exploration.
For further insights into CMCL stock, check out TipRanks’ Stock Analysis page.