LONDON (ShareCast) - (Sharecast News) - Caledonia Mining announced on Tuesday that Steve Curtis had notified the board of his intention to retire from his role as chief executive officer from 30 June next year.
The AIM-traded firm said he would be succeeded as CEO by Mark Learmonth, its current chief financial officer.

Curtis would continue to serve as a director of Caledonia, transitioning from an executive to a non-executive role by the end of 2022.

He would also act as a consultant to the company until the end of 2023.

"On behalf of Caledonia's board of directors, I thank Steve for his outstanding contribution to the company," said chairman Leigh Wilson.

"Under his calm and steady leadership since November 2014, Caledonia's production has almost doubled and its market capitalisation has increased over four-fold.

"Steve has also laid the foundations for the next phase of Caledonia's growth."

Wilson explained that the Central Shaft project at Blanket Mine was the "defining feature" of Curtis' tenure as CEO.

"This project commenced in February 2015 and the shaft was successfully commissioned in March 2021.

"The new shaft is expected to result in production increasing to 80,000 ounces of gold per annum from 2022 onwards - almost double the level of production we achieved in 2014.

"Central Shaft is also expected to result in lower operating costs and capital expenditure, thereby enhancing earnings and cash generation respectively as well as allowing a resumption of deep-level exploration which, if successful, will extend Blanket's mine life."

Completion of the Central Shaft and the expected increase in cash generation, was described by Leigh Wilson as an "excellent foundation" for Caledonia's growth.

"Under Steve's stewardship, the strength and depth of Caledonia's management team has increased so that it has the capacity to take on new projects.

"In recent years, under Steve's leadership, Caledonia has also improved its relevance to international capital markets, which has resulted in a substantial increase in Caledonia's share price since 2014 and a significant increase in the liquidity of its shares which now trade on AIM, NYSE American and the VFEX in Zimbabwe.

"The process of recruiting Steve's successor was carried out independently by Spencer Stuart, a leading global executive search and leadership consulting firm."

Wilson said the board was "pleased" that Mark Learmonth accepted the position as CEO, as it believed him to be "the right leader" to take the firm to its next stage of development.

"Mark joined Caledonia in 2008, having spent over 17 years in corporate finance and investment banking, mostly in Africa.

"Mark has been Caledonia's CFO since November 2014 and is therefore experienced in the complexities and opportunities that arise from operating in Zimbabwe.

"I am delighted that Steve will remain with Caledonia in a non-executive role and look forward to his invaluable guidance in the future, which I am certain will continue to be a major asset to the company."

At 1115 GMT, shares in Caledonia Mining Corporation were flat at 895p.

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