Jim Johnstone retires from non-executive position at Caledonia Mining

The now former executive director had over 40 years experience in the mining engineering sector and joined Caledonia in 1997 as vice president operations with responsibility for the company's operations in Zambia, Canada and South Africa.

However, Johnstone agreed to make himself available following his retirement to provide his advice in a consultancy capacity for the next two years, particularly in order for the company to benefit from his considerable expertise during the completion of the current significant investment and development projects at Blanket Mine.

Johnstone was elected an executive director of Caledonia in June 1997 and retired in 2006, but continued as a non-executive director thereafter.

According to Leigh Wilson, Caledonia's chairman: "Jim was instrumental in the acquisition of Blanket Mine in 2006. Thereafter he oversaw, as a non-executive director, the various investments at Blanket which increased production from 13,000 ounces of gold in 2007 to over 50,000 ounces of gold in 2016."

Wilson further indicated that when completed the ongoing Central Shaft project at Blanket "is expected to result in further increases in production to 80,000 ounces of gold".

Wilson also praised Johnstone's role in transforming Caledonia "from a collection of assets, widely spread in terms of geography and commodity, into a company which is focused on a high-quality gold operation in Zimbabwe".

After Johnstone's departure, the board comprised two executive and four non-executive directors.

Johnstone was a life member of the Canadian Institute of Mining and Metallurgy.

The company shares were flat at 510.00p by 09:45 BST