Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document Information [Line Items] | |
Entity Registrant Name | Caledonia Mining Corp Plc |
Entity Central Index Key | 0000766011 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K/A |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | true |
Amendment Description | The sole purpose of this amendment to Form 6-K, originally filed with the Securities and Exchange Commission on August 13, 2020, is to furnish Exhibit 99.1 to the Form 6-K in the form containing the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included therein. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Revenue | $ 22,913 | $ 16,520 | $ 46,515 | $ 32,440 |
Royalties | (1,146) | (864) | (2,328) | (1,683) |
Production costs | (11,451) | (7,571) | (22,138) | (17,340) |
Depreciation | (1,141) | (1,052) | (2,314) | (2,100) |
Gross profit | 9,175 | 7,033 | 19,735 | 11,317 |
Other income | 2,791 | 749 | 4,709 | 2,038 |
Other expenses | (1,314) | (220) | (1,522) | (309) |
Administration expenses | (1,275) | (1,309) | (2,822) | (2,705) |
Cash-settled share-based payment expense | (762) | (9) | (946) | (370) |
Net foreign exchange gain | 1,486 | 21,645 | 3,709 | 24,925 |
Profit on sale of subsidiary | 5,409 | |||
Fair value losses on derivative assets | (113) | (194) | (148) | (324) |
Operating profit | 9,988 | 27,695 | 22,715 | 39,981 |
Finance income | 18 | 44 | 32 | 50 |
Finance cost | (147) | (16) | (299) | (70) |
Profit before tax | 9,859 | 27,723 | 22,448 | 39,961 |
Tax expense | (3,507) | 223 | (6,417) | (1,296) |
Profit for the period | 6,352 | 27,946 | 16,031 | 38,665 |
Other comprehensive income | ||||
Exchange differences on translation of foreign operations | 293 | 144 | (1,058) | |
Reclassification of accumulated exchange differences on the sale of subsidiary | (2,109) | |||
Total comprehensive income for the period | 6,645 | 28,090 | 14,973 | 36,556 |
Profit attributable to: | ||||
Owners of the Company | 5,134 | 23,303 | 13,374 | 32,621 |
Non-controlling interests | 1,218 | 4,643 | 2,657 | 6,044 |
Profit for the period | 6,352 | 27,946 | 16,031 | 38,665 |
Total comprehensive income attributable to: | ||||
Owners of the Company | 5,427 | 23,447 | 12,316 | 30,512 |
Non-controlling interests | 1,218 | 4,643 | 2,657 | 6,044 |
Total comprehensive income for the period | $ 6,645 | $ 28,090 | $ 14,973 | $ 36,556 |
Earnings per share | ||||
Basic earnings per share ($) (in dollars per share) | $ 0.43 | $ 2.11 | $ 1.14 | $ 2.99 |
Diluted earnings per share ($) (in dollars per share) | $ 0.43 | $ 2.11 | $ 1.14 | $ 2.99 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Property, plant and equipment | $ 119,410 | $ 113,651 |
Deferred tax asset | 96 | 63 |
Total non-current assets | 119,506 | 113,714 |
Inventories | 12,010 | 11,092 |
Prepayments | 2,915 | 2,350 |
Trade and other receivables | 7,170 | 6,912 |
Derivative financial assets | 1,112 | 102 |
Cash and cash equivalents | 11,639 | 9,383 |
Total current assets | 34,846 | 29,839 |
Total assets | 154,352 | 143,553 |
Equity and liabilities | ||
Share capital | 62,158 | 56,065 |
Reserves | 137,425 | 140,730 |
Retained loss | (76,687) | (88,380) |
Equity attributable to shareholders | 122,896 | 108,415 |
Non-controlling interests | 15,059 | 16,302 |
Total equity | 137,955 | 124,717 |
Liabilities | ||
Provisions | 3,384 | 3,346 |
Deferred tax liability | 1,457 | 3,129 |
Term loan facility – long term portion | 263 | 1,942 |
Cash-settled share-based payments – long term portion | 1,384 | 540 |
Total non-current liabilities | 6,488 | 8,957 |
Term loan facility – short term portion | 458 | 529 |
Cash-settled share-based payments – short term portion | 73 | |
Income tax payable | 1,267 | 163 |
Trade and other payables | 8,111 | 8,697 |
Overdraft | 490 | |
Total current liabilities | 9,909 | 9,879 |
Total liabilities | 16,397 | 18,836 |
Total equity and liabilities | $ 154,352 | $ 143,553 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Issued capital [member] | Reserve of exchange differences on translation [member] | Capital reserve [member] | Reserve of share-based payments [member] | Retained earnings [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total |
Balance at Dec. 31, 2018 | $ 55,102 | $ (6,561) | $ 132,591 | $ 16,760 | $ (127,429) | $ 70,463 | $ 8,345 | $ 78,808 |
Statement Line Items [Line Items] | ||||||||
Dividends paid | (1,478) | (1,478) | (142) | (1,620) | ||||
Shares issued – share based payment | 963 | 963 | 963 | |||||
Profit for the period | 32,621 | 32,621 | 6,044 | 38,665 | ||||
Other comprehensive income for the period | (2,109) | (2,109) | (2,109) | |||||
Balance at Jun. 30, 2019 | 56,065 | (8,670) | 132,591 | 16,760 | (96,286) | 100,460 | 14,247 | 114,707 |
Balance at Dec. 31, 2019 | 56,065 | (8,621) | 132,591 | 16,760 | (88,380) | 108,415 | 16,302 | 124,717 |
Statement Line Items [Line Items] | ||||||||
Dividends paid | (1,681) | (1,681) | (300) | (1,981) | ||||
Shares issued – share based payment | 216 | 216 | 216 | |||||
Profit for the period | 13,374 | 13,374 | 2,657 | 16,031 | ||||
Other comprehensive income for the period | (1,058) | (1,058) | (1,058) | |||||
Shares issued – option exercises | 30 | 30 | 30 | |||||
Blanket shares repurchased by shares issued | 5,847 | (2,247) | 3,600 | (3,600) | ||||
Balance at Jun. 30, 2020 | $ 62,158 | $ (9,679) | $ 132,591 | $ 14,513 | $ (76,687) | $ 122,896 | $ 15,059 | $ 137,955 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Cash generated by operations | $ 5,413 | $ 2,484 | $ 16,371 | $ 9,117 |
Net interest paid | (123) | 16 | (263) | (96) |
Tax paid | (1,315) | (362) | (2,034) | (608) |
Net cash from operating activities | 3,975 | 2,138 | 14,074 | 8,413 |
Cash flows from investing activities | ||||
Acquisition of property, plant and equipment | (3,228) | (4,186) | (7,921) | (9,326) |
Purchase of derivate financial asset | (1,058) | (1,058) | ||
Proceeds on disposal of subsidiary | 900 | 1,000 | ||
Net cash used in investing activities | (4,286) | (4,186) | (8,079) | (8,326) |
Cash flows from financing activities | ||||
Dividends paid | (1,012) | (882) | (1,981) | (1,620) |
Payment of lease liabilities | (32) | (57) | ||
Proceeds from share option exercises | 30 | 30 | ||
Net cash used in financing activities | (1,014) | (882) | (2,008) | (1,620) |
Net (decrease)/ increase in cash and cash equivalents | (1,325) | (2,930) | 3,987 | (1,533) |
Effect of exchange rate fluctuations on cash held | (861) | 1,063 | (1,241) | (1,779) |
Net cash and cash equivalents at beginning of period | 13,825 | 9,742 | 8,893 | 11,187 |
Net cash and cash equivalents at end of period | $ 11,639 | $ 7,875 | $ 11,639 | $ 7,875 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1 Caledonia Mining Corporation Plc (the “Company”) is a company domiciled in Jersey, Channel Islands. The address of the Company's registered office is B006 6 months ended June 30, 2020 Caledonia's shares are listed on the NYSE American stock exchange (symbol - “CMCL”). Depository interests in Caledonia's shares are admitted to trading on AIM of the London Stock Exchange plc (symbol - “CMCL”). |
Note 2 - Basis for Preparation
Note 2 - Basis for Preparation | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2 i) These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 not December 31, 2019 ii) The consolidated financial statements have been prepared on the historical cost basis except for: · cash-settled share-based payment arrangements measured at fair value on grant and re-measurement dates; and · derivative financial assets measured at fair value. iii) These unaudited condensed consolidated interim financial statements are presented in United States dollars (“$” or “US Dollar” or “USD”), which is also the functional currency of the Company. All financial information presented in United States dollars have been rounded to the nearest thousand, unless indicated otherwise. Refer to note 11 |
Note 3 - Use of Accounting Assu
Note 3 - Use of Accounting Assumptions, Estimates and Judgements | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 3 In preparing these unaudited condensed consolidated interim financial statements, management has made accounting assumptions, estimates and judgements that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4 The same accounting policies and methods of computation have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as compared to the Group's annual financial statements for the year ended December 31, 2019. |
Note 5 - Blanket Zimbabwe Indig
Note 5 - Blanket Zimbabwe Indigenization Transaction | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the Blanket Zimbabwe indigenisation transaction [text block] | 5 On February 20, 2012 51% $30.09 51% · sold a 16% $11.74 · sold a 15% $11.01 · sold a 10% $7.34 · donated a 10% $1 The Group facilitated the vendor funding of these transactions which is repaid by way of dividends from Blanket Mine. 80% 20% June 23, 2017, 7.25% 80% Accounting treatment The directors of Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”), a wholly owned subsidiary of the Company, performed a re-assessment, using the requirements of IFRS 10: 10 The subscription agreements, concluded on February 20, 2012, · Non-controlling interests (“NCI”) were recognised on the portion of shareholding upon which dividends declared by Blanket Mine will accrue unconditionally to equity holders as follows: (a) 20% 16% (b) 20% 15% (c) 100% 10% · This effectively means that NCI was recognised at 16.2% 13.2% · The remaining 80% June 30, 2020 not no · The transaction with BETS is accounted for in accordance with IAS 19 Employee Benefits not 20% 10% 80% · The Employee Trust and BETS are entities effectively controlled and consolidated by Blanket Mine. Accordingly, the shares held by BETS are effectively treated as treasury shares in Blanket Mine and no Fremiro purchase agreement On November 5, 2018 15% January 21, 2020 727,266 15% $3,600 $2,247 64% Blanket Mine's indigenisation shareholding percentages and facilitation loan balances Balance of facilitation loan # USD Shareholding NCI Recognised NCI subject to facilitation loan June 30, 2020 Dec 31, 2019 NIEEF 16 % 3.2 % 12.8 % 11,849 11,877 Fremiro - & - & - & - & 11,458 Community Trust 10 % 10.0 % - - - BETS ~ 10 % - * - * 7,573 7,639 36 % 13.2 % 12.8 % 19,422 30,974 The balance on the facilitation loans is reconciled as follows: 2020 2019 Balance at January 1, 30,974 30,986 Cancellation of Fremiro loan (11,458 ) - Dividends used to repay loans (793 ) (540 ) Interest accrued 699 536 Balance at June 30, 19,422 30,982 * The shares held by BETS are effectively treated as treasury shares (see above). ~ Accounted for under IAS19 Employee Benefits. & # Facilitation loans are accounted for as equity instruments and are accordingly not Advance dividend loans and balances In anticipation of completion of the underlying subscription agreements, Blanket Mine agreed to advance dividend arrangements with NIEEF and the Community Trust. Advances made to the Community Trust against their right to receive dividends declared by Blanket Mine on their shareholding are as follows: · a $2 September 30, 2012; · a $1 February 28, 2013; · a $1 April 30, 2013. These advance payments were debited to a loan account bearing interest at a rate at the lower of a fixed 7.25% 2013 2014. not Amendments to advanced dividend loan agreements Advance dividend loan modification - Community Trust On February 27, 2020, 20% 80% February 27, 2020. not The movement in the advance dividend loan to the Community Trust is reconciled as follows: 2020 2019 Balance at January 1, 1,632 2,053 Dividends used to repay advance dividends (336 ) (175 ) Interest accrued 53 37 Balance at June 30, 1,349 1,915 |
Note 6 - Production Costs
Note 6 - Production Costs | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cost of sales [text block] | 6 2020 2019 Salaries and wages 8,849 7,727 Consumable materials 7,589 5,466 Electricity costs 3,959 2,715 Site restoration - 10 Safety 368 399 Cash-settled share-based expense (note 10(a)) 191 70 On mine administration 1,010 797 Pre-feasibility exploration costs 172 156 22,138 17,340 |
Note 7 - Other Income
Note 7 - Other Income | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income [text block] | 7 2020 2019 Government grant – Gold sale export incentive 4,695 866 Government grant – Gold Support price - 1,064 Other 14 108 4,709 2,038 Government grant – Gold sale export incentive The Reserve Bank of Zimbabwe (“RBZ”) first 2016. ECI applicable periods Percentage May 1, 2016 – January 1, 2018 3.5% January 1, 2018 – February 1, 2018 2.5% February 1, 2018 – February 20, 2019 10% March 10, 2020 – June 26, 2020 25% All incentives granted by the Zimbabwean government were included in other income when determined receivable and receipts were received in Blanket Mine's RTGS$ account. ECI fell away after June 26, 2020. Government grant – Gold support price From March 6, 2019 $44,000 $1,368.58 May 12, 2019, No 6 $1,368.58 |
Note 8 - Other Expenses
Note 8 - Other Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | 8 2020 2019 Intermediated Money Transaction Tax 213 165 Solar expenses 202 - COVID-19 Donations 1,048 - Impairment of property, plant and equipment 59 144 1,522 309 Blanket Mine donated funds towards the Zimbabwean Ministry of Mines and Development in helping to combat the spread of COVID- 19 |
Note 9 - Administrative Expense
Note 9 - Administrative Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | 9 2020 2019 Investor relations 174 255 Audit fee 124 118 Advisory services fee 272 195 Listing fees 190 170 Directors fees company 140 112 Directors fees Blanket 20 8 Employee costs 1,588 1,383 Other office administration costs 229 309 Travel costs 85 138 Eersteling Gold Mine administration costs - 17 2,822 2,705 |
Note 10 - Cash-settled Share-ba
Note 10 - Cash-settled Share-based Payments | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 10 The Group has expensed the following cash-settled share-based payment arrangements for the 6 months ended June 30: Note 2020 2019 Restricted Share Units and Performance Units 10(a) 927 344 Caledonia Mining South Africa employee incentive scheme 10(b) 19 26 946 370 (a) Restricted Share Units and Performance Units Certain key management members were granted Restricted Share Units (“RSUs”) and Performance Units (”PUs”) pursuant to provisions of the 2015 RSUs vest three PUs have a performance condition based on gold production and a performance period of three RSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional RSUs at the then applicable share price calculated at the average Bank of Canada rate immediately preceding the dividend payment. PUs have rights to dividends only after they have vested. RSUs and PUs allow for settlement of the vesting date value in cash or shares issuable at fair market value or a combination of both at the discretion of the unit holder. The fair value of the RSUs, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PUs, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. At the reporting date it was assumed that there is a 93% 100% 93% 100% 2019: 93% 100% June 30, 2020 $1,426 December 31, 2019: $524 June 30, 2020 $191 June 30, 2019: $70 6. $216 The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on: June 30, December 31, RSUs PUs RSUs PUs Fair value (USD) $ 17.32 $ 17.32 $ 5.85 5.49 5.79 Share price (USD) $ 17.32 $ 16.98 $ 5.85 $ 5.85 Performance multiplier percentage - 93 100% - 93 100% Share units granted: RSUs PUs RSUs PUs Grant – January 11, 2016 - - 60,645 242,579 Grant- March 23, 2016 - - 10,965 43,871 Grant – June 8, 2016 - - 5,117 20,470 Grant - January 19, 2017 4,443 17,774 4,443 17,774 Grant - January 19, 2019 - 124,027 - 124,027 Grant - June 8, 2019 - 14,672 - 14,672 Grant - January 11, 2020 17,585 107,640 - - Grant - January 19, 2020 - 13,692 - - Grant - March 31, 2020 - 1,971 Grant – June 1, 2020 - 1,740 RSU dividends reinvested 869 - 11,316 - Settlements (5,052 ) (17,774 ) (87,434 ) (306,920 ) Total awards 17,845 263,742 5,052 156,473 (b) Caledonia Mining South Africa employee incentive scheme From 2017 52,282 November 30, 3 £7.44 $31 December 31, 2019: $16 $19 June 30, 2019: $26 6 months ended June 30, 2020. 6 months ended June 30, 2020. June 30, 2020 December 31, 2019 Awards Grant – July 2017 (3 year term) - 37,330 Grant – August 2018 (3 year term) 5,918 5,918 Grant – August 2019 (3 year term) 9,034 9,034 Awards paid out (7,655 ) (44,985 ) Total awards outstanding 7,297 7,297 Estimated awards expected to vest 100 % 100 % |
Note 11 - Net Foreign Exchange
Note 11 - Net Foreign Exchange Gain | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of effect of changes in foreign exchange rates [text block] | 11 Net foreign exchange gain On October 1, 2018 1:1 February 20, 2019 2.5 1 57.3582 1 June 30, 2020 ( December 2019: 16.77 June 24, 2019 142 Zimbabwe dollar (RTGS$) to be the sole currency for legal tender purposes for any transactions in Zimbabwe”. Previously there was uncertainty as to what currency would be used to settle amounts owed to the Zimbabwe Government. The announcement of S.I. 142 The table below illustrates the effect the weakening of the RTGS$ and other non-RTGS$ currencies had, against the US Dollar, on the statement of profit or loss and other comprehensive income. 2020 2019 Unrealised foreign exchange gain 5,201 25,447 Realised foreign exchange loss (1,492 ) (522 ) Net foreign exchange gain 3,709 24,925 |
Note 12 - Property, Plant and E
Note 12 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 12 Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Cost Balance at January 1, 2019 10,339 74,509 6,967 32,675 923 2,402 127,815 Initial recognition of right of use assets 409 - - - - - 409 Additions* 267 19,020 172 897 88 151 20,595 Impairments - - - (144 ) - - (144 ) Disposals (212 ) - - - - (16 ) (228 ) Reallocations between asset classes 25 (2,989 ) - 2,964 - - - Foreign exchange movement 5 2 - 3 7 1 18 Balance at December 31, 2019 10,833 90,542 7,139 36,395 1,018 2,538 148,465 Additions* - 6,633 62 1,314 46 133 8,188 Impairments - - - (59 ) - - (59 ) Reallocations between asset classes 556 (687 ) - 131 - - - Foreign exchange movement (37 ) - - (28 ) (59 ) (7 ) (131 ) Balance at June 30, 2020 11,352 96,488 7,201 37,753 1,005 2,664 156,463 * Included in additions is an amount of $6,476 December 31, 2019: $20,093 $26 December 31, 2019: $165 $83,323 December 31, 2019: $76,847 Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Accumulated depreciation and Impairment losses Balance at January 1, 2019 4,411 5,821 - 17,357 649 2,150 30,388 Initial recognition of right of use of assets 146 - - - - - 146 Depreciation for the year 1,005 504 - 2,693 99 133 4,434 Impairments - - - - - - - Disposals (149 ) - - - - (16 ) (165 ) Foreign exchange movement - - - - 5 6 11 Balance at December 31, 2019 5,413 6,325 - 20,050 753 2,273 34,814 Depreciation 507 294 - 1,396 46 71 2,314 Foreign exchange movement (21 ) - - - (52 ) (2 ) (75 ) Balance at June 30, 2020 5,899 6,619 - 21,446 747 2,342 37,053 Carrying amounts At December 31, 2019 5,420 84,217 7,139 16,345 265 265 113,651 At June 30, 2020 5,453 89,869 7,201 16,307 258 322 119,410 |
Note 13 - Inventories
Note 13 - Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of inventories [text block] | 13 December 31, 2020 2019 Consumable stores 12,010 10,716 Gold in progress - 376 12,010 11,092 |
Note 14 - Trade and Other Recei
Note 14 - Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 14 December 31, 2020 2019 Bullion sales receivable 4,027 2,987 VAT receivables 1,169 1,765 Deferred consideration on the disposal of subsidiary 1,099 1,991 Deposits for stores and equipment and other receivables 875 169 7,170 6,912 The net carrying value of trade receivables is considered a reasonable approximation of fair value and are short-term in nature. No not |
Note 15 - Derivative Financial
Note 15 - Derivative Financial Assets | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of hedge accounting [text block] | 15 December 31, 2020 2019 Derivatives not designated as hedging instrument: Gold exchange traded fund (Gold ETF) 1,112 - Gold Hedge - 102 1,112 102 Gold ETF In April 2020 $1,058. $46 2019: $Nil 6 months ended June 30, 2020. $100 2019:Nil Gold Hedge The Company entered into a hedge in November 2019 $379. 4,600 January June 2020 $1,400 December 31, 2019 $102 2018: Nil $102 2019: $324 6 months ended June 30, 2020. Fair value losses on derivative assets 2020 2019 Gold ETF 46 - Gold hedge 102 324 148 324 |
Note 16 - Cash Flow Information
Note 16 - Cash Flow Information | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash flow statement [text block] | 16 Non-cash items and information presented separately on the cash flow statement: 2020 2019 Operating profit 22,715 39,981 Adjustments for: Unrealised foreign exchange gains (Note11) (5,201 ) (25,447 ) Cash-settled share-based expense (Note 10) 946 370 Cash-settled share-based expense included in production costs (Note 6) 191 70 Settlement of cash-settled share-based payments - (1,280 ) Gold hedge - unrealised cash portion (Note 15) 102 324 Depreciation 2,314 2,100 Impairment of property, plant and equipment 59 144 Gold ETF - non-cash fair value losses loss (Note15) 46 - Profit on sale of subsidiary - (5,409 ) Site restoration - 10 Cash generated by operations before working capital changes 21,172 10,863 Inventories (1,292 ) (302 ) Prepayments 744 (529 ) Trade and other receivables (2,595 ) 23 Trade and other payables (1,657 ) (938 ) Cash generated by operations 16,371 9,117 |
Note 17 - Operating Segments
Note 17 - Operating Segments | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 17 The Group's operating segments have been identified based on geographic areas. The strategic business units are managed separately because they require different technology and marketing strategies. For each of the strategic business units, the Group's CEO reviews internal management reports on at least a quarterly basis. Zimbabwe and South Africa describe the operations of the Group's reportable segments. The Zimbabwe operating segment comprises Caledonia Holdings Zimbabwe (Private) Limited and subsidiaries. The South Africa geographical segment comprises a gold mine, that is on care and maintenance (and now sold), as well as sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The holding company (Caledonia Mining Corporation Plc) and Greenstone Management Services Holdings Limited (a UK company) responsible for administrative functions within the group are taken into consideration in the strategic decision-making process of the CEO and are therefore included in the disclosure below. Reconciling amounts do not Information about reportable segments For the 6 months ended June 30, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 46,515 7,638 (7,638 ) - 46,515 Royalties (2,328 ) - - - (2,328 ) Production costs (22,241 ) (6,502 ) 6,605 - (22,138 ) Depreciation (2,499 ) (43 ) 248 (20 ) (2,314 ) Other income 4,705 4 - - 4,709 Other expenses (1,410 ) (112 ) - - (1,522 ) Administration expenses (68 ) (873 ) - (1,881 ) (2,822 ) Management fee (1,279 ) 1,279 - - - Cash-settled share-based payment expense - (19 ) 191 (1,118 ) (946 ) Net foreign exchange gain 3,746 (579 ) - 542 3,709 Gold hedge fair value losses - - - (102 ) (102 ) Gold ETF fair value losses - (46 ) - (46 ) Net finance costs (298 ) 28 - 3 (267 ) Dividends (paid)/ received (2,198 ) (1,202 )) - 3,400 - Profit before tax 22,645 (427 ) (594 ) 824 22,448 Tax expense (5,905 ) (224 ) (59 ) (229 ) (6,417 ) Profit for the period 16,740 (651 ) (653 ) 595 16,031 As at June 30, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Geographic segment assets: Current (excluding intercompany) 22,665 6,165 (77 ) 6,093 34,846 Non-Current (excluding intercompany) 121,495 533 (2,746 ) 224 119,506 Expenditure on property, plant and equipment (Note 12) 8,655 12 (479 ) - 8,188 Intercompany balances 14,962 5,214 (72,332 ) 52,156 - Geographic segment liabilities: Current (excluding intercompany) (6,910 ) (2,422 ) - (577 ) (9,909 ) Non-current (excluding intercompany) (5,257 ) - 152 (1,383 ) (6,488 ) Intercompany balances - (32,809 ) 72,332 (39,523 ) - For the 6 months ended June 30, 2019 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 32,440 6,092 (5,878 ) (214 ) 32,440 Royalties (1,683 ) - - - (1,683 ) Production costs (17,320 ) (5,365 ) 5,345 - (17,340 ) Depreciation (2,217 ) (55 ) 172 - (2,100 ) Other income 2,036 2 - - 2,038 Other expenses (309 ) - - - (309 ) Administration expenses (54 ) (955 ) - (1,696 ) (2,705 ) Management fee (1,123 ) 1,123 - - - Cash-settled share-based payment expense (149 ) (84 ) - (137 ) (370 ) Net foreign exchange gain 24,896 11 - 18 24,925 Profit on sale of subsidiary - - - 5,409 5,409 Gold hedge fair value losses - - - (324 ) (324 ) Net finance costs (62 ) 36 - 6 (20 ) Profit before tax 36,455 805 (361 ) 3,062 39,961 Tax expense (1,026 ) (253 ) 23 (40 ) (1,296 ) Profit for the period 35,429 552 (338 ) 3,022 38,665 As at December 31, 2019 Zimbabwe South Africa Inter-group elimination adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 21,608 3,383 (139 ) 4,987 29,839 Non-current (excluding intercompany) 115,611 315 (2,456 ) 244 113,714 Expenditure on property, plant and equipment (Note 12) 21,465 47 (1,165 ) 248 20,595 Intercompany balances - 8,869 (52,783 ) 43,914 - Geographic segment liabilities Current (excluding intercompany) (9,478 ) - 140 (736 ) (10,074 ) Non-current (excluding intercompany) (6,784 ) (1,563 ) - (415 ) (8,762 ) Intercompany balances (2,441 ) (32,558 ) 52,783 (17,784 ) - Major customer Revenues from Fidelity amounted to $46,515 2019: $32,440 6 months ended June 30, 2020. |
Note 5 - Blanket Zimbabwe Ind_2
Note 5 - Blanket Zimbabwe Indigenization Transaction (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of indigenisation shareholder percentages and facilitation loan balances [text block] | Balance of facilitation loan # USD Shareholding NCI Recognised NCI subject to facilitation loan June 30, 2020 Dec 31, 2019 NIEEF 16 % 3.2 % 12.8 % 11,849 11,877 Fremiro - & - & - & - & 11,458 Community Trust 10 % 10.0 % - - - BETS ~ 10 % - * - * 7,573 7,639 36 % 13.2 % 12.8 % 19,422 30,974 |
Disclosure of movement in dividend loan [text block] | 2020 2019 Balance at January 1, 30,974 30,986 Cancellation of Fremiro loan (11,458 ) - Dividends used to repay loans (793 ) (540 ) Interest accrued 699 536 Balance at June 30, 19,422 30,982 |
Disclosure of facilitation loans [text block] | 2020 2019 Balance at January 1, 1,632 2,053 Dividends used to repay advance dividends (336 ) (175 ) Interest accrued 53 37 Balance at June 30, 1,349 1,915 |
Note 6 - Production Costs (Tabl
Note 6 - Production Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of components for cost of sales [text block] | 2020 2019 Salaries and wages 8,849 7,727 Consumable materials 7,589 5,466 Electricity costs 3,959 2,715 Site restoration - 10 Safety 368 399 Cash-settled share-based expense (note 10(a)) 191 70 On mine administration 1,010 797 Pre-feasibility exploration costs 172 156 22,138 17,340 |
Note 7 - Other Income (Tables)
Note 7 - Other Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income components [text block] | 2020 2019 Government grant – Gold sale export incentive 4,695 866 Government grant – Gold Support price - 1,064 Other 14 108 4,709 2,038 |
Disclosure of ECI applicable and percentages applied [text block] | ECI applicable periods Percentage May 1, 2016 – January 1, 2018 3.5% January 1, 2018 – February 1, 2018 2.5% February 1, 2018 – February 20, 2019 10% March 10, 2020 – June 26, 2020 25% |
Note 8 - Other Expenses (Tables
Note 8 - Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expenses components [text block] | 2020 2019 Intermediated Money Transaction Tax 213 165 Solar expenses 202 - COVID-19 Donations 1,048 - Impairment of property, plant and equipment 59 144 1,522 309 |
Note 9 - Administrative Expen_2
Note 9 - Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of general and administrative expense [text block] | 2020 2019 Investor relations 174 255 Audit fee 124 118 Advisory services fee 272 195 Listing fees 190 170 Directors fees company 140 112 Directors fees Blanket 20 8 Employee costs 1,588 1,383 Other office administration costs 229 309 Travel costs 85 138 Eersteling Gold Mine administration costs - 17 2,822 2,705 |
Note 10 - Cash-settled Share-_2
Note 10 - Cash-settled Share-based Payments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Explanation of effect of share-based payments on entity's profit or loss [text block] | Note 2020 2019 Restricted Share Units and Performance Units 10(a) 927 344 Caledonia Mining South Africa employee incentive scheme 10(b) 19 26 946 370 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | June 30, December 31, RSUs PUs RSUs PUs Fair value (USD) $ 17.32 $ 17.32 $ 5.85 5.49 5.79 Share price (USD) $ 17.32 $ 16.98 $ 5.85 $ 5.85 Performance multiplier percentage - 93 100% - 93 100% RSUs PUs RSUs PUs Grant – January 11, 2016 - - 60,645 242,579 Grant- March 23, 2016 - - 10,965 43,871 Grant – June 8, 2016 - - 5,117 20,470 Grant - January 19, 2017 4,443 17,774 4,443 17,774 Grant - January 19, 2019 - 124,027 - 124,027 Grant - June 8, 2019 - 14,672 - 14,672 Grant - January 11, 2020 17,585 107,640 - - Grant - January 19, 2020 - 13,692 - - Grant - March 31, 2020 - 1,971 Grant – June 1, 2020 - 1,740 RSU dividends reinvested 869 - 11,316 - Settlements (5,052 ) (17,774 ) (87,434 ) (306,920 ) Total awards 17,845 263,742 5,052 156,473 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block] | June 30, 2020 December 31, 2019 Awards Grant – July 2017 (3 year term) - 37,330 Grant – August 2018 (3 year term) 5,918 5,918 Grant – August 2019 (3 year term) 9,034 9,034 Awards paid out (7,655 ) (44,985 ) Total awards outstanding 7,297 7,297 Estimated awards expected to vest 100 % 100 % |
Note 11 - Net Foreign Exchang_2
Note 11 - Net Foreign Exchange Gain (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of foreign currency gains (losses) [text block] | 2020 2019 Unrealised foreign exchange gain 5,201 25,447 Realised foreign exchange loss (1,492 ) (522 ) Net foreign exchange gain 3,709 24,925 |
Note 12 - Property, Plant and_2
Note 12 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Cost Balance at January 1, 2019 10,339 74,509 6,967 32,675 923 2,402 127,815 Initial recognition of right of use assets 409 - - - - - 409 Additions* 267 19,020 172 897 88 151 20,595 Impairments - - - (144 ) - - (144 ) Disposals (212 ) - - - - (16 ) (228 ) Reallocations between asset classes 25 (2,989 ) - 2,964 - - - Foreign exchange movement 5 2 - 3 7 1 18 Balance at December 31, 2019 10,833 90,542 7,139 36,395 1,018 2,538 148,465 Additions* - 6,633 62 1,314 46 133 8,188 Impairments - - - (59 ) - - (59 ) Reallocations between asset classes 556 (687 ) - 131 - - - Foreign exchange movement (37 ) - - (28 ) (59 ) (7 ) (131 ) Balance at June 30, 2020 11,352 96,488 7,201 37,753 1,005 2,664 156,463 Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Accumulated depreciation and Impairment losses Balance at January 1, 2019 4,411 5,821 - 17,357 649 2,150 30,388 Initial recognition of right of use of assets 146 - - - - - 146 Depreciation for the year 1,005 504 - 2,693 99 133 4,434 Impairments - - - - - - - Disposals (149 ) - - - - (16 ) (165 ) Foreign exchange movement - - - - 5 6 11 Balance at December 31, 2019 5,413 6,325 - 20,050 753 2,273 34,814 Depreciation 507 294 - 1,396 46 71 2,314 Foreign exchange movement (21 ) - - - (52 ) (2 ) (75 ) Balance at June 30, 2020 5,899 6,619 - 21,446 747 2,342 37,053 Carrying amounts At December 31, 2019 5,420 84,217 7,139 16,345 265 265 113,651 At June 30, 2020 5,453 89,869 7,201 16,307 258 322 119,410 |
Note 13 - Inventories (Tables)
Note 13 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of components of inventories [text block] | December 31, 2020 2019 Consumable stores 12,010 10,716 Gold in progress - 376 12,010 11,092 |
Note 14 - Trade and Other Rec_2
Note 14 - Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components and trade and other receivables [text block] | December 31, 2020 2019 Bullion sales receivable 4,027 2,987 VAT receivables 1,169 1,765 Deferred consideration on the disposal of subsidiary 1,099 1,991 Deposits for stores and equipment and other receivables 875 169 7,170 6,912 |
Note 15 - Derivative Financia_2
Note 15 - Derivative Financial Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of derivative financial assets [text block] | December 31, 2020 2019 Derivatives not designated as hedging instrument: Gold exchange traded fund (Gold ETF) 1,112 - Gold Hedge - 102 1,112 102 |
Disclosure of fair value losses on derivative assets [text block] | Fair value losses on derivative assets 2020 2019 Gold ETF 46 - Gold hedge 102 324 148 324 |
Note 16 - Cash Flow Informati_2
Note 16 - Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of the cash flow statement [text block] | 2020 2019 Operating profit 22,715 39,981 Adjustments for: Unrealised foreign exchange gains (Note11) (5,201 ) (25,447 ) Cash-settled share-based expense (Note 10) 946 370 Cash-settled share-based expense included in production costs (Note 6) 191 70 Settlement of cash-settled share-based payments - (1,280 ) Gold hedge - unrealised cash portion (Note 15) 102 324 Depreciation 2,314 2,100 Impairment of property, plant and equipment 59 144 Gold ETF - non-cash fair value losses loss (Note15) 46 - Profit on sale of subsidiary - (5,409 ) Site restoration - 10 Cash generated by operations before working capital changes 21,172 10,863 Inventories (1,292 ) (302 ) Prepayments 744 (529 ) Trade and other receivables (2,595 ) 23 Trade and other payables (1,657 ) (938 ) Cash generated by operations 16,371 9,117 |
Note 17 - Operating Segments (T
Note 17 - Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | For the 6 months ended June 30, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 46,515 7,638 (7,638 ) - 46,515 Royalties (2,328 ) - - - (2,328 ) Production costs (22,241 ) (6,502 ) 6,605 - (22,138 ) Depreciation (2,499 ) (43 ) 248 (20 ) (2,314 ) Other income 4,705 4 - - 4,709 Other expenses (1,410 ) (112 ) - - (1,522 ) Administration expenses (68 ) (873 ) - (1,881 ) (2,822 ) Management fee (1,279 ) 1,279 - - - Cash-settled share-based payment expense - (19 ) 191 (1,118 ) (946 ) Net foreign exchange gain 3,746 (579 ) - 542 3,709 Gold hedge fair value losses - - - (102 ) (102 ) Gold ETF fair value losses - (46 ) - (46 ) Net finance costs (298 ) 28 - 3 (267 ) Dividends (paid)/ received (2,198 ) (1,202 )) - 3,400 - Profit before tax 22,645 (427 ) (594 ) 824 22,448 Tax expense (5,905 ) (224 ) (59 ) (229 ) (6,417 ) Profit for the period 16,740 (651 ) (653 ) 595 16,031 As at June 30, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Geographic segment assets: Current (excluding intercompany) 22,665 6,165 (77 ) 6,093 34,846 Non-Current (excluding intercompany) 121,495 533 (2,746 ) 224 119,506 Expenditure on property, plant and equipment (Note 12) 8,655 12 (479 ) - 8,188 Intercompany balances 14,962 5,214 (72,332 ) 52,156 - Geographic segment liabilities: Current (excluding intercompany) (6,910 ) (2,422 ) - (577 ) (9,909 ) Non-current (excluding intercompany) (5,257 ) - 152 (1,383 ) (6,488 ) Intercompany balances - (32,809 ) 72,332 (39,523 ) - For the 6 months ended June 30, 2019 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 32,440 6,092 (5,878 ) (214 ) 32,440 Royalties (1,683 ) - - - (1,683 ) Production costs (17,320 ) (5,365 ) 5,345 - (17,340 ) Depreciation (2,217 ) (55 ) 172 - (2,100 ) Other income 2,036 2 - - 2,038 Other expenses (309 ) - - - (309 ) Administration expenses (54 ) (955 ) - (1,696 ) (2,705 ) Management fee (1,123 ) 1,123 - - - Cash-settled share-based payment expense (149 ) (84 ) - (137 ) (370 ) Net foreign exchange gain 24,896 11 - 18 24,925 Profit on sale of subsidiary - - - 5,409 5,409 Gold hedge fair value losses - - - (324 ) (324 ) Net finance costs (62 ) 36 - 6 (20 ) Profit before tax 36,455 805 (361 ) 3,062 39,961 Tax expense (1,026 ) (253 ) 23 (40 ) (1,296 ) Profit for the period 35,429 552 (338 ) 3,022 38,665 As at December 31, 2019 Zimbabwe South Africa Inter-group elimination adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 21,608 3,383 (139 ) 4,987 29,839 Non-current (excluding intercompany) 115,611 315 (2,456 ) 244 113,714 Expenditure on property, plant and equipment (Note 12) 21,465 47 (1,165 ) 248 20,595 Intercompany balances - 8,869 (52,783 ) 43,914 - Geographic segment liabilities Current (excluding intercompany) (9,478 ) - 140 (736 ) (10,074 ) Non-current (excluding intercompany) (6,784 ) (1,563 ) - (415 ) (8,762 ) Intercompany balances (2,441 ) (32,558 ) 52,783 (17,784 ) - |
Note 5 - Blanket Zimbabwe Ind_3
Note 5 - Blanket Zimbabwe Indigenization Transaction (Details Textual) - USD ($) $ in Thousands | Jan. 21, 2020 | Nov. 05, 2018 | Jun. 23, 2017 | Feb. 20, 2012 | Apr. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2012 | Dec. 31, 2019 | Jun. 30, 2020 | Feb. 27, 2020 | ||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interests held by non-controlling interests | 51.00% | 36.00% | ||||||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent | $ 30,090 | |||||||||||
Non-controlling interest, non-refundable donation | $ 1,000 | |||||||||||
Dividend loans, Percentage of dividend as payment of interest | 80.00% | 80.00% | ||||||||||
Proportion of dividends declared accruing unconditionally | 20.00% | |||||||||||
Borrowings, interest rate | 7.25% | |||||||||||
Percentage of net assets recognised as NCI | 16.20% | 13.20% | ||||||||||
Proportion of ownership interest acquired | 15.00% | |||||||||||
Number of instruments or interests issued or issuable for cancellation of loan (in shares) | 727,266 | |||||||||||
Non-controlling interests derecognized | $ 3,600 | |||||||||||
Reserve of share-based payments, increase (decrease) during period | $ 2,247 | |||||||||||
Proportion of ownership interest in subsidiary | 64.00% | |||||||||||
Cash advances on dividend loans | $ 1,000 | $ 1,000 | $ 2,000 | |||||||||
Advancement of dividend loan [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Dividend loan, percent accrual | 20.00% | |||||||||||
Dividend loan, percent repaid | 80.00% | |||||||||||
NIEEF [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interests held by non-controlling interests | 16.00% | 16.00% | ||||||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent | $ 11,740 | |||||||||||
Proportion of ownership interest sold | 16.00% | |||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally | 20.00% | |||||||||||
Fremiro [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interests held by non-controlling interests | 15.00% | [1] | ||||||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent | $ 11,010 | |||||||||||
Proportion of ownership interest sold | 15.00% | |||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally | 20.00% | |||||||||||
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans | 80.00% | |||||||||||
BETS [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interests held by non-controlling interests | [2] | 10.00% | ||||||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent | $ 7,340 | |||||||||||
Proportion of ownership interest sold | 10.00% | |||||||||||
Community Trust [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interests held by non-controlling interests | 10.00% | 10.00% | ||||||||||
Proportion of ownership interest sold | 10.00% | |||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally | 100.00% | |||||||||||
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans | 80.00% | |||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally employee participation | 20.00% | |||||||||||
[1] | After Fremiro purchase agreement. | |||||||||||
[2] | Accounted for under IAS19 Employee Benefits. |
Note 5 - Blanket Zimbabwe Ind_4
Note 5 - Blanket Zimbabwe Indigenization Transaction - Shareholder Percentages and Facilitation Loan Balances (Details) - USD ($) $ in Thousands | Feb. 20, 2012 | Dec. 31, 2019 | Jun. 30, 2020 | |||
Statement Line Items [Line Items] | ||||||
Shareholding | 51.00% | 36.00% | ||||
NCI Recognized | 13.20% | |||||
NCI subject to facilitation loans | 12.80% | |||||
Faciliation loans | $ 30,974 | [1] | $ 19,422 | |||
NIEEF [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | 16.00% | 16.00% | ||||
NCI Recognized | 3.20% | |||||
NCI subject to facilitation loans | 12.80% | |||||
Faciliation loans | $ 11,877 | [1] | 11,849 | |||
Fremiro [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | 15.00% | [2] | ||||
NCI Recognized | [2] | |||||
NCI subject to facilitation loans | [2] | |||||
Faciliation loans | $ 11,458 | [1] | [2] | |||
Community Trust [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | 10.00% | 10.00% | ||||
NCI Recognized | 10.00% | |||||
NCI subject to facilitation loans | ||||||
Faciliation loans | [1] | |||||
BETS [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | [3] | 10.00% | ||||
NCI Recognized | [4] | |||||
NCI subject to facilitation loans | [4] | |||||
Faciliation loans | $ 7,639 | [1] | $ 7,573 | |||
[1] | Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable. | |||||
[2] | After Fremiro purchase agreement. | |||||
[3] | Accounted for under IAS19 Employee Benefits. | |||||
[4] | The shares held by BETS are effectively treated as treasury shares (see above). |
Note 5 - Blanket Zimbabwe Ind_5
Note 5 - Blanket Zimbabwe Indigenization Transaction - Movement in Advance Dividend Loan (Details) - Reserve of share-based payments [member] - Faciliation Loans [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||
Balance at January 1, | $ 30,974 | $ 30,986 |
Cancellation of Fremiro loan | (11,458) | |
Dividends used to repay loans | (793) | (540) |
Interest accrued | 699 | 536 |
Balance at June 30, | $ 19,422 | $ 30,982 |
Note 5 - Blanket Zimbabwe Ind_6
Note 5 - Blanket Zimbabwe Indigenization Transaction - Facilitation Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Statement Line Items [Line Items] | |||
Balance at January 1, | [1] | $ 30,974 | |
Balance at June 30, | 19,422 | ||
Reserve of share-based payments [member] | Facilitation loans [member] | |||
Statement Line Items [Line Items] | |||
Balance at January 1, | 1,632 | $ 2,053 | |
Dividends used to repay loans | (336) | (175) | |
Interest accrued | 53 | 37 | |
Balance at June 30, | $ 1,349 | $ 1,915 | |
[1] | Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable. |
Note 6 - Production Costs - Com
Note 6 - Production Costs - Components of Production Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Salaries and wages | $ 8,849 | $ 7,727 | ||
Consumable materials | 7,589 | 5,466 | ||
Electricity costs | 3,959 | 2,715 | ||
Site restoration | 10 | |||
Safety | 368 | 399 | ||
Cash-settled share-based expense (note 10(a)) | 191 | 70 | ||
On mine administration | 1,010 | 797 | ||
Pre-feasibility exploration costs | 172 | 156 | ||
Cost of sales | $ 11,451 | $ 7,571 | $ 22,138 | $ 17,340 |
Note 7 - Other Income (Details
Note 7 - Other Income (Details Textual) - Blanket Mine [member] | Mar. 06, 2019 |
Statement Line Items [Line Items] | |
Gross, gold, price per kilogram | 44,000 |
Gross, gold, price per ounce | 1,368.58 |
Note 7 - Other Income - Compone
Note 7 - Other Income - Components of Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Other | $ 14 | $ 108 | ||
Other income | $ 2,791 | $ 749 | 4,709 | 2,038 |
Gold sale export incentive [member] | ||||
Statement Line Items [Line Items] | ||||
Government grant | 4,695 | 866 | ||
Gold support price [member] | ||||
Statement Line Items [Line Items] | ||||
Government grant | $ 1,064 |
Note 7 - Other Income - Governm
Note 7 - Other Income - Government Grant (Details) | 1 Months Ended | 4 Months Ended | 13 Months Ended | 20 Months Ended |
Feb. 01, 2018 | Jun. 26, 2020 | Feb. 20, 2019 | Jan. 01, 2018 | |
Statement Line Items [Line Items] | ||||
Percentage | 2.50% | 25.00% | 10.00% | 3.50% |
Note 8 - Other Expenses (Detail
Note 8 - Other Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Intermediated Money Transaction Tax | $ 213 | $ 165 | ||
Solar expenses | 202 | |||
COVID-19 Donations | 1,048 | |||
Impairment of property, plant and equipment | 59 | 144 | ||
Other expenses | $ 1,314 | $ 220 | $ 1,522 | $ 309 |
Note 9 - Administrative Expen_3
Note 9 - Administrative Expenses - Components of Administrative Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Investor relations | $ 174 | $ 255 | ||
Audit fee | 124 | 118 | ||
Advisory services fee | 272 | 195 | ||
Listing fees | 190 | 170 | ||
Directors fees company | 140 | 112 | ||
Directors fees Blanket | 20 | 8 | ||
Employee costs | 1,588 | 1,383 | ||
Other office administration costs | 229 | 309 | ||
Travel costs | 85 | 138 | ||
Eersteling Gold Mine administration costs | 17 | |||
Administrative expenses | $ 1,275 | $ 1,309 | $ 2,822 | $ 2,705 |
Note 10 - Cash-settled Share-_3
Note 10 - Cash-settled Share-based Payments (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2017 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019GBP (£) | |
Statement Line Items [Line Items] | |||||||
Liabilities from share-based payment transactions | $ 31,000 | $ 31,000 | $ 16,000 | ||||
Weighted average fair value at measurement date, other equity instruments granted | £ | £ 7.44 | ||||||
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | 762,000 | $ 9,000 | $ 946,000 | $ 370,000 | |||
Restricted stock units (RSUs) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Vesting period of other equity instruments | 3 | ||||||
Weighted average fair value at measurement date, other equity instruments granted | 17.32 | $ 17.32 | 5.85 | ||||
Restricted stock units (RSUs) [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Weighted average fair value at measurement date, other equity instruments granted | 5.79 | ||||||
Performance share units (PSUs) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Vesting period of other equity instruments | 3 | ||||||
Liabilities from share-based payment transactions | 1,426,000 | $ 1,426,000 | $ 524,000 | ||||
Value of other equity instruments exercised or vested in share-based payment arrangement, share capital | 216,000 | ||||||
Weighted average fair value at measurement date, other equity instruments granted | 17.32 | $ 17.32 | |||||
Performance share units (PSUs) [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Performance probability | 93.00% | 93.00% | |||||
Weighted average fair value at measurement date, other equity instruments granted | $ 5.49 | ||||||
Performance share units (PSUs) [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Performance probability | 100.00% | 100.00% | |||||
Cash-settled awards [member] | |||||||
Statement Line Items [Line Items] | |||||||
Vesting period of other equity instruments | 3 | ||||||
Liabilities from share-based payment transactions | $ 191,000 | $ 70,000 | $ 191,000 | 70,000 | |||
Number of other equity instruments granted in share-based payment arrangement | 52,282 | ||||||
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 19,000 | $ 26,000 |
Note 10 - Cash-settled Share-_4
Note 10 - Cash-settled Share-based Payments - Share-based Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Cash-settled share-based payment expense | $ 762 | $ 9 | $ 946 | $ 370 |
Restricted and performance share units [member] | ||||
Statement Line Items [Line Items] | ||||
Cash-settled share-based payment expense | 927 | 344 | ||
Cash-settled awards [member] | ||||
Statement Line Items [Line Items] | ||||
Cash-settled share-based payment expense | $ 19 | $ 26 |
Note 10 - Cash-settled Share-_5
Note 10 - Cash-settled Share-based Payments - Inputs for Measurement of Grant Date Fair Values and Share Units Granted (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Jun. 30, 2019GBP (£) | |
Statement Line Items [Line Items] | |||
Fair value (USD) | £ | £ 7.44 | ||
Restricted stock units (RSUs) [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ 17.32 | $ 5.85 | |
Share price (USD) (in dollars per share) | $ / shares | $ 17.32 | $ 5.85 | |
RSU dividends reinvested | 869 | 11,316 | |
Awards paid out | (5,052) | (87,434) | |
Total awards outstanding | 17,845 | 5,052 | |
Restricted stock units (RSUs) [member] | January 11, 2016 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 60,645 | ||
Restricted stock units (RSUs) [member] | March 23, 2016 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 10,965 | ||
Restricted stock units (RSUs) [member] | June 8, 2016 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 5,117 | ||
Restricted stock units (RSUs) [member] | January 19, 2017 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 4,443 | 4,443 | |
Restricted stock units (RSUs) [member] | January 19, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | June 8, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | January 11, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 17,585 | ||
Restricted stock units (RSUs) [member] | January 19, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | March 31, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | June 1, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ 5.79 | ||
Performance multiplier percentage | 100.00% | ||
Performance share units (PSUs) [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ 17.32 | ||
Share price (USD) (in dollars per share) | $ / shares | $ 16.98 | ||
RSU dividends reinvested | |||
Awards paid out | (17,774) | (306,920) | |
Total awards outstanding | 263,742 | 156,473 | |
Performance share units (PSUs) [member] | January 11, 2016 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 242,579 | ||
Performance share units (PSUs) [member] | March 23, 2016 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 43,871 | ||
Performance share units (PSUs) [member] | June 8, 2016 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 20,470 | ||
Performance share units (PSUs) [member] | January 19, 2017 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 17,774 | 17,774 | |
Performance share units (PSUs) [member] | January 19, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 124,027 | 124,027 | |
Performance share units (PSUs) [member] | June 8, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 14,672 | 14,672 | |
Performance share units (PSUs) [member] | January 11, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 107,640 | ||
Performance share units (PSUs) [member] | January 19, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 13,692 | ||
Performance share units (PSUs) [member] | March 31, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,971 | ||
Performance share units (PSUs) [member] | June 1, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,740 | ||
Performance share units (PSUs) [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ 5.49 | ||
Performance multiplier percentage | 93.00% | 93.00% | |
Performance share units (PSUs) [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Performance multiplier percentage | 100.00% |
Note 10 - Cash-settled Share-_6
Note 10 - Cash-settled Share-based Payments - Other Equity Share Units Granted (Details) - Cash-settled awards [member] | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Jun. 30, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Grants | 52,282 | ||
Awards paid out | (7,655) | (44,985) | |
Total awards outstanding | 7,297 | 7,297 | |
Estimated awards expected to vest | 100.00% | 100.00% | |
July 2017 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 37,330 | ||
August 2018 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 5,918 | 5,918 | |
August 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 9,034 | 9,034 |
Note 11 - Net Foreign Exchang_3
Note 11 - Net Foreign Exchange Gain (Details Textual) | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Closing foreign exchange rate | 57.3582 | 16.77 |
Note 11 - Net Foreign Exchang_4
Note 11 - Net Foreign Exchange Gain - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Unrealised foreign exchange gain | $ 5,201 | $ 25,447 | ||
Realised foreign exchange loss | (1,492) | (522) | ||
Net foreign exchange gain | $ 1,486 | $ 21,645 | $ 3,709 | $ 24,925 |
Note 12 - Property, Plant and_3
Note 12 - Property, Plant and Equipment (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Additions other than through business combinations, property, plant and equipment | $ 8,188,000 | $ 20,595,000 |
Borrowing costs capitalised | 26,000 | 165,000 |
Total property, plant and equipment | 119,410,000 | 113,651,000 |
Construction in progress [member] | ||
Statement Line Items [Line Items] | ||
Additions other than through business combinations, property, plant and equipment | 6,476 | 20,093,000 |
Total property, plant and equipment | $ 83,323 | $ 76,847,000 |
Note 12 - Property, Plant, and
Note 12 - Property, Plant, and Equipment - Reconciliation of Changes in Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | $ 113,651 | |||
Additions* | 8,188 | $ 20,595 | ||
Impairments | (59) | $ (144) | ||
Balance at end of period | 119,410 | 113,651 | ||
Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 148,465 | 127,815 | 127,815 | |
Initial recognition of right of use assets | 409 | |||
Additions* | [1] | 8,188 | 20,595 | |
Impairments | (59) | (144) | ||
Disposals | (228) | |||
Reallocations between asset classes | ||||
Foreign exchange movement | (131) | 18 | ||
Balance at end of period | 156,463 | 148,465 | ||
Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | 146 | |||
Impairments | ||||
Foreign exchange movement | (75) | 11 | ||
Balance at January 1, 2019 | 34,814 | 30,388 | 30,388 | |
Depreciation for the year | 2,314 | 4,434 | ||
Disposals | (165) | |||
Balance at December 31, 2019 | 37,053 | 34,814 | ||
Land and buildings [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 5,420 | |||
Balance at end of period | 5,453 | 5,420 | ||
Land and buildings [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 10,833 | 10,339 | 10,339 | |
Initial recognition of right of use assets | 409 | |||
Additions* | [1] | 267 | ||
Impairments | ||||
Disposals | (212) | |||
Reallocations between asset classes | 556 | 25 | ||
Foreign exchange movement | (37) | 5 | ||
Balance at end of period | 11,352 | 10,833 | ||
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | 146 | |||
Impairments | ||||
Foreign exchange movement | (21) | |||
Balance at January 1, 2019 | 5,413 | 4,411 | 4,411 | |
Depreciation for the year | 507 | 1,005 | ||
Disposals | (149) | |||
Balance at December 31, 2019 | 5,899 | 5,413 | ||
Mining assets [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 84,217 | |||
Balance at end of period | 89,869 | 84,217 | ||
Mining assets [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 90,542 | 74,509 | 74,509 | |
Initial recognition of right of use assets | ||||
Additions* | [1] | 6,633 | 19,020 | |
Impairments | ||||
Disposals | ||||
Reallocations between asset classes | (687) | (2,989) | ||
Foreign exchange movement | 2 | |||
Balance at end of period | 96,488 | 90,542 | ||
Mining assets [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | ||||
Impairments | ||||
Foreign exchange movement | ||||
Balance at January 1, 2019 | 6,325 | 5,821 | 5,821 | |
Depreciation for the year | 294 | 504 | ||
Disposals | ||||
Balance at December 31, 2019 | 6,619 | 6,325 | ||
Tangible exploration and evaluation assets [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 7,139 | |||
Balance at end of period | 7,201 | 7,139 | ||
Tangible exploration and evaluation assets [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 7,139 | 6,967 | 6,967 | |
Initial recognition of right of use assets | ||||
Additions* | [1] | 62 | 172 | |
Impairments | ||||
Disposals | ||||
Reallocations between asset classes | ||||
Foreign exchange movement | ||||
Balance at end of period | 7,201 | 7,139 | ||
Tangible exploration and evaluation assets [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | ||||
Impairments | ||||
Foreign exchange movement | ||||
Balance at January 1, 2019 | ||||
Depreciation for the year | ||||
Disposals | ||||
Balance at December 31, 2019 | ||||
Machinery [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 16,345 | |||
Balance at end of period | 16,307 | 16,345 | ||
Machinery [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 36,395 | 32,675 | 32,675 | |
Initial recognition of right of use assets | ||||
Additions* | [1] | 1,314 | 897 | |
Impairments | (59) | (144) | ||
Disposals | ||||
Reallocations between asset classes | 131 | 2,964 | ||
Foreign exchange movement | (28) | 3 | ||
Balance at end of period | 37,753 | 36,395 | ||
Machinery [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | ||||
Impairments | ||||
Foreign exchange movement | ||||
Balance at January 1, 2019 | 20,050 | 17,357 | 17,357 | |
Depreciation for the year | 1,396 | 2,693 | ||
Disposals | ||||
Balance at December 31, 2019 | 21,446 | 20,050 | ||
Fixtures and fittings [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 265 | |||
Balance at end of period | 258 | 265 | ||
Fixtures and fittings [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1,018 | 923 | 923 | |
Initial recognition of right of use assets | ||||
Additions* | [1] | 46 | 88 | |
Impairments | ||||
Disposals | ||||
Reallocations between asset classes | ||||
Foreign exchange movement | (59) | 7 | ||
Balance at end of period | 1,005 | 1,018 | ||
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | ||||
Impairments | ||||
Foreign exchange movement | (52) | 5 | ||
Balance at January 1, 2019 | 753 | 649 | 649 | |
Depreciation for the year | 46 | 99 | ||
Disposals | ||||
Balance at December 31, 2019 | 747 | 753 | ||
Motor vehicles [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 265 | |||
Balance at end of period | 322 | 265 | ||
Motor vehicles [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 2,538 | 2,402 | 2,402 | |
Initial recognition of right of use assets | ||||
Additions* | [1] | 133 | 151 | |
Impairments | ||||
Disposals | (16) | |||
Reallocations between asset classes | ||||
Foreign exchange movement | (7) | 1 | ||
Balance at end of period | 2,664 | 2,538 | ||
Motor vehicles [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Initial recognition of right of use assets | ||||
Impairments | ||||
Foreign exchange movement | (2) | 6 | ||
Balance at January 1, 2019 | 2,273 | $ 2,150 | 2,150 | |
Depreciation for the year | 71 | 133 | ||
Disposals | (16) | |||
Balance at December 31, 2019 | $ 2,342 | $ 2,273 | ||
[1] | Included in additions is an amount of $6,476 (December 31, 2019: $20,093) relating to capital work in progress ("CWIP") and contains $26 (December 31, 2019: $165) of borrowing costs capitalised from the term loan. As at period end $83,323 of CWIP was included in the cost closing balance (December 31, 2019: $76,847). |
Note 13 - Inventories - Compone
Note 13 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Consumable stores | $ 12,010 | $ 10,716 |
Gold in progress | 376 | |
Inventories | $ 12,010 | $ 11,092 |
Note 14 - Trade and Other Rec_3
Note 14 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Bullion sales receivable | $ 4,027 | $ 2,987 |
VAT receivables | 1,169 | 1,765 |
Deferred consideration on the disposal of subsidiary | 1,099 | 1,991 |
Deposits for stores and equipment and other receivables | 875 | 169 |
Total trade and other current receivables | $ 7,170 | $ 6,912 |
Note 15 - Derivative Financia_3
Note 15 - Derivative Financial Assets (Details Textual) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2020USD ($) | |
Commodity price risk [member] | Derivative contract for 4,600 ounces of Gold [member] | |||||
Statement Line Items [Line Items] | |||||
Hedging instruments, participation, price | $ 379 | ||||
Derivative contract, number of ounces of gold hedged | 4,600 | ||||
Hedging instruments, protected, price | $ 1,400 | ||||
Hedged item, assets | $ 102,000 | ||||
Hedging gains (losses) for hedge of group of items with offsetting risk positions | $ (102,000) | $ (324,000) | |||
Gold ETF [member] | |||||
Statement Line Items [Line Items] | |||||
Derivative instrument, notional amount | $ 1,058,000 | ||||
Trading income (expense) on foreign exchange contracts | (46,000) | ||||
Gains (losses) on change in value of foreign currency basis spreads, net of tax | $ 100,000 |
Note 15 - Derivative Financia_4
Note 15 - Derivative Financial Assets - Derivative financial assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 1,112 | $ 102 |
Glod exchange traded fund [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 1,112 | |
Gold hedge [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 102 |
Note 15 - Derivative Financia_5
Note 15 - Derivative Financial Assets - Fair Value Losses on Derivative assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||
Fair value losses on derivative assets | $ 148 | $ 324 |
Gold ETF [member] | ||
Statement Line Items [Line Items] | ||
Fair value losses on derivative assets | 46 | |
Gold hedge [member] | ||
Statement Line Items [Line Items] | ||
Fair value losses on derivative assets | $ 102 | $ 324 |
Note 16 - Cash Flow Informati_3
Note 16 - Cash Flow Information - Non-cash Items and Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Operating profit | $ 9,988 | $ 27,695 | $ 22,715 | $ 39,981 |
Unrealised foreign exchange gains (Note11) | (5,201) | (25,447) | ||
Cash-settled share-based expense (Note 10) | 946 | 370 | ||
Cash-settled share-based expense included in production costs (Note 6) | 191 | 70 | ||
Settlement of cash-settled share-based payments | (1,280) | |||
Depreciation | 2,314 | 2,100 | ||
Impairment of property, plant and equipment | 59 | 144 | ||
Profit on sale of subsidiary | (5,409) | |||
Site restoration | 10 | |||
Cash generated by operations before working capital changes | 21,172 | 10,863 | ||
Inventories | (1,292) | (302) | ||
Prepayments | 744 | (529) | ||
Trade and other receivables | (2,595) | 23 | ||
Trade and other payables | (1,657) | (938) | ||
Cash generated by operations | $ 5,413 | $ 2,484 | 16,371 | 9,117 |
Gold hedge [member] | ||||
Statement Line Items [Line Items] | ||||
Gold hedge - unrealised cash portion (Note 15) | 102 | 324 | ||
Gold ETF [member] | ||||
Statement Line Items [Line Items] | ||||
Gold ETF - non-cash fair value losses loss (Note15) | $ 46 |
Note 17 - Operating Segments (D
Note 17 - Operating Segments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Total revenue | $ 22,913,000 | $ 16,520,000 | $ 46,515,000 | $ 32,440,000 |
Fidelity Printers [member] | ||||
Statement Line Items [Line Items] | ||||
Total revenue | $ 46,515 | $ 32,440 |
Note 17 - Operating Segments -
Note 17 - Operating Segments - Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Revenue | $ 22,913 | $ 16,520 | $ 46,515 | $ 32,440 | |
Royalties | (1,146) | (864) | (2,328) | (1,683) | |
Production costs | (11,451) | (7,571) | (22,138) | (17,340) | |
Depreciation | (1,141) | (1,052) | (2,314) | (2,100) | |
Other income | 2,791 | 749 | 4,709 | 2,038 | |
Other expenses | (1,314) | (220) | (1,522) | (309) | |
Administration expenses | (1,275) | (1,309) | (2,822) | (2,705) | |
Management fee | |||||
Cash-settled share-based payment expense | (762) | (9) | (946) | (370) | |
Net foreign exchange gain | 1,486 | 21,645 | 3,709 | 24,925 | |
Fair value losses | (148) | (324) | |||
Net finance costs | (267) | (20) | |||
Dividends (paid)/ received | |||||
Profit before tax | 9,859 | 27,723 | 22,448 | 39,961 | |
Tax expense | (3,507) | 223 | (6,417) | (1,296) | |
Profit for the period | 6,352 | $ 27,946 | 16,031 | 38,665 | |
Current (excluding intercompany) | 34,846 | 34,846 | $ 29,839 | ||
Non-Current (excluding intercompany) | 119,506 | 119,506 | 113,714 | ||
Additions other than through business combinations, property, plant and equipment | 8,188 | 20,595 | |||
Intercompany balances | |||||
Current (excluding intercompany) | (9,909) | (9,909) | (9,879) | ||
Non-current (excluding intercompany) | (6,488) | (6,488) | (8,957) | ||
Intercompany balances | |||||
Profit on sale of subsidiary | 5,409 | ||||
Gold hedge [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | (102) | (324) | |||
Gold ETF [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | (46) | ||||
Elimination of intersegment amounts [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | (7,638) | (5,878) | |||
Royalties | |||||
Production costs | 6,605 | 5,345 | |||
Depreciation | 248 | 172 | |||
Other income | |||||
Other expenses | |||||
Administration expenses | |||||
Management fee | |||||
Cash-settled share-based payment expense | 191 | ||||
Net foreign exchange gain | |||||
Net finance costs | |||||
Dividends (paid)/ received | |||||
Profit before tax | (594) | (361) | |||
Tax expense | (59) | 23 | |||
Profit for the period | (653) | (338) | |||
Current (excluding intercompany) | (77) | (77) | (139) | ||
Non-Current (excluding intercompany) | (2,746) | (2,746) | (2,456) | ||
Additions other than through business combinations, property, plant and equipment | (479) | (1,165) | |||
Intercompany balances | (72,332) | (72,332) | (52,783) | ||
Current (excluding intercompany) | 140 | ||||
Non-current (excluding intercompany) | 152 | 152 | |||
Intercompany balances | 72,332 | 72,332 | 52,783 | ||
Profit on sale of subsidiary | |||||
Elimination of intersegment amounts [member] | Gold hedge [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | |||||
Elimination of intersegment amounts [member] | Gold ETF [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | |||||
Corporate and other reconciling amounts [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | (214) | ||||
Royalties | |||||
Production costs | |||||
Depreciation | (20) | ||||
Other income | |||||
Other expenses | |||||
Administration expenses | (1,881) | (1,696) | |||
Management fee | |||||
Cash-settled share-based payment expense | (1,118) | (137) | |||
Net foreign exchange gain | 542 | 18 | |||
Net finance costs | 3 | 6 | |||
Dividends (paid)/ received | 3,400 | ||||
Profit before tax | 824 | 3,062 | |||
Tax expense | (229) | (40) | |||
Profit for the period | 595 | 3,022 | |||
Current (excluding intercompany) | 6,093 | 6,093 | 4,987 | ||
Non-Current (excluding intercompany) | 224 | 224 | 244 | ||
Additions other than through business combinations, property, plant and equipment | 248 | ||||
Intercompany balances | 52,156 | 52,156 | 43,914 | ||
Current (excluding intercompany) | (577) | (577) | (736) | ||
Non-current (excluding intercompany) | (1,383) | (1,383) | (415) | ||
Intercompany balances | (39,523) | (39,523) | (17,784) | ||
Profit on sale of subsidiary | 5,409 | ||||
Corporate and other reconciling amounts [member] | Gold hedge [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | (102) | (324) | |||
Corporate and other reconciling amounts [member] | Gold ETF [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | |||||
Zimbabwean operations [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | 46,515 | 32,440 | |||
Royalties | (2,328) | (1,683) | |||
Production costs | (22,241) | (17,320) | |||
Depreciation | (2,499) | (2,217) | |||
Other income | 4,705 | 2,036 | |||
Other expenses | (1,410) | (309) | |||
Administration expenses | (68) | (54) | |||
Management fee | (1,279) | (1,123) | |||
Cash-settled share-based payment expense | (149) | ||||
Net foreign exchange gain | 3,746 | 24,896 | |||
Net finance costs | (298) | (62) | |||
Dividends (paid)/ received | (2,198) | ||||
Profit before tax | 22,645 | 36,455 | |||
Tax expense | (5,905) | (1,026) | |||
Profit for the period | 16,740 | 35,429 | |||
Current (excluding intercompany) | 22,665 | 22,665 | 21,608 | ||
Non-Current (excluding intercompany) | 121,495 | 121,495 | 115,611 | ||
Additions other than through business combinations, property, plant and equipment | 8,655 | 21,465 | |||
Intercompany balances | 14,962 | 14,962 | |||
Current (excluding intercompany) | (6,910) | (6,910) | (9,478) | ||
Non-current (excluding intercompany) | (5,257) | (5,257) | (6,784) | ||
Intercompany balances | (2,441) | ||||
Profit on sale of subsidiary | |||||
Zimbabwean operations [member] | Gold hedge [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | |||||
Zimbabwean operations [member] | Gold ETF [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | |||||
South African operations [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | 7,638 | 6,092 | |||
Royalties | |||||
Production costs | (6,502) | (5,365) | |||
Depreciation | (43) | (55) | |||
Other income | 4 | 2 | |||
Other expenses | (112) | ||||
Administration expenses | (873) | (955) | |||
Management fee | 1,279 | 1,123 | |||
Cash-settled share-based payment expense | (19) | (84) | |||
Net foreign exchange gain | (579) | 11 | |||
Net finance costs | 28 | 36 | |||
Dividends (paid)/ received | (1,202) | ||||
Profit before tax | (427) | 805 | |||
Tax expense | (224) | (253) | |||
Profit for the period | (651) | 552 | |||
Current (excluding intercompany) | 6,165 | 6,165 | 3,383 | ||
Non-Current (excluding intercompany) | 533 | 533 | 315 | ||
Additions other than through business combinations, property, plant and equipment | 12 | 47 | |||
Intercompany balances | 5,214 | 5,214 | 8,869 | ||
Current (excluding intercompany) | (2,422) | (2,422) | |||
Non-current (excluding intercompany) | (1,563) | ||||
Intercompany balances | $ (32,809) | (32,809) | $ (32,558) | ||
Profit on sale of subsidiary | |||||
South African operations [member] | Gold hedge [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | |||||
South African operations [member] | Gold ETF [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value losses | $ (46) |