chronicle.co.zw 06 Aug, 2022 01:45 am

Gwanda Community Share Ownership Trust keeps families going

Gwanda Community Share  Ownership Trust keeps families going
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The Gwanda CSOT has funded the construction of science laboratories at Silonga and Sonoma secondary schools.The Gwanda community recently received US$360 000 paid to the Gwanda CSOT by Blanket Mine, a subsidiary of Caledonia Mining Corporation.This included a 10 percent ownership by the local community via the Gwanda CSOT.In 2020, following changes in legislation, Caledonia increased its shareholding in Blanket to 64 percent, but the Gwanda CSOT retained its 10 percent ownership.

According to Blanket Mine, in 2012 and 2013 the company made advance dividend payments to the Gwanda CSOT totaling US$4 million so it had funds to establish its operations.“Gwanda CSOT repaid the advance dividends by sacrificing its entitlement to future dividends: initially Gwanda CSOT sacrificed 100 percent of its dividend entitlement, which was subsequently reduced to 80 percent.

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