07:51 AM EDT, 10/01/2024 (MT Newswires) -- Caledonia Mining Corporation ( CMCL ) said Tuesday that it has signed a conditional agreement to sell the entire issued share capital of its Zimbabwe unit, Caledonia Mining Services, to CrossBoundary Energy Holdings for $22.4 million in cash.

Caledonia Mining Services owns and operates a 12.2 megawatt alternating current solar plant that supplies power to the Blanket mine. The plant will continue to supply power to the mine under an exclusive power purchase agreement.

Caledonia Mining Corporation ( CMCL ) said it has invited CrossBoundary Energy to tender for an expansion of the solar plant to deliver further renewable energy to Blanket mine.

Caledonia Mining Corporation ( CMCL ) said it plans to reinvest the sales consideration in other projects that focus on its core business of gold mining and exploration.

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