Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | Caledonia Mining Corp Plc |
Entity Central Index Key | 0000766011 |
Trading Symbol | cmcl |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 12,118,823 |
Entity Shell Company | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Title of 12(b) Security | Common Shares, no par value |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Revenue | $ 100,002 | $ 75,826 | $ 68,399 |
Less: Royalty | (5,007) | (3,854) | (3,426) |
Production costs | (43,711) | (36,400) | (39,315) |
Depreciation | (4,628) | (4,434) | (4,071) |
Gross profit | 46,656 | 31,138 | 21,587 |
Other income | 4,765 | 2,274 | 7,101 |
Other expenses | (5,315) | (666) | (336) |
Administrative expenses | (7,997) | (5,637) | (6,465) |
Cash-settled share-based expense | (1,413) | (689) | (315) |
Equity-settled share-based expense | (14) | ||
Net foreign exchange gain | 4,305 | 29,661 | 223 |
Profit on sale of subsidiary | 5,409 | ||
Fair value losses on derivative assets | (266) | (601) | (360) |
Operating profit | 40,735 | 60,889 | 21,421 |
Finance income | 62 | 146 | 53 |
Finance cost | (367) | (344) | (273) |
Profit before tax | 40,430 | 60,691 | 21,201 |
Tax expense | (15,173) | (10,290) | (7,445) |
Profit for the year | 25,257 | 50,401 | 13,756 |
Other comprehensive income | |||
Exchange differences on translation of foreign operations | (173) | 49 | (676) |
Reclassification of accumulated exchange differences on the sale of subsidiary | (2,109) | ||
Total comprehensive income for the year | 25,084 | 48,341 | 13,080 |
Profit attributable to: | |||
Owners of the Company | 20,780 | 42,018 | 10,766 |
Non-controlling interests | 4,477 | 8,383 | 2,990 |
Profit for the year | 25,257 | 50,401 | 13,756 |
Total comprehensive income attributable to: | |||
Owners of the Company | 20,607 | 39,958 | 10,090 |
Non-controlling interests | 4,477 | 8,383 | 2,990 |
Total comprehensive income for the year | $ 25,084 | $ 48,341 | $ 13,080 |
Earnings per share | |||
Basic earnings per share ($) (in dollars per share) | $ 1.73 | $ 3.82 | $ 0.99 |
Diluted earnings per share ($) (in dollars per share) | $ 1.73 | $ 3.81 | $ 0.99 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Jan. 01, 2019 | [1] |
Assets | |||||
Property, plant and equipment | $ 126,479 | $ 106,512 | $ 90,460 | ||
Exploration and evaluation asset | 6,768 | 7,139 | 6,967 | ||
Deferred tax asset | 87 | 63 | 98 | ||
Total non-current assets | 133,334 | 113,714 | 97,525 | ||
Inventories | 16,798 | 11,092 | 9,427 | ||
Prepayments | 1,974 | 2,350 | 866 | ||
Trade and other receivables | 4,962 | 6,912 | 6,392 | ||
Income tax receivable | 76 | ||||
Derivative financial assets | 1,184 | 102 | |||
Cash and cash equivalents | 19,092 | 9,383 | 11,187 | ||
Assets held for sale | 500 | 296 | |||
Total current assets | 44,586 | 29,839 | 28,168 | ||
Total assets | 177,920 | 143,553 | 125,693 | ||
Equity and liabilities | |||||
Share capital | 74,696 | 56,065 | 55,102 | ||
Reserves | 138,310 | 140,730 | 142,790 | ||
Retained loss | (71,487) | (88,380) | (127,429) | ||
Equity attributable to shareholders | 141,519 | 108,415 | 70,463 | ||
Non-controlling interests | 16,524 | 16,302 | 8,345 | ||
Total equity | 158,043 | 124,717 | 78,808 | ||
Liabilities | |||||
Provisions | 3,567 | 3,346 | 3,309 | ||
Deferred tax liabilities | 4,234 | 3,129 | 23,328 | ||
Loans and borrowings - long term portion | 1,942 | 5,960 | |||
Cash-settled share-based payment - long term portion | 1,934 | 540 | 2,090 | ||
Lease liabilities - long term portion | 178 | ||||
Total non-current liabilities | 9,913 | 8,957 | 34,687 | ||
Loans and borrowings - short term portion | 408 | 529 | |||
Cash-settled share-based payment - short term portion | 336 | ||||
Lease liabilities - short term portion | 61 | 349 | |||
Income taxes payable | 495 | 163 | 1,538 | ||
Trade and other payables | 8,664 | 8,348 | 10,051 | ||
Overdraft | 490 | ||||
Liabilities associated with assets held for sale | 609 | ||||
Total current liabilities | 9,964 | 9,879 | 12,198 | ||
Total liabilities | 19,877 | 18,836 | 46,885 | ||
Total equity and liabilities | $ 177,920 | $ 143,553 | $ 125,693 | ||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Consolidated Statements of Chan
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, 2017 | $ 55,102 | $ (5,885) | $ 132,591 | $ 16,746 | $ (135,287) | $ 63,267 | $ 5,944 | $ 69,211 | ||
Statement Line Items [Line Items] | ||||||||||
Dividends declared | (2,908) | (2,908) | (589) | (3,497) | ||||||
Shares issued - share-based payment | 14 | 14 | 14 | |||||||
Profit for the year | 10,766 | 10,766 | 2,990 | 13,756 | ||||||
Other comprehensive income for the year | (676) | (676) | (676) | |||||||
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 declared | (2,969) | (2,969) | (426) | (3,395) | ||||||
Shares issued - share-based payment | 963 | 963 | 963 | |||||||
Profit for the year | 42,018 | 42,018 | 8,383 | 50,401 | ||||||
Other comprehensive income for the year | (2,060) | (2,060) | (2,060) | |||||||
Balance at Dec. 31, 2019 | 56,065 | (8,621) | 132,591 | 16,760 | (88,380) | 108,415 | 16,302 | 124,717 | [1] | |
Statement Line Items [Line Items] | ||||||||||
Dividends declared | (3,887) | (3,887) | (655) | (4,542) | ||||||
Shares issued - share-based payment | 216 | 216 | 216 | |||||||
Profit for the year | 20,780 | 20,780 | 4,477 | 25,257 | ||||||
Other comprehensive income for the year | (173) | (173) | (173) | |||||||
Shares issued - options exercised | 30 | 30 | 30 | |||||||
Shares issued - equity raise (net of transaction cost) ~ | [2] | 12,538 | 12,538 | 12,538 | ||||||
Shares issued - Blanket shares purchased from Fremiro | 5,847 | (2,247) | 3,600 | (3,600) | ||||||
Balance at Dec. 31, 2020 | $ 74,696 | $ (8,794) | $ 132,591 | $ 14,513 | $ (71,487) | $ 141,519 | $ 16,524 | $ 158,043 | ||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | |||||||||
[2] | The Company raised equity for the construction of the solar plant by way of an At The Market ("ATM") equity offer on the NYSE American. Gross proceeds of $13,000 were raised pursuant to the ATM sales agreement with Cantor Fitzgerald & Co. at a transaction cost of $462. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - Cantor Fitzgerald & Co. [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | |
Equity raise, gross proceeds | $ 13,000 |
Equity raise, transaction costs | $ 462 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Statement Line Items [Line Items] | ||||||
Cash generated from operations | $ 37,967 | $ 23,885 | [1] | $ 21,119 | [1] | |
Interest received | 56 | 146 | [1] | 53 | [1] | |
Interest paid | (405) | (454) | [1] | (161) | [1] | |
Tax paid | (6,656) | (5,517) | [1] | (3,344) | [1] | |
Net cash from operating activities | 30,962 | 18,060 | [1] | 17,667 | [1] | |
Cash flows used in investing activities | ||||||
Acquisition of property, plant and equipment | (25,081) | (19,852) | [1] | (20,192) | [1] | |
Acquisition of exploration and evaluation assets | (2,759) | (172) | [1] | [1] | ||
Purchase of derivative financial asset | (1,058) | [1] | [1] | |||
Proceeds from disposal of subsidiary | 900 | 1,000 | [1] | [1] | ||
Net cash used in investing activities | (27,998) | (19,024) | [1] | (20,192) | [1] | |
Cash flows from financing activities | ||||||
Dividends paid | (4,542) | (3,395) | [1] | (3,497) | [1] | |
Term loan proceeds | 2,340 | [1] | 6,000 | [1] | ||
Term loan transaction costs | (46) | [1] | (60) | [1] | ||
Term loan repayments | (574) | [1] | (1,500) | [1] | ||
Payment of lease liabilities | (118) | (124) | [1] | [1] | ||
Shares issued - equity raise (net of transaction cost) | 12,538 | [1] | [1] | |||
Share options exercised | 30 | [1] | [1] | |||
Net cash from/ (used in) financing activities | 7,334 | (1,225) | [1] | 943 | [1] | |
Net increase/ (decrease) in cash and cash equivalents | 10,298 | (2,189) | [1] | (1,582) | [1] | |
Effect of exchange rate fluctuations on cash held | (99) | (105) | [1] | 13 | [1] | |
Net cash and cash equivalents at the beginning of the year | [1] | 8,893 | 11,187 | 12,756 | ||
Net cash and cash equivalents at the end of the year | $ 19,092 | $ 8,893 | [1] | $ 11,187 | [1] | |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1 Reporting entity Caledonia Mining Corporation Plc (the “Company”) is a company domiciled in Jersey, Channel Islands. The Company's registered office address is B006 December 31, 2020, 2019 January 1, 2019, December 31, 2020, 2019 2018, 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”). Caledonia voluntary delisted from the Toronto Stock Exchange (the “TSX”) on June 19, 2020. unless and until it can demonstrate that less than 2% |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2 Basis of preparation i) Statement of compliance The consolidated financial statements have been prepared on a going concern basis, in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorised for issue by the Board of Directors on March 22, 2021. ii) Basis of measurement 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; · equity-settled share-based payment arrangements measured at fair value on the grant date; and · derivative financial instruments measured at fair value. iii) Functional currency These consolidated 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 has 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 | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 3 Use of accounting assumptions, estimates and judgements In preparing these consolidated 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 (a) Assumptions and estimation uncertainties i) Depreciation of property, plant and equipment Depreciation on mine development, infrastructure and other assets in the production phase is computed on the units-of-production method over the life-of-mine based on the estimated quantities of reserves (proven and probable) and resources (measured, indicated and inferred), which are planned to be extracted in the future from known mineral deposits. Where items have a shorter useful life than the life-of-mine, the mine development, infrastructure and other assets are depreciated over their useful life. Confidence in the existence, commercial viability and economical recovery of reserves and resources included in the life-of-mine may Other items of property, plant and equipment are depreciated as described in note 5 ii) Mineral reserves and resources Mineral reserves and resources are estimates of the amount of product that can be economically and legally extracted. In order to calculate the reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including but not may may The Group estimates its reserves (proven and probable) and resources (measured, indicated and inferred) based on information compiled by a Qualified Person in terms of the Canadian National Instrument 43 101 43 101” · correlation between drill-holes intersections where multiple reefs are intersected; · continuity of mineralisation between drill-hole intersections within recognised reefs; and · appropriateness of the planned mining methods. The Group estimates and reports reserves and resources in accordance with NI 43 101 43 101 · the gold price based on current market price and the Group's assessment of future prices; · estimated future on-mine costs, sustaining and non-sustaining capital expenditures; · cut-off grade; · dimensions and extent, determined both from drilling and mine development, of ore bodies; and · planned future production from measured, indicated and inferred resources. Changes in reported reserves and resources may · asset carrying values may · depreciation and amortisation charges to profit or loss may · decommissioning, site restoration and environmental provisions and resources which may iii) Blanket mine's indigenisation transaction The initial indigenisation transaction and modifications to the indigenisation transaction of Blanket Mine ( 1983 6. iv) Site restoration provision The site restoration provision has been calculated for the Blanket Mine based on an independent analysis of the rehabilitation costs as performed in 2018. may 28 v) Exploration and evaluation (“E&E”) assets The Group also makes assumptions and estimates regarding the possible impairment of E&E assets by evaluating whether it is likely that future economic benefits will flow to the Group, which may may may vi) Taxes Significant assumptions and estimates are required in determining the provision for income taxes. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. In 2019 26 “PN26” February 22, 2019. PN26 4 23.04] 26 PN26 PN26 no Management believes they have adequately provided for the probable outcome of tax related matters; however, the final outcome or future outcomes anticipated in calculating the tax liabilities may may vii) Share-based payment transactions Equity-settled share-based payment arrangements The Group measures the cost of equity-settled share-based payment transactions with employees, directors and Blanket's indigenous shareholders (refer notes 6 30.2 30.2. Where the Company granted the counterparty to a share-based payment award the choice of settlement in cash or shares, the equity component is measured as the difference between the fair value of the goods and services and the fair value of the cash-settled share-based payment liability at the date when the goods and services are received at the measurement date. For transactions with employees, the equity component is zero. Option pricing models require the input of assumptions, including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate. Therefore, the existing models may not Cash-settled share-based payment arrangements The fair value of the amount payable to employees regarding share-based awards that will be settled in cash is recognised as an expense with a corresponding increase in liabilities over the period over which the employee becomes unconditionally entitled to payment. The liability is re-measured at each reporting date. Any change in the fair value of the liability is recognised in profit or loss. Additional information about significant assumptions and estimates used to determine the fair value of cash settled share-based payment transactions are disclosed in note 30.1. viii) Impairment Non-financial assets At each reporting date, the Group determines if impairment indicators exist, and if present, performs an impairment review of the non-financial assets held in the Group. The exercise is subject to various assumptions and estimates. Non-derivative financial assets The Group uses a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. The Company uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. (b) Judgements Judgement is required when assessing whether the Group controls an entity or not. 5 6. Refer to note 5 |
Note 4 - Change in Significant
Note 4 - Change in Significant Accounting Policies and Disclosure Policies | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies [text block] | 4 Change in significant accounting policies and disclosure policies (a) Change in significant accounting policies required by IFRS The following standards and interpretations apply for the first January 1, 2020. January 1, 2020 not i) IAS 1 8 The amendment clarifies the definition of material and makes it easier to understand. The change provides guidance on how the definition should be applied. The change in the definition now ensures that the definition is consistent across all IFRS standards and the Conceptual Framework. The definition of material omissions or misstatements from IAS 8 The Group has completed its assessment of the impact of IAS 1 8 not ii) Revised Conceptual Framework for Financial Reporting The IASB decided to revise the Conceptual Framework because certain important issues were not · new concepts on measurement including factors to be considered when selecting the measurement basis; · new concepts on presentation and disclosure, including when to classify income and expenses in other comprehensive income; · new guidance on when assets and liabilities are removed from financial statements; · updated definitions of an asset and liability; · updated recognition criteria for including assets and liabilities in financial statements; and · clarified the concepts of prudence, stewardship, measurement uncertainty and substance over form. The IASB also updated references to the Conceptual Framework in IFRS Standards by issuing amendments to references to the Conceptual Framework in IFRS Standards. The Group has completed its assessment of the impact and concluded that the new standard did not (b) Voluntary change of disclosure policies i) Exploration and evaluation assets to be disclosed separately from Property, plant and equipment Previously exploration and evaluation assets were disclosed as part of Property, plant and equipment. Under the new disclosure policy exploration and evaluation assets are disclosed separately as Exploration and evaluation assets from the earliest period presented. The new disclosure policy was adopted from December 10, 2020 two 2020 The voluntary change in disclosure policy resulted in the cost of property, plant and equipment presented in the consolidated statements of financial position reducing with an amount of $6,768 2019: $7,139, January 1, 2019: $6,967 $2,759 2019: $172, January 1, 2019: $Nil not ii) Leases to be disclosed separately from Trade and other payables Previously lease liabilities were disclosed as part of Trade and other payables. Under the new disclosure policy lease liabilities are disclosed separately as Lease liabilities – long term portion and Lease liabilities – short term portion from the earliest period presented. The new disclosure policy was adopted from December, 2020 The voluntary change in disclosure policy resulted in Trade and other payables presented in the consolidated statements of financial position reducing by an amount of $239 2019: $349, January 1, 2019: $Nil not |
Note 5 - Significant Accounting
Note 5 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 5 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. For changes in accounting policies in the current year refer to notes 4 4 (a) Basis of consolidation i) Subsidiaries and structured entities Subsidiaries and certain structured entities are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variability in returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ii) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related Non-controlling interests (“NCI”) and other components of equity. Any gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. iii) Non-controlling interests NCI is measured at their proportionate share of the carrying amounts of the acquiree's identifiable net assets at fair value at the acquisition date. Changes in the Group's interest in a subsidiary that do not iv) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no (b) Foreign currency i) Foreign operations As stated in note 2 · assets and liabilities are translated using the exchange rate at year end; and · income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognised in Other Comprehensive Income (“OCI”). If settlement is planned or likely in the foreseeable future, foreign exchange gains and losses are included in profit or loss. When settlement occurs, the settlement will not not When the Group disposes of its entire interest in a foreign operation or loses control over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are reclassified to profit or loss. If the Group disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are reattributed between controlling and non-controlling interests. All resulting translation differences are reported in OCI and accumulated in the foreign currency translation reserve. ii) Foreign currency translation In preparing the financial statements of the Group entities, transactions in currencies other than the functional currency (foreign currencies) of these Group entities are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities are translated using the current foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in profit or loss for the year. On October 1, 2018 1:1 February 20, 2019 2.5 1 81.79 2019: 16.77 2018: 1 1 December 31, 2020. Further, the Reserve Bank of Zimbabwe (“RBZ”) issued a directive to Zimbabwean banks to separate foreign currency (“Foreign currency”) and RTGS$ for bank accounts held by clients on October 1, 2018. 30% November 12, 2018 30% 55%, May 26, 2020 55% 70% January 8, 2021 70% 60% 2021 In applying IAS 21, · the majority of revenue is received in US Dollars; · the gold price receivable was calculated in US Dollars; · the majority of costs are calculated by reference to the US Dollar if denominated in RTGS$ or is paid in US Dollars; and · Income tax liabilities calculated in RTGS$ are settled predominantly in US Dollars. The application of IAS 21, 142 (c) Leases The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right of use asset reflects that the Group will exercise a purchase option. In that case the right of use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as property, plant and equipment. Also, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: · fixed payments, including in-substance fixed payments; · variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; and · the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there lease agreement changes in substance in terms of payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. The Group presents the right of use assets that do not The Group has elected not (d) Financial instruments i) Non-derivative financial assets Recognition and initial measurement The Group holds only financial assets measured at amortised cost and at fair value through profit or loss. Financial assets are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not Classification and subsequent measurement On initial recognition, a financial asset is classified as and measured at amortised cost or at fair value through profit or loss. Financial assets are not first first A financial asset is measured at amortised cost if it meets both of the following conditions and is not · it is held within a business model whose objective is to hold assets to collect contractual cash flows; and · its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets of the Group not may Net gains and losses are recognised in profit or loss. Financial assets classified as and measured at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Finance income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. The Group had the following non-derivative financial assets: Financial assets at amortised cost Financial assets at amortised cost comprise loans and receivables included in Trade and other receivables. Loans and receivables are financial assets with fixed or determinable payments that were not 5 ii) Non-derivative financial instruments Non-derivative financial liabilities are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities consist of bank overdrafts, loans and borrowings and trade and other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method. iii) Derivative financial instruments The Group held Derivative financial instruments to hedge its gold price exposure and invest excess short term Rands on hand at the South African subsidiary. Derivatives are recognised initially at fair value; attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value. The Group does not iv) Offsetting Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. (e) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three 2019 2019 (f) Share capital Share capital is classified as equity. Incremental costs directly attributable to the issue, consolidation and repurchase of fractional items of shares and share options are recognised as a deduction from equity, net of any tax effects. (g) Property, plant and equipment i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and borrowing costs on qualifying assets. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised in profit or loss. Refer to note 5 ii) Subsequent costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. iii) Depreciation Depreciation is calculated to write off the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. On commencement of commercial production, depreciation of mine development, infrastructure and other assets is calculated on the unit-of-production method using the estimated measured, indicated and inferred resources which are planned to be extracted in terms of Blanket's life-of-mine plan (“LoMP”). Resources that are not not For other categories, depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Inferred resources are included in the LoMP to the extent that there is a successful history of upgrading inferred resources. Blanket reports its resources inclusive of reserves. As a result, resources included in the LoMP and hence in the calculation of depreciation include material from measured, indicated and inferred resource classes as detailed below under the following types of resources: · Measured resources – all proven reserve blocks plus 50% · Indicated resources – all probable reserves plus indicated resources which occur within the mine extent as defined by the LoMP infrastructure. · Inferred resources – inferred resources (discounted by approximately 30% In addition, inferred resources are included in the LoMP if it is expected that the inferred resources can be economically recovered in the future. Economic recovery is expected if a history can be proven that the recovered grade of the inferred resources exceeded the pay limit grade and when this trend can be expected in the future and if it is economical to recover inclusive of the cost of the capital requirements to access and extract the gold from the inferred resources. Refer to note 17 Land is not The calculation of the production rate units could be affected to the extent that actual production in the future is different from the current forecast production based on reserves and resources. This would generally result from the extent to which there are significant changes in any of the factors or assumptions used in estimating mineral reserves and resources. These factors include: · changes in mineral reserves and resources; · differences between actual commodity prices and commodity price assumptions; · unforeseen operational issues at mine sites; and · changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. The estimated useful lives for the current and comparative years are as follows: · buildings 10 15 2019: 10 15 2018: 10 15 · plant and equipment 10 2019: 10 2018: 10 · fixtures and fittings including computers 4 10 2019: 4 10 2018: 4 10 · motor vehicles 4 2019: 4 2018: 4 · right of use assets 3 6 · mine development, infrastructure and other assets in production, units-of-production method. Depreciation methods, useful lives and residual values are reviewed each financial year and adjusted if appropriate. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Assets under construction's useful life and residual values will be assessed once the asset is available for use. (h) Exploration and evaluation assets Exploration costs are capitalised as incurred. The costs related to speculative drilling on unestablished orebodies at Blanket Mine, general administrative or overhead costs are expensed as incurred. Exploration and evaluation costs capitalised are disclosed under Exploration and evaluation assets (refer to note 4 Costs not Once the technical feasibility and commercial viability of extracting the mineral resource have been determined, the property is considered to be a mine under development and moved to the mine development, infrastructure and other asset category within property, plant and equipment. Capitalised direct costs related to the acquisition, exploration and development of mineral properties remain capitalised until the properties to which they relate are ready for their intended use, sold, abandoned or management has determined there to be impairment. Exploration and evaluation assets are tested for impairment before the assets are transferred to mine development, infrastructure and other assets. Exploration and evaluations assets are not (i) Inventories Consumable stores are measured at the lower of cost and net realisable value. The cost of consumable stores is based on the weighted average cost principle. It includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Gold in process is measured at the lower of cost and net realisable value. The cost of gold in process includes an appropriate share of production overheads based on normal operating capacity and is valued on the weighted average cost principle. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. (j) Impairment i) Non-derivative financial assets (including receivables) The Group applies the IFRS 9 not 48 December 31, not no 90 no ii) Non-financial assets The carrying amounts of the Group's non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The Group's corporate assets do not may An impairment loss is recognised if the carrying amount of a CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated to reduce the carrying amount of assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no not no iii) Impairment of Exploration and evaluation (“E&E”) assets The test for impairment of E&E assets can combine several CGUs as long as the combination is not E&E assets are assessed for impairment only when facts and circumstances suggest that the carrying amount of an E&E asset may · The entity's right to explore in the specific area has expired or will expire in the near future and is not · Substantive expenditure on further E&E activities in the specific area is neither budgeted nor planned. · The entity has not · Even if development is likely to proceed, the entity has sufficient data indicating that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale. (k) Employee benefits i) Short-term employee benefits Short-term employee benefits are expensed when the related services are provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. ii) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no 12 (l) Share-based payment transactions i) Equity-settled share-based payments to employees and directors The grant date fair value of equity-settled share-based payment awards granted to employees and directors is recognised as an expense, with a corresponding increase in equity, over the vesting period of the award. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market vesting conditions at the vesting date. Where the terms and conditions of equity-settled share-based payments are modified, the increase in the fair value, measured immediately before and after the modification date, is charged to profit or loss over the remaining vesting period or immediately for vested awards. Similarly, where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss. Additional information about significant judgements, estimates and assumptions used to quantify the equity-settled share-based payment transactions and modification are disclosed in note 30.2. ii) Cash-settled share-based payments to employees and directors The grant date fair value of cash-settled awards granted to employees and directors is recognised as an expense, with a corresponding increase in the liability, over the vesting period of the awards. At each reporting date the fair value of the awards is re-measured with a corresponding adjustment to profit or loss. The method of calculating the fair value of the cash-settled share-based payments changed during quarter 1 2018 not 30.1. (m) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability if the time value of money is considered significant. The unwinding of the discount is recognised as a finance cost. (n) Site restoration The Group recognises liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of property, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of these assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalised to mineral properties along with a corresponding increase in the rehabilitation provision in the period incurred. Future rehabilitation costs are discounted using a pre-tax risk-free rate that reflects the time-value of money. The Group's estimates of rehabilitation costs, which are reviewed annually, could change as a result of changes in regulatory requirements, discount rates, effects of inflation and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mineral properties with a corresponding entry to the rehabilitation provision. (o) Revenue Revenue from the sale of precious metals is recognised when the metal is accepted at the refinery, control is transferred and the receipt of proceeds is substantially assured. Revenue is measured at the fair value of the receivable at the date of the transaction. (p) Government grants The Company recognises an unconditional government grant related to gold proceeds in profit or loss as other income when the grant becomes receivable. Government grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received. (q) Finance income and finance cost Finance income comprises interest income on funds invested. Finance income is recognised as it accrues in profit or loss, using the effective interest method. Finance cost comprise interest expense on the rehabilitation provisions, interest on bank overdraft balances, effective interest on leases, loans and borrowings and also includes commitment costs on overdraft facilities. Finance cost is recognised in profit or loss using the effective interest rate method and excludes borrowing costs capitalised. (r) Taxes i) Income tax Tax expense comprises current and deferred tax. These expenses are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. ii) Current tax Current tax is the tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date. Current tax includes withholding tax on management fees and dividends paid between companies within the Group. iii) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not not not Deferred tax is a monetary item measured at the tax rates and in the currency that are expected to be applied when temporary differences reverse. The tax and exchange rates are based on the laws that have been enacted, substantively enacted or the interbank exchange rates that prevail at the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no (s) Earnings per share The Group presents basic and diluted earnings per share (“EPS”) data for its shares. Basic EPS is calculated by dividing the adjusted profit or loss attributable to shareholders of the Group (see note 26 (t) Borrowing cost General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and recognised as finance cost. (u) Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount or fair value less costs to sell. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified as held for sale property, plant and equipment are no (v) The following standards, amendments to standards and interpretations to existing standards may Standard/ Interpretation Effective date * IAS 1 The amendments to IAS 1 Presentation of Financial Statements The amendments could affect the classification of liabilities, particularly for entities that previously considered management's intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors The Group has completed its assessment of the impact of IAS 1 not January 1, 2023 IAS 16 The amendment to IAS 16 Property, Plant and Equipment not The amounts of proceeds and costs relating to items produced that are not The Group has completed its assessment of the impact of IAS 16 not January 1, 2022 Standard/ Interpretation Effective date * IAS 37 Amendments to IAS 37 Provision, Contingent Liabilities and Contingent Assets The amendments apply to contracts existing at the date when the amendments are first The Group has completed its assessment of the impact of IAS 37 not January 1, 2022 Annual Improvements to IFRS Standards 2018–2020 The following improvements were finalised in May 2020: · IFRS 9 Financial Instruments 10% · IFRS 16 Leases 13 · IFRS 1 First-time Adoption of International Financial Reporting Standards 1 The Group has completed its assessment of the impact of the above standards and concluded that the standard amendments would not January 1, 2022 * |
Note 6 - Blanket Zimbabwe Indig
Note 6 - Blanket Zimbabwe Indigenisation Transaction | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the Blanket Zimbabwe indigenisation transaction [text block] | 6 Blanket Zimbabwe Indigenisation Transaction 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 reassessment 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 initially recognised at 16.2% 13.2% The subscription agreements, concluded on February 20, 2012, · The remaining 80% December 31, 2020 not no · The transaction with BETS is accounted for in accordance with IAS 19 not 20% 10% 80% · BETS is an entity 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 20, 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 Effective interest NCI subject to December 31, December 31, NIEEF 16 % 3.20 % 12.80 % 11,728 11,877 Fremiro - & - & - & - & 11,458 Community Trust 10 % 10.00 % – – – BETS ~ 10 % – – 7,447 7,639 36 % 13.20 % 12.80 % 19,175 30,974 * The shares held by BETS are effectively treated as treasury shares (see above). ~ Accounted for under IAS19 Employee Benefits. & After Fremiro repurchase on January 20, 2020. # Facilitation loans are accounted for as equity instruments and are accordingly not The balance on the facilitation loans is reconciled as follows: Balance at January 1, 2019 30,986 Finance cost accrued 1,609 Dividends used to repay loans (1,621 ) Balance at December 31, 2019 30,974 Cancellation of Fremiro loan (11,458 ) Finance cost accrued 1,396 Dividends used to repay loan (1,737 ) Balance at December 31, 2020 19,175 Advance dividend loans and balances In anticipation of completing 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: Total Balance at January 1, 2019 2,053 Finance cost accrued 104 Dividends used to repay advance dividend loan (525) Balance at December 31, 2019 1,632 Finance cost accrued 98 Dividends used to repay advance dividend loan (736) Balance at December 31, 2020 994 |
Note 7 - Financial Risk Managem
Note 7 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 7 Financial risk management Overview The Group has exposure to the following risks from its use of financial instruments: · Credit risk (refer note 33 · Liquidity risk (refer note 33 · Currency risk (refer note 33 · Interest rate risk (refer note 33 This note and note 33 The Board of Directors has the responsibility to ensure that an adequate financial risk management policy is established and to approve the policy. The Group's Audit Committee oversees management's compliance with the Group's financial risk management policy. Gold price hedges were entered into to manage the possible effect of gold price fluctuations. The derivative financial instrument was entered into by the Company for economic hedging purposes and not The types of risk exposure and the way in which such exposures are managed are described below: (a) Credit risk Credit risk includes the risk of a financial loss to the Group if a gold sales customer fails to meet its contractual obligation. Gold sales were made to Fidelity in Zimbabwe during the year. (b) Liquidity risk Liquidity risk is the risk that will not (c) Currency risk The Group is exposed to currency risk on inter-company sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities. The Group does not 23 (d) Interest rate risk The Group is exposed to interest rate risk arising from its cash and cash equivalents invested with financial institutions as well as its overdraft facility and term loan. The Group has not |
Note 8 - Capital Management
Note 8 - Capital Management | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 8 Capital management When managing capital, the Group's objectives are to safeguard its ability to continue as a going concern in order to pursue the mining operations and exploration potential of the mineral properties. The Group's capital includes shareholders' equity, comprising issued share capital, reserves, accumulated other comprehensive income, accumulated deficit, bank loans and non-controlling interests. 2020 2019 January 1, 2019 Total equity 158,043 124,717 78,808 The Group's primary objective regarding its capital management is to ensure that it has sufficient cash resources to maintain its on-going operations, provide returns for shareholders, accommodate any rehabilitation provisions and pursue growth opportunities. As at December 31, 2020, not no |
Note 9 - Production Costs
Note 9 - Production Costs | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cost of sales [text block] | 9 Production costs 2020 2019 2018 Salaries and wages 16,122 13,905 13,160 Consumable materials – Operations 14,938 13,020 12,143 Consumable materials – COVID-19 824 – – Electricity costs 8,312 6,383 9,313 Site restoration – – 84 Safety 708 525 592 Cash-settled share-based expense (note 30.1(a)) 634 107 43 On mine administration 1,800 2,159 3,569 Pre-feasibility exploration costs 373 301 411 43,711 36,400 39,315 |
Note 10 - Other Income
Note 10 - Other Income | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income [text block] | 10 Other income 2020 2019 2018 Government grant – Gold sale export credit incentive 4,695 866 6,482 Government grant – Gold support price - 1,064 - Other 70 94 39 Greenstone Retirement Fund pay-out - 250 - Greenstone Provident Fund pay-out - - 363 Eersteling rock dump sale - - 217 4,765 2,274 7,101 Government grant – Gold sale export credit incentive The Reserve Bank of Zimbabwe (“RBZ”) first 2016. The below table indicates when the ECI was applicable and the percentages granted, as announced by the Zimbabwean Government: ECI applicable periods Percentage May 1, 2016 – December 31, 2017 3.5% January 1, 2018 – January 31, 2018 2.5% February 1, 2018 – February 20, 2019 10% February 21, 2019 – March 9, 2020 0% March 10, 2020 – June 26, 2020 25% All incentives granted by the Zimbabwean Government were included in other income when determined receivable. Incentives were received in Blanket Mine's RTGS$ account. The ECI fell away after June 26, 2020. Government grant – Gold support price From March 6, 2019 $44,000 $1,368.58 May 12, 2019, not $1,368.58 |
Note 11 - Net Foreign Exchange
Note 11 - Net Foreign Exchange Gain | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of effect of changes in foreign exchange rates [text block] | 11 Net foreign exchange gain On October 1, 2018 1:1 February 20, 2019 2.5 1 81.79 1 December 31, 2020 ( 2019: 16.77 2018: 1 Previously there was uncertainty about what currency would be used to settle amounts owed to the Zimbabwe Government. The announcement of S.I. 142 The table below illustrates the effect the weakening of the RTGS$ and other foreign currencies had on the statement of profit or loss and other comprehensive income. 2020 2019 2018 Unrealised foreign exchange gain 8,367 31,411 230 Realised foreign exchange loss (4,062 ) (1,750 ) (7 ) Net foreign exchange gain 4,305 29,661 223 |
Note 12 - Leases
Note 12 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 12 Leases Leases as lessee The Group leases administrative offices. The leases, which the Group normally enters into, typically run for a period of 3 6 two 2021 2025 Information about leases for which the Group is a lessee is presented below. i) Amounts recognised in the statement of financial position Right of use assets Right of use assets related to leased properties that do not 17 Balance at January 1, 2019 263 Depreciation (112 ) Additions to right of use assets 248 Derecognition of right of use assets (64 ) Foreign currency movement 2 Balance at December 31, 2019 337 Depreciation (99 ) Foreign currency movement (9 ) Balance at December 31, 2020 229 Lease liabilities Balance at January 1, 2019 263 Additions to lease liability 195 Finance cost 17 Lease payments (124 ) Foreign currency movement (2 ) Balance at December 31, 2019 349 Finance cost 15 Lease payments (118 ) Foreign currency movement (7 ) Balance at December 31, 2020 239 ii) Amounts recognised in profit or loss 2020 2019 2018 Finance cost on lease liabilities 15 17 – Unrealised foreign exchange gain (2 ) 4 – Depreciation 99 112 – 112 133 – iii) Amounts recognised in statement of cash flows 2020 2019 2018 Total cash outflow for leases - principal 118 124 – Total cash outflow for leases - finance cost (15 ) (17 ) – iv) Minimum lease payments Minimum lease payments payable on leases of right of use assets are as follows: 2020 Less than one year 61 One to two years 46 Two to three years 46 Three to four years 46 Four to five years 40 More than five years – 239 |
Note 13 - Other Expenses
Note 13 - Other Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | 13 Other expenses 2020 2019 2018 Intermediated Money Transaction Tax 451 354 116 Solar evaluation cost* 230 160 – COVID-19 donations ~ 1,322 – – Community and social responsibility cost 382 – – Other – 8 12 Impairment of property, plant and equipment – 144 208 Impairment of exploration and evaluation assets (note 21.1) 2,930 – – 5,315 666 336 * On July 6, 2020 July 6, 2020 17 ~ Blanket Mine donated $840 $482 19 |
Note 14 - Administrative Expens
Note 14 - Administrative Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | 14 Administrative expenses 2020 2019 2018 Investor relations 353 414 751 Audit fee 288 237 266 Advisory services fees 904 408 553 Listing fees 448 277 495 Directors fees – Company 323 240 225 Directors fees – Blanket 43 31 52 Employee costs 4,065 3,030 2,917 Other office administration cost 424 605 645 Management liability insurance 1,032 86 52 Travel costs 117 292 297 Eersteling Gold Mine administration costs – 17 212 7,997 5,637 6,465 |
Note 15 - Finance Income and Fi
Note 15 - Finance Income and Finance Cost | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 15 Finance income and finance cost 2020 2019 2018 Finance income received - Bank 62 146 53 Finance cost - Term loan (note 29) 386 165 92 Finance cost - Capitalised to property, plant and equipment (note 17) (53 ) (165 ) (92 ) Unwinding of rehabilitation provision (note 28) 2 20 20 Finance cost - Leases (note 12) 15 17 – Finance cost - Overdraft 17 307 253 367 344 273 |
Note 16 - Tax Expense
Note 16 - Tax Expense | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 16 Tax expense 2020 2019 2018 Tax recognised in profit or loss Current tax 9,492 7,311 3,783 Income tax - current year 8,969 6,802 2,523 Income tax - prior year (over)/ under provision (54 ) 29 1,075 Withholding tax - current year 577 480 580 Withholding tax - prior year overprovision - - (395 ) Deferred tax expense 5,681 2,979 3,662 Origination and reversal of temporary differences 5,681 2,979 3,662 Tax expense – recognised in profit or loss 15,173 10,290 7,445 Tax recognised in other comprehensive income Income tax - current year - - - Tax expense 15,173 10,290 7,445 Unrecognised deferred tax assets 2020 2019 2018 Eersteling Gold Mining Company Limited - - 4,989 Caledonia Holdings Zimbabwe (Private) Limited 593 421 - Greenstone Management Services Holdings Limited 376 276 191 Tax losses carried forward 969 697 5,180 Taxable losses do not not not Tax paid 2020 2019 January 1, 2019 Net income tax payable at January 1 (163 ) (1,538 ) (1,145 ) Current tax expense (9,492 ) (7,311 ) (3,783 ) Foreign currency movement 2,580 3,169 46 Tax paid 6,656 5,517 3,344 Net income tax payable at December 31 (419 ) (163 ) (1,538 ) Reconciliation of tax rate 2020 2019 2018 Profit for the year 25,257 50,401 13,756 Total tax expense 15,173 10,290 7,445 Profit before tax 40,430 60,691 21,201 Income tax at Company's domestic tax rate (1) - - - Tax rate differences in foreign jurisdictions (2) 12,405 16,232 6,465 Effect of income tax calculated in RTGS$ as required by PN26 (3) 2,004 (8,526 ) - Management fee – withholding tax on deemed dividend portion 209 224 337 Management fee – non-deductible deemed dividend 570 652 579 Management fee – withholding tax - current year 123 129 96 Management fee – non-deductible withholding tax - prior year - - (664 ) Withholding tax on intercompany dividends 245 128 110 Non-deductible expenditure - Royalty expenses (4) - 933 882 - Donations 107 18 14 - Other non-deductible expenditure 177 21 123 Credit export incentive income exemption (598 ) (124 ) (1,649 ) Change in income tax rate (5) (287 ) - - Change in tax estimates - Zimbabwean income tax - 29 795 - South African income tax (54 ) 63 220 - Other - - 61 Change in unrecognised deferred tax losses 272 511 76 Tax expense - recognised in profit or loss 15,173 10,290 7,445 ( 1 The tax rate in Jersey, Channel Islands is 0% 2019: 0%, 2018: 0% ( 2 The effective tax rate of 37.52% not 25.75% 28.00% 3 ( 3 In 2019 PN26 February 22, 2019. 4 23.04] 26 ( 4 On August 1, 2019 January 1, 2020. ( 5 On November 26, 2020 2021 25.75% 24.72% 2021 Recognised deferred tax assets and liabilities Assets Liabilities Net 2020 2019 2020 2019 2020 2019 Property, plant and equipment - - (5,409 ) (4,195 ) (5,409 ) (4,195 ) Allowance for obsolete stock 13 22 - - 13 22 Prepayments - - (3 ) (4 ) (3 ) (4 ) Unrealised foreign exchange 530 309 - - 530 309 Trade and other payables 636 739 - - 636 739 Cash-settled share-based payments 8 5 - - 8 5 Provisions 60 58 - - 60 58 Other 18 - - - 18 - Tax assets/ (liabilities) 1,265 1,133 (5,412 ) (4,199 ) (4,147 ) (3,066 ) * The deferred tax liability consists of a deferred tax asset of $87 2019: $63, January 1, 2019: $98 $4,234 2019: $3,129, January 1, 2019: $23,328 The amounts are presented as part of Non-current assets and Non-current liabilities in the Statements of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income. Movement in recognised deferred tax assets and liabilities Balance Recognised Foreign Balance Property, plant and equipment (4,195 ) (7,195 ) 5,981 (5,409 ) Allowance for obsolete stock 22 14 (23 ) 13 Prepayments (4 ) - 1 (3 ) Unrealised foreign exchange 309 732 (511 ) 530 Trade and other payables 739 674 (774 ) 639 Cash-settled share-based payments 5 3 - 8 Provisions 58 76 (74 ) 60 Other - 15 - 15 Tax (liabilities)/ assets (3,066 ) (5,681 ) 4,600 (4,147 ) Balance Recognised Foreign Balance Property, plant and equipment (24,930 ) (4,561 ) 25,296 (4,195 ) Allowance for obsolete stock 258 11 (247 ) 22 Prepayments (3 ) - (1 ) (4 ) Unrealised foreign exchange 34 519 (244 ) 309 Trade and other payables 486 1,093 (840 ) 739 Cash-settled share-based payments 13 (9 ) 1 5 Provisions 852 11 (805 ) 58 Other 60 (43 ) (17 ) - Tax (liabilities)/ assets (23,230 ) (2,979 ) 23,143 (3,066 ) |
Note 17 - Property, Plant and E
Note 17 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 17 Property, plant and equipment Cost Land and Mine Plant and Furniture Motor Solar Plant Total Balance at January 1, 2019 10,339 74,509 32,675 923 2,402 – 120,848 Initial recognition of right of use assets 409 – – – – – 409 Additions* 267 19,020 897 88 151 – 20,423 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 36,395 1,018 2,538 – 141,326 Balance at January 1, 2020 10,833 90,542 36,395 1,018 2,538 – 141,326 Additions* 1 19,507 4,221 219 458 372 24,778 Derecognised plant and equipment – – (238 ) – – – (238 ) Reallocations between asset classes 930 (1,210 ) 280 – – – – Foreign exchange movement (7 ) – (14 ) (2 ) (1 ) 20 (4 ) Balance at December 31, 2020 11,757 108,839 40,644 1,235 2,995 392 165,862 * Included in additions is an amount of $15,771 2019: $14,051, 2018: $19,323 $53 December 31, 2019: $165, 2018: $61 $85,479 2019: $69,708, January 1, 2019: $55,657 On July 6, 2020 July 6, 2020 40 12MWac April 2022. ~ The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment (refer to note 4 December 10, 2020 Accumulated depreciation and Impairment losses Land and Mine Plant and Furniture Motor Solar Plant Total Balance at January 1, 2019 4,411 5,821 17,357 649 2,150 – 30,388 Initial recognition of right of use assets 146 – – – – – 146 Depreciation for the year 1,005 504 2,693 99 133 – 4,434 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 Balance at January 1, 2020 5,413 6,325 20,050 753 2,273 – 34,814 Depreciation for the year 1,030 648 2,691 102 157 – 4,628 Accumulated depreciation for derecognised plant and equipment – – (56 ) – – – (56 ) Foreign exchange movement 3 – – (6 ) – – (3 ) Balance at December 31, 2020 6,446 6,973 22,685 849 2,430 – 39,383 Carrying amounts At January 1, 2019 5,928 68,688 15,318 274 252 – 90,460 At December 31, 2019 5,420 84,217 16,345 265 265 – 106,512 At December 31, 2020 5,311 101,866 17,959 386 565 392 126,479 Economic recovery Items of property, plant and equipment are depreciated over the LoMP, which includes planned production from inferred resources. These inferred resources are included in the calculation when the economic recovery thereof is demonstrated by the achieved recovered grade relative to the mine's pay limit for the period 2006 2018. 2.10 2019 2.10 2020 3.26 3.38 # # All-in sustaining cost (“AISC”) per ounce is calculated as the on-mine cost per ounce to produce gold (which includes production costs before intercompany eliminations and exploration costs) plus royalty paid, additional costs incurred outside the mine (i.e. at offices in Harare, Johannesburg, London and Jersey), costs associated with maintaining the operating infrastructure and resource base that are required to maintain production at the current levels (sustaining capital investment), the share-based expense arising from the LTIP less silver by-product revenue and the export credit incentive. |
Note 18 - Exploration and Evalu
Note 18 - Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of exploration and evaluation assets [text block] | 18 Exploration and evaluation assets Glen Hume Connemara GG Eagle Sabiwa Total Balance at January 1, 2019 – – 3,347 3,344 276 6,967 - Consumables and drilling – – 6 (3 ) – 3 - Contractor – – 36 57 – 93 - Labour – – 32 8 – 40 - Power – – 20 10 6 36 Balance at December 31, 2019 – – 3,441 3,416 282 7,139 Balance at January 1, 2020 – – 3,441 3,416 282 7,139 - Option payments 2,500 300 – – – 2,800 - Consumables and drilling 161 – 28 – – 189 - Labour – – 35 11 – 46 - Power – – 19 3 2 24 Reallocate to assets held for sale (note 21.1) ~ – – – (500 ) – (500 ) Impairment ~ – – – (2,930 ) – (2,930 ) Balance at December 31, 2020 2,661 300 3,523 – 284 6,768 * The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment (refer to note 4 December 10, 2020 ~ Management determined the fair value of Eagle Vulture, Mascot and Penzance as the future sale price as agreed by independent parties in the sale contract that amounted to $500. $3,430 $2,930. $500 December, 2020. (a) Glen Hume On November 19, 2020 15 On November 24, 2020 $2.5 $1 Should the Company exercise the option, an exercise price of $2.5 1% $15 first five $10 tenth $5 (b) Connemara North On December 16, 2020 An amount of $300 31 The Connemara North option gives the Company the right to carry out legal due diligence and conduct drilling and/or other exploratory work over a period of 18 If the Company elects to exercise the option, $600 7 $4.4 7 first $600 1% |
Note 19 - Inventories
Note 19 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of inventories [text block] | 19 Inventories 2020 2019 January 1, 2019 Consumable stores 15,632 10,716 9,210 Gold in progress 1,166 376 217 16,798 11,092 9,427 |
Note 20 - Cash and Cash Equival
Note 20 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | 20 Cash and cash equivalents 2020 2019 January 1, 2019 Bank balances 19,092 9,383 11,187 Cash and cash equivalents in the statement of financial position 19,092 9,383 11,187 Bank overdrafts used for cash management purposes – (490 ) – Net cash and cash equivalents at year end 19,092 8,893 11,187 The Group's exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities is disclosed in note 33. Denomination RTGS$ Interest rate Overdraft facilities Stanbic Bank 15,000,000 55 % First Capital Bank 10,000,000 55 % |
Note 21 - Assets Held for Sale
Note 21 - Assets Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] | 21 Assets held for sale Note 2020 2019 January 1, 2019 Non-current assets held for sale Eagle Vulture, Mascot & Penzance 21.1 500 – – Sale of subsidiary 21.2 – – 296 21.1 Eagle Vulture, Mascot and Penzance Farvic Consolidated Mines (Pvt) Ltd (“Farvic”) requested permission from the Company to perform drilling on the Eagle Vulture, Mascot and Penzance orebodies to obtain an understanding of the technical feasibility and commercial viability of Eagle Vulture, Mascot and Penzance in 2019. 2020. November 2020. February 24, 2021 $500 The assets were available for sale in their condition in December 2020 Management determined the fair value as $500 December 31, 2020, December 31, 2020 $3,430 $2,930. 21.2 Sale of subsidiary On May 31, 2018 1997. $3,000 three $1,000 12 18 January 31, 2019 2020 $900 2019: $1,000 $340 February 2021. Details of the disposal are as follows: 2019 Carrying amounts of net assets over which control was lost: Non-current assets Property, plant and equipment 227 Current assets Trade and other receivables 84 Total assets 311 Non-current liabilities Rehabilitation provision 650 Current liabilities Trade and other payables 8 Total liabilities 658 Consideration receivable: Cash received 1,000 Deferred consideration (at January 31, 2019) 1,953 Total consideration 2,953 Profit on sale of subsidiary: Net liabilities derecognised 347 Cumulative exchange differences in respect of the net liabilities of the subsidiary reclassified from equity on loss of control of subsidiary 2,109 Fair value consideration receivable (at January 31, 2019) 2,953 Profit on sale of subsidiary 5,409 |
Note 22 - Trade and Other Recei
Note 22 - Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 22 Trade and other receivables 2020 2019 January 1, 2019 Bullion sales receivable 1,311 2,987 2,695 VAT receivables 2,278 1,765 2,743 Deferred consideration on the disposal of subsidiary 1,100 1,991 – Deposits for stores and equipment and other receivables 273 169 954 4,962 6,912 6,392 The Group's exposure to credit and currency risks, and impairment losses related to trade and other receivables are disclosed in notes 7 33. No not |
Note 23 - Derivative Financial
Note 23 - Derivative Financial Assets | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of hedge accounting [text block] | 23 Derivative financial assets 2020 2019 January 1, 2019 Derivatives not designated as hedging instruments: Gold exchange-traded fund ("Gold ETF") 1,184 – – Gold Hedge – 102 – 1,184 102 – Gold ETF In April 2020 $1,058. $164 2019: $Nil twelve December 31, 2020. $290 2019: $Nil Gold Hedge The Company entered into a hedge in November 2019 $379. 4,600 January June 2020 $1,400 December 31, 2020 $Nil 2019: $102, 2018: $Nil June 30, 2020. Fair value losses on derivative assets 2020 2019 2018 Gold ETF 164 – – Gold hedge 102 601 360 266 601 360 |
Note 24 - Share Capital
Note 24 - Share Capital | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 24 Share capital Authorised Unlimited number of ordinary shares of no Unlimited number of preference shares of no Issued ordinary shares Number of Amount January 1, 2019 10,603,153 55,102 Shares issued - share-based payment - employees 159,888 963 December 31, 2019 10,763,041 56,065 Shares issued: - share-based payment - employees (note 30.1(a)) 25,553 216 - options exercised 5,000 30 - equity raise * 597,963 12,538 - Blanket shares purchased from Fremiro (note 6) 727,266 5,847 December 31, 2020 12,118,823 74,696 * The Company raised equity for the construction of the solar plant by way of an At The Market (“ATM”) equity offer on the NYSE American. Gross proceeds of $13,000 $462. |
Note 25 - Reserves
Note 25 - Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of reserves [text block] | 25 Reserves Foreign currency translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations with functional currencies that differ from the presentation currency. Share-based payment reserve The share-based payment reserve comprises the fair value of equity instruments granted to employees, directors and service providers under share option plans (refer to note 30 6 Contributed surplus The contributed surplus reserve comprises the reduction in stated capital as approved by shareholders at the special general meeting on January 24, 2013 Reserves 2020 2019 January 1, 2019 Foreign currency translation reserve (8,794 ) (8,621 ) (6,561 ) Equity-settled share-based payment reserve 14,513 16,760 16,760 Contributed surplus 132,591 132,591 132,591 Total 138,310 140,730 142,790 |
Note 26 - Earnings Per Share
Note 26 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 26 Earnings per share Weighted average number of shares – Basic earnings per share (in number of shares) 2020 2019 2018 Issued shares at the beginning of year (note 24) 10,763,041 10,603,153 10,603,153 Issued shares post consolidation 10,763,041 10,603,153 10,603,153 Weighted average shares issued 940,489 138,736 - Weighted average number of shares at December 31 11,703,530 10,741,889 10,603,153 Weighted average number of shares - Diluted earnings per share (in number of shares) 2020 2019 2018 Weighted average at December 31 11,703,530 10,603,851 10,603,153 Effect of dilutive options 13,173 143,267 698 Weighted average number of shares (diluted) at December 31 11,716,703 10,747,118 10,603,851 The average market value of the Company's shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. Options of 14,827 2019: 32,771, 2018: 37,302 The quantity of options outstanding as at year end that were out of the money amounted to Nil 2019: 18,000, 2018: 18,000 The calculation of total basic and diluted earnings per share for the year ended December 31, 2020 2020 2019 2018 Profit for the year attributable to owners of the Company (basic and diluted) 20,780 42,018 10,766 Blanket Mine Employee Trust Adjustment (485 ) (986 ) (280 ) Profit attributable to ordinary shareholders (basic and diluted) 20,295 41,032 10,486 Basic earnings per share - $ 1.73 3.82 0.99 Diluted earnings per share - $ 1.73 3.81 0.99 Basic earnings are adjusted for the amounts that accrue to other equity holders of subsidiaries upon the full distribution of post-acquisition earnings to shareholders. Diluted earnings are calculated on the basis that the unpaid ownership interests of Blanket Mine's indigenous shareholders are effectively treated as options whereby the weighted average fair value for the period of the Blanket Mine shares issued to the indigenous shareholders and which are subject to settlement of the loan accounts is compared to the balance of the loan accounts and any excess portion is regarded as dilutive. The difference between the number of Blanket Mine shares subject to the settlement of the loan accounts and the number of Blanket Mine shares that would have been issued at the average fair value, is treated as the issue of shares for no no |
Note 27 - Non-controlling Inter
Note 27 - Non-controlling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of non-controlling interests [text block] | 27 Non-controlling interests Blanket Mine recognise NCI at an effective share of 13.2% 2019: 16.2%, 2018: 16.2% 2020 2019 2018 Current assets 24,864 21,386 19,107 Non-current assets 133,908 115,610 98,700 Current liabilities 7,339 (8,630 ) (13,200 ) Non-current liabilities (8,065 ) (9,085 ) (33,043 ) Net assets of Blanket Mine (100%) 158,046 119,281 71,564 Carrying amount of NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) 16,524 16,302 8,345 Revenue 100,002 75,826 68,399 Profit after tax 33,361 51,746 18,456 Total comprehensive income of Blanket Mine (100%) 33,361 51,746 18,456 Profit allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) 4,477 8,383 2,990 Dividend allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) (655 ) (426 ) (589 ) |
Note 28 - Provisions
Note 28 - Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of provisions [text block] | 28 Provisions Site restoration Site restoration relates to the estimated cost of closing down the mines and represents the site and environmental restoration costs, estimated to be paid throughout the period up until closure due to areas of environmental disturbance present at the reporting date as a result of mining activities. Regarding Blanket Mine the costs of site restoration are discounted based on the estimated life of mine. Site restoration costs at Blanket Mine are capitalised to mineral properties depreciated at initial recognition and amortised systematically over the estimated life of the mine for costs relating to the decommissioning of property, plant and equipment. Reconciliation of site restoration provision 2020 2019 Balance January 1 3,346 3,309 Unwinding of discount 2 20 Change in estimate - adjustment capitalised in Property, plant and equipment 219 17 Balance December 31 3,567 3,346 The discount rates currently applied in calculating the net present value of the Blanket Mine provision is 1.45% 2019: 2.31%, January 1, 2019: 2.95% 2.05% 2019: 2.27%, January 1, 2019: 2.13% $3,389 2019: $3,364, January 1, 2019: $3,604 December 31, 2020. |
Note 29 - Loans and Borrowings
Note 29 - Loans and Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 29 Loans and borrowings 2020 2019 2018 Balance at January 1 2,471 5,960 1,486 Cash flows Repayment - Capital (574 ) - (1,500 ) - Finance cost (388 ) (130 ) (58 ) Proceeds - 2,340 6,000 Transaction cost - (46 ) (60 ) Unrealised foreign exchange (1,487 ) (5,818 ) - Non-cash flow Finance cost 386 165 92 Balance at December 31 408 2,471 5,960 Long-term portion of loan facility - 1,942 5,960 Short-term portion of loan facility 408 529 - Finance cost are accounted for in note 15 Terms and repayment schedule The terms and conditions of outstanding loans are as follows on December 31: 2020 2019 Currency Nominal interest rate Year of maturity Face value Carrying value Face value Carrying value Unsecured bank loan - Stanbic RTGS$ 50 % 2021 87 87 384 384 Unsecured bank loan - First Capital RTGS$ 55 % 2021 321 321 2,087 2,087 Total 408 408 2,471 2,471 The Stanbic loan is repayable as a single bullet payment in December 2021. 4 December 2020. |
Note 30 - Share-based Payments
Note 30 - Share-based Payments | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 30 Share-based payments 30.1 Cash-settled share-based payments The Group has expensed the following cash-settled share-based expense arrangements for the twelve December 31: Note 2020 2019 2018 Restricted Share Units and Performance Units 30.1 (a) 1,299 616 218 Caledonia Mining South Africa employee incentive scheme 30.1 (b) 114 73 97 1,413 689 315 (a) Restricted Share Units and Performance Units Certain management and employees within the Group are 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. 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 unitholder. 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%, 2018: 85% December 31, 2020 $2,240 2019: $524, January 1, 2019: $2,043 December 31, 2020 $634 2019: $107, 2018: $43 9. $216 The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on: December 31, December 31, 2020 2019 RSUs PUs RSUs PUs Fair value (USD) $ 15.88 $ 15.51 $ 8.46 $ 8.19 Share price (USD) $ 15.88 $ 15.88 $ 8.46 $ 8.46 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 11, 2019 – 95,740 – 95,740 Grant - March 23, 2019 – 28,287 – 28,287 Grant - June 8, 2019 – 14,672 – 14,672 Grant - January 11, 2020 17,585 114,668 – – Grant - March 31, 2020 – 1,971 – – Grant - June 1, 2020 – 1,740 – – Grant - September 9, 2020 – 1,611 – – Grant - September 14, 2020 – 20,686 – – Grant - October 5, 2020 – 514 – – RSU dividends reinvested 995 – 11,316 – Settlements/ terminations (5,052 ) (17,774 ) (87,434 ) (306,920 ) Total awards 17,971 279,889 5,052 156,473 On January 11, 2021, 78,883 (b) Caledonia Mining South Africa employee incentive scheme From 2017 52,282 November 30 3 £12.05 $30 December 31, 2019: $16, January 1, 2019: $47 $114 2019: $73, 2018: $97 twelve December 31, 2020. December 31, 2020. During September 2020 10% no 10% 14 31 2020 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/ expired (11,941 ) (44,985 ) Total awards outstanding 3,011 7,297 Estimated awards expected to vest 100 % 100 % 30.2 Equity-settled share-based payments The Group has expensed the following equity-settled share-based payment arrangements for the years ended December 31: Note 2020 2019 2018 Share option programmes 30.2 (a) – – 14 – – 14 (a) Share option programs In accordance with the OEICP, options are granted at an exercise price equal to the greater of volume weighted average trading price for the five Terms and conditions of share option programs The maximum term of the options under the OEICP is ten may not 10% December 31, 2020, Number of Options Exercise Price Expiry Date Canadian $ 18,000 11.50 Oct 13, 2021 10,000 9.30 Aug 25, 2024 28,000 The continuity of the options granted, exercised, cancelled and expired under the Plan were as follows: Number of Options Weighted Avg. Exercise Price Canadian $ Options outstanding and excercisable at January 1, 2019 38,000 9.48 Granted - - Exercised - - Options outstanding and excercisable at December 31, 2019 38,000 9.48 Granted - - Exercised (5,000 ) 8.10 Expired (5,000 ) 4.00 Options outstanding and excercisable at December 31, 2020 28,000 10.71 The weighted average remaining contractual life of the outstanding options is 1.81 2019: 2.14 2018: 3.14 Inputs for measurement of grant date fair values The fair value of share-based payments noted above was estimated using the Black-Scholes Option Pricing Model as the fair value of the services could not not Options Granted 10,000 Grant date February 27, 2018 Risk-free interest rate 2.86 % Expected stock price volatility (based on historical volatility) 32 % Expected option life in years 3 Exercise price CAD 9.30 Share price at grant date CAD 9.30 Fair value at grant date $ 1.40 The exercise price was determined as the prevailing Toronto Stock Exchange share price on the day of the grant. Expected volatility has been based on an evaluation of the historical volatility of the Company's share price. The expected term has been based on historical experience. The share-based payment expense relating to the grants amounted to $Nil 2019: $Nil; 2018: $14 |
Note 31 - Trade and Other Payab
Note 31 - Trade and Other Payables | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 31 Trade and other payables 2020 2019 January 1, 2019 Trade payables and accruals 1,897 2,825 2,510 Electricity accrual 735 626 4,054 Audit fee 273 370 239 Shareholders for dividend (Non-controlling interest) 208 364 215 Other payables 1,209 582 475 Connemara North - exploration option 300 – – Financial liabilities 4,622 4,767 7,493 Production and management bonus accrual - Blanket Mine 467 1,092 – Other employee benefits 794 546 669 Leave pay 2,098 1,943 1,889 Accruals 683 – – Non-financial liabilities 4,042 3,581 2,558 Total 8,664 8,348 10,051 The Group's exposure to credit and currency risks and impairment losses related to trade and other receivables are disclosed in notes 7 33. The Group voluntarily changed the disclosure policy for lease liabilities to be disclosed separately rather than under Trade and other payables (refer to note 4 December, 2020 |
Note 32 - Cash Flow Information
Note 32 - Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash flow statement [text block] | 32 Cash flow information Non-cash items and information presented separately on the cash flow statement: 2020 2019 2018 Operating profit 40,735 60,889 21,421 Adjustments for: Impairment of property, plant and equipment – 144 208 Impairment of exploration and evaluation assets 2,930 – – Profit on sale of subsidiary – (5,409 ) – Unrealised foreign exchange gains (note 11) (8,367 ) (31,307 ) (243 ) Cash-settled share-based expense (note 30.1) 1,413 689 228 Cash-settled share-based expense included in production costs 634 107 43 Settlement of cash-settled share-based expense (1 ) (1,384 ) – Equity-settled share-based expense – – 14 Site restoration – – 30 Depreciation 4,628 4,434 4,071 Allowance for obsolete inventory – – 15 Fair value loss/ (gain) on derivative assets (note 23) 266 (102 ) – Disposal of property, plant and equipment – 63 – Derecognition of property, plant and equipment 182 – – Net cash used for assets and liabilities held for sale – – (2 ) Cash generated by operations before working capital changes 42,420 28,124 25,785 Inventories (5,707 ) (1,655 ) (277 ) Prepayments 816 (2,099 ) (62 ) Trade and other receivables 539 393 (1,916 ) Trade and other payables (101 ) (878 ) (2,411 ) Cash generated by operations 37,967 23,885 21,119 |
Note 33 - Financial Instruments
Note 33 - Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 33 Financial Instruments (a) Credit risk Exposure to credit risk The carrying amount of financial assets as disclosed in the statements of financial position and related notes represents the maximum credit exposure. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was: Carrying amount 2020 2019 January 1, 2019 Zimbabwe 1,581 3,123 3,639 Jersey, Channel Islands 1,100 2,003 – Other regions 3 20 10 2,684 5,146 3,649 (b) Liquidity risk The following are the contractual maturities of financial liabilities, including contractual interest payments and excluding the impact of netting agreements. Non-derivative financial liabilities December 31, 2020 Carrying amount 12 months or less 1-3 Years Trade and other payables 4,622 4,622 - Term loan facility 408 408 - 5,030 5,030 - December 31, 2019 Carrying amount 12 months or less 1-3 Years Trade and other payables 5,116 5,116 - Term loan facility 2,471 - 2,471 7,587 5,116 2,471 January 1, 2019 Carrying amount 12 months or less 1-3 Years Trade and other payables 7,493 7,493 - Term loan facility 5,960 - 5,960 13,453 7,493 5,960 (c) Currency risk The Group is exposed to currency risk to the extent that there is a mismatch between the currency that it transacts in and the functional currency. The results of the Group's operations are subject to currency transaction risk and currency translation risk. The operating results and financial position of the Group are reported in US Dollar in the Group's consolidated financial statements. The fluctuation of the US Dollar in relation to other currencies that entities within the Group may may Sensitivity analysis As a result of the Group's monetary assets and liabilities denominated in foreign currencies which is different to the functional currency of the underlying entities, the profit or loss and equity in the underlying entities could be affected by movements between the functional currency and the foreign currency. The table below indicates consolidated monetary assets/(liabilities) in the Group that have a different functional currency and foreign currency. 2020 2019 January 1, 2019 $'000 $'000 $'000 Functional currency Functional currency Functional currency ZAR $ ZAR $ ZAR $ Cash and cash equivalents 59 1,959 57 4,176 57 8,147 Trade and other receivables - 249 - 1,735 - 126 Trade and other payables - (174 ) - (179 ) - (345 ) Term loan - 408 - (2,471 ) - (5,960 ) Overdraft - - - (490 ) - - 59 2,442 57 2,771 57 1,968 A reasonably possible strengthening or weakening of 5% 2020 2019 January 1, 2019 $'000 $'000 $'000 Functional currency Functional currency Functional currency ZAR $ ZAR $ ZAR $ Cash and cash equivalents 3 103 3 199 3 388 Trade and other receivables - 12 - 82 - 6 Trade and other payables - (8 ) - 9 - (16 ) Term loan - 19 - (117 ) - (283 ) Overdraft - - - (23 ) - - 3 126 3 150 3 95 (d) Interest rate risk The Group's interest rate risk arises from Loans and borrowings, overdraft facility and cash held. The Loans and borrowings, overdraft facility and cash held have variable interest rates. Variable rates expose the Group to cash flow interest rate risk. The Group has not The Group's assets and liabilities exposed to interest rate fluctuations as at year end is summarised as follows: 2020 2019 January 1, 2019 Cash and cash equivalents 19,092 9,383 11,187 Term loan (408 ) (2,471 ) (5,960 ) Overdraft – (490 ) – Interest rate risk arising from borrowings is offset by interest from available cash and cash equivalents. The table below summarises the effect of a change in finance cost on the Group's profit or loss and equity, had the rates charged differed. Sensitivity analysis - Cash and cash equivalents 2020 2019 January 1, 2019 Increase by 100 basis points 191 94 111 Decrease by 100 basis points (191 ) (94 ) (111 ) Sensitivity analysis - Term loan Increase by 100 basis points 4 (25 ) (60 ) Decrease by 100 basis points (4 ) 25 60 Sensitivity analysis - Overdraft Increase by 100 basis points - (5 ) - Decrease by 100 basis points - 5 - |
Note 34 - Dividends
Note 34 - Dividends | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 34 Dividends 2020 2019 2018 Dividends declared to owners of the Company (excluding NCI) 3,887 2,969 2,908 Quarterly dividend per share history: Declaration date cents per share January 10, 2019 6.875 April 11, 2019 6.875 July 11, 2019 6.875 October 1 , 2019 6.875 January , 2020 7.5 May 14, 2020 7.5 July , 2020 8.5 October , 2020 10.0 |
Note 35 - Contingencies
Note 35 - Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of contingent liabilities [text block] | 35 Contingencies The Group may no |
Note 36 - Related Parties
Note 36 - Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 36 Related parties Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. Directors of the company, as well as certain executives, are considered key management. Employee contracts between Caledonia Mining South Africa Proprietary Limited, the Company and key management, include an option for respective key management to terminate such employee contract in the event of a change in control of the Company and to receive a severance payment equal to two December 31, 2020 $8,338 2019: $6,259, 2018: $6,567 · the acquisition of more than 50% · the acquisition of right to exercise the majority of the voting rights of shares; or · the acquisition of the right to appoint the majority of the board of directors; or · the acquisition of more than 50% Key management personnel and director transactions: A number of related parties transacted with the Group in the reporting period. The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: 2020 2019 2018 Key management salaries and bonuses 2,915 2,362 2,476 Cash-settled share-based expense* 1,280 723 261 4,195 3,085 2,737 Employees, officers, directors, consultants and other service providers also participate in the OEICP (see note 30.1 37. Refer to note 6 27 38 1983 * Amount inclusive of $295 2019: $107, 2018: $43 |
Note 37 - Group Entities
Note 37 - Group Entities | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of subsidiaries [text block] | 37 Group entities Functional currency Country of incorporation Legal shareholding Intercompany balances with holding company 2020 2019 2020 2019 Caledonia Holdings Zimbabwe (Private) Limited $ Zimbabwe 100 100 - - Caledonia Mining Services (Private) Limited $ Zimbabwe 100 100 - - Fintona Investments Proprietary Limited ZAR South Africa 100 100 (14,859 ) (14,859 ) Caledonia Mining South Africa Proprietary Limited ZAR South Africa 100 100 612 1,750 Greenstone Management Services Holdings Limited $ United Kingdom 100 100 20,818 14,902 Blanket Mine (1983) (Private) Limited (2) $ Zimbabwe 64 49 (3,980 ) (400 ) Blanket Employee Trust Services (Private) Limited (BETS) (1) $ Zimbabwe - - - - ( 1 ( 2 6 13.2% 2019: 16.2%, 2018: 16.2% |
Note 38 - Operating Segments
Note 38 - Operating Segments | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 38 Operating Segments 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 and Caledonia Mining Services (Private) Limited. The South African 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 twelve months ended December 31, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 100,002 – – – 100,002 Inter-segmental revenue – 23,214 (23,214 ) – – Royalty (5,007 ) – – – (5,007 ) Production costs (44,032 ) (20,318 ) 20,639 – (43,711 ) Depreciation (4,920 ) (91 ) 424 (41 ) (4,628 ) Other income 4,751 14 – – 4,765 Other expenses (5,180 ) (114 ) – (21 ) (5,315 ) Administrative expenses (156 ) (2,237 ) 10 (5,614 ) (7,997 ) Management fee (2,492 ) 2,492 – – – Cash-settled share-based expense – (114 ) 634 (1,933 ) (1,413 ) Net foreign exchange gain (loss) 4,618 132 (272 ) (173 ) 4,305 Fair value loss on derivative assets – (164 ) – (102 ) (266 ) Net finance cost (352 ) 47 – – (305 ) Dividends (paid) received (2,198 ) (1,355 ) – 3,553 – Profit before tax 45,034 1,506 (1,779 ) (4,331 ) 40,430 Tax expense (14,446 ) (854 ) 380 (253 ) (15,173 ) Profit after tax 30,588 652 (1,399 ) (4,584 ) 25,257 As at December 31, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 27,070 5,320 (194 ) 12,390 44,586 Non-Current (excluding intercompany) 133,568 716 (4,237 ) 3,287 133,334 Expenditure on property, plant and equipment (note 17) 26,391 151 (1,887 ) 123 24,778 Expenditure on evaluation and exploration assets (note 18) 98 – – 2,961 3,059 Intercompany balances 17,482 6,752 (69,144 ) 44,910 – Geographic segment liabilities: Current (excluding intercompany) (6,831 ) (1,797 ) – (1,336 ) (9,964 ) Non-current (excluding intercompany) (8,065 ) – 264 (2,112 ) (9,913 ) Intercompany balances – (34,020 ) 69,144 (35,124 ) – For the twelve months ended December 31, 2019 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 75,826 – – – 75,826 Inter-segmental revenue – 15,973 (15,194 ) (779 ) – Royalty (3,854 ) – – – (3,854 ) Production costs (36,278 ) (13,740 ) 13,618 – (36,400 ) Depreciation (4,645 ) (90 ) 350 (49 ) (4,434 ) Other income 2,016 258 – – 2,274 Other expenses (498 ) (168 ) – – (666 ) Administrative expenses (126 ) (1,736 ) – (3,775 ) (5,637 ) Management fee (2,798 ) 2,798 – – – Cash-settled share-based expense (234 ) (166 ) – (289 ) (689 ) Net foreign exchange gain 29,634 9 – 18 29,661 Profit with sale of subsidiary – – – 5,409 5,409 Fair value loss on derivative assets – – – (601 ) (601 ) Net finance cost (299 ) 57 – 44 (198 ) Dividends received – – – – – Profit before tax 58,744 3,195 (1,226 ) (22 ) 60,691 Tax expense (9,529 ) (825 ) 192 (128 ) (10,290 ) Profit after tax 49,215 2,370 (1,034 ) (150 ) 50,401 As at December 31, 2019 Zimbabwe South Africa Inter-group eliminations 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 17) 21,293 47 (1,165 ) 248 20,423 Expenditure on evaluation and exploration assets (note 18) 172 – – – 172 Intercompany balances – 8,869 (52,783 ) 43,914 – Geographic segment liabilities: Current (excluding intercompany) (7,177 ) (1,546 ) – (1,156 ) (9,879 ) Non-current (excluding intercompany) (9,085 ) (17 ) 140 5 (8,957 ) Intercompany balances (2,441 ) (32,558 ) 52,783 (17,784 ) – Major customer Revenues from Fidelity amounted to $100,002 2019: $75,826, 2018: $68,399 twelve December 31, 2020. |
Note 39 - Defined Contribution
Note 39 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of employee benefits [text block] | 39 Defined Contribution Plan Under the terms of the Mining Industry Pension Fund (“Fund”) in Zimbabwe, eligible employees contribute a fixed percentage of their eligible earnings to the Fund. Blanket Mine makes a matching contribution plus an inflation levy as a fixed percentage of eligible earnings of these employees. The total contribution by Blanket Mine for the year ended December 31, 2020 $796 2019: $506, 2018: $619 |
Note 40 - COVID-19
Note 40 - COVID-19 | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of COVID-19 [text block] | 40 COVID- 19 Due to the worldwide COVID- 19 may 19 may · global gold prices; · demand for gold and the ability to refine and sell gold produced; · the severity and the length of potential measures taken by governments to manage the spread of the disease, and their effect on labour availability and supply lines; · availability of government supplies, such as water and electricity; · local currency purchasing power; or · ability to obtain funding. With regular lockdowns implemented by the Government of Zimbabwe and the Government of South Africa the Group's supply chain has continued to function at a level that is adequate to augment the Group's inventories, which management believes are sufficient to maintain normal production without interruption and accordingly the current situation bears no Further management had to incur additional costs to ensure the wellbeing of its employees and made donations to stakeholders in Zimbabwe to assist in curbing the effects of COVID- 19. 9 13. Work on the Central Shaft project from April 2020 19 first 2021 fourth 2020. 2021 75,000 61,000 67,000 no 80,000 2022 At the date of the authorisation of the financial statements management is of the opinion that the effects of COVID- 19 |
Note 41 - Subsequent events
Note 41 - Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 41 Subsequent events There were no December 31, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for basis of consolidation [text block] | (a) Basis of consolidation i) Subsidiaries and structured entities Subsidiaries and certain structured entities are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variability in returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ii) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related Non-controlling interests (“NCI”) and other components of equity. Any gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. iii) Non-controlling interests NCI is measured at their proportionate share of the carrying amounts of the acquiree's identifiable net assets at fair value at the acquisition date. Changes in the Group's interest in a subsidiary that do not iv) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no |
Description of accounting policy for functional currency [text block] | (b) Foreign currency i) Foreign operations As stated in note 2 · assets and liabilities are translated using the exchange rate at year end; and · income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognised in Other Comprehensive Income (“OCI”). If settlement is planned or likely in the foreseeable future, foreign exchange gains and losses are included in profit or loss. When settlement occurs, the settlement will not not When the Group disposes of its entire interest in a foreign operation or loses control over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are reclassified to profit or loss. If the Group disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are reattributed between controlling and non-controlling interests. All resulting translation differences are reported in OCI and accumulated in the foreign currency translation reserve. ii) Foreign currency translation In preparing the financial statements of the Group entities, transactions in currencies other than the functional currency (foreign currencies) of these Group entities are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities are translated using the current foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in profit or loss for the year. On October 1, 2018 1:1 February 20, 2019 2.5 1 81.79 2019: 16.77 2018: 1 1 December 31, 2020. Further, the Reserve Bank of Zimbabwe (“RBZ”) issued a directive to Zimbabwean banks to separate foreign currency (“Foreign currency”) and RTGS$ for bank accounts held by clients on October 1, 2018. 30% November 12, 2018 30% 55%, May 26, 2020 55% 70% January 8, 2021 70% 60% 2021 In applying IAS 21, · the majority of revenue is received in US Dollars; · the gold price receivable was calculated in US Dollars; · the majority of costs are calculated by reference to the US Dollar if denominated in RTGS$ or is paid in US Dollars; and · Income tax liabilities calculated in RTGS$ are settled predominantly in US Dollars. The application of IAS 21, 142 |
Description of accounting policy for leases [text block] | (c) Leases The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right of use asset reflects that the Group will exercise a purchase option. In that case the right of use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as property, plant and equipment. Also, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: · fixed payments, including in-substance fixed payments; · variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; and · the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there lease agreement changes in substance in terms of payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. The Group presents the right of use assets that do not The Group has elected not |
Description of accounting policy for financial instruments [text block] | (d) Financial instruments i) Non-derivative financial assets Recognition and initial measurement The Group holds only financial assets measured at amortised cost and at fair value through profit or loss. Financial assets are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not Classification and subsequent measurement On initial recognition, a financial asset is classified as and measured at amortised cost or at fair value through profit or loss. Financial assets are not first first A financial asset is measured at amortised cost if it meets both of the following conditions and is not · it is held within a business model whose objective is to hold assets to collect contractual cash flows; and · its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets of the Group not may Net gains and losses are recognised in profit or loss. Financial assets classified as and measured at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Finance income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. The Group had the following non-derivative financial assets: Financial assets at amortised cost Financial assets at amortised cost comprise loans and receivables included in Trade and other receivables. Loans and receivables are financial assets with fixed or determinable payments that were not 5 ii) Non-derivative financial instruments Non-derivative financial liabilities are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities consist of bank overdrafts, loans and borrowings and trade and other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method. iii) Derivative financial instruments The Group held Derivative financial instruments to hedge its gold price exposure and invest excess short term Rands on hand at the South African subsidiary. Derivatives are recognised initially at fair value; attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value. The Group does not iv) Offsetting Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Description of accounting policy for restricted cash and cash equivalents [text block] | (e) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three 2019 2019 |
Description of accounting policy for issued capital [text block] | (f) Share capital Share capital is classified as equity. Incremental costs directly attributable to the issue, consolidation and repurchase of fractional items of shares and share options are recognised as a deduction from equity, net of any tax effects. |
Description of accounting policy for property, plant and equipment [text block] | (g) Property, plant and equipment i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and borrowing costs on qualifying assets. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised in profit or loss. Refer to note 5 ii) Subsequent costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. iii) Depreciation Depreciation is calculated to write off the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. On commencement of commercial production, depreciation of mine development, infrastructure and other assets is calculated on the unit-of-production method using the estimated measured, indicated and inferred resources which are planned to be extracted in terms of Blanket's life-of-mine plan (“LoMP”). Resources that are not not For other categories, depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Inferred resources are included in the LoMP to the extent that there is a successful history of upgrading inferred resources. Blanket reports its resources inclusive of reserves. As a result, resources included in the LoMP and hence in the calculation of depreciation include material from measured, indicated and inferred resource classes as detailed below under the following types of resources: · Measured resources – all proven reserve blocks plus 50% · Indicated resources – all probable reserves plus indicated resources which occur within the mine extent as defined by the LoMP infrastructure. · Inferred resources – inferred resources (discounted by approximately 30% In addition, inferred resources are included in the LoMP if it is expected that the inferred resources can be economically recovered in the future. Economic recovery is expected if a history can be proven that the recovered grade of the inferred resources exceeded the pay limit grade and when this trend can be expected in the future and if it is economical to recover inclusive of the cost of the capital requirements to access and extract the gold from the inferred resources. Refer to note 17 Land is not The calculation of the production rate units could be affected to the extent that actual production in the future is different from the current forecast production based on reserves and resources. This would generally result from the extent to which there are significant changes in any of the factors or assumptions used in estimating mineral reserves and resources. These factors include: · changes in mineral reserves and resources; · differences between actual commodity prices and commodity price assumptions; · unforeseen operational issues at mine sites; and · changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. The estimated useful lives for the current and comparative years are as follows: · buildings 10 15 2019: 10 15 2018: 10 15 · plant and equipment 10 2019: 10 2018: 10 · fixtures and fittings including computers 4 10 2019: 4 10 2018: 4 10 · motor vehicles 4 2019: 4 2018: 4 · right of use assets 3 6 · mine development, infrastructure and other assets in production, units-of-production method. Depreciation methods, useful lives and residual values are reviewed each financial year and adjusted if appropriate. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Assets under construction's useful life and residual values will be assessed once the asset is available for use. |
Description of accounting policy for exploration and evaluation expenditures [text block] | (h) Exploration and evaluation assets Exploration costs are capitalised as incurred. The costs related to speculative drilling on unestablished orebodies at Blanket Mine, general administrative or overhead costs are expensed as incurred. Exploration and evaluation costs capitalised are disclosed under Exploration and evaluation assets (refer to note 4 Costs not Once the technical feasibility and commercial viability of extracting the mineral resource have been determined, the property is considered to be a mine under development and moved to the mine development, infrastructure and other asset category within property, plant and equipment. Capitalised direct costs related to the acquisition, exploration and development of mineral properties remain capitalised until the properties to which they relate are ready for their intended use, sold, abandoned or management has determined there to be impairment. Exploration and evaluation assets are tested for impairment before the assets are transferred to mine development, infrastructure and other assets. Exploration and evaluations assets are not |
Description of accounting policy for measuring inventories [text block] | (i) Inventories Consumable stores are measured at the lower of cost and net realisable value. The cost of consumable stores is based on the weighted average cost principle. It includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Gold in process is measured at the lower of cost and net realisable value. The cost of gold in process includes an appropriate share of production overheads based on normal operating capacity and is valued on the weighted average cost principle. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. |
Description of accounting policy for impairment of assets [text block] | (j) Impairment i) Non-derivative financial assets (including receivables) The Group applies the IFRS 9 not 48 December 31, not no 90 no ii) Non-financial assets The carrying amounts of the Group's non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The Group's corporate assets do not may An impairment loss is recognised if the carrying amount of a CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated to reduce the carrying amount of assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no not no iii) Impairment of Exploration and evaluation (“E&E”) assets The test for impairment of E&E assets can combine several CGUs as long as the combination is not E&E assets are assessed for impairment only when facts and circumstances suggest that the carrying amount of an E&E asset may · The entity's right to explore in the specific area has expired or will expire in the near future and is not · Substantive expenditure on further E&E activities in the specific area is neither budgeted nor planned. · The entity has not · Even if development is likely to proceed, the entity has sufficient data indicating that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale. |
Description of accounting policy for employee benefits [text block] | (k) Employee benefits i) Short-term employee benefits Short-term employee benefits are expensed when the related services are provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. ii) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no 12 |
Description of accounting policy for share-based payment transactions [text block] | (l) Share-based payment transactions i) Equity-settled share-based payments to employees and directors The grant date fair value of equity-settled share-based payment awards granted to employees and directors is recognised as an expense, with a corresponding increase in equity, over the vesting period of the award. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market vesting conditions at the vesting date. Where the terms and conditions of equity-settled share-based payments are modified, the increase in the fair value, measured immediately before and after the modification date, is charged to profit or loss over the remaining vesting period or immediately for vested awards. Similarly, where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss. Additional information about significant judgements, estimates and assumptions used to quantify the equity-settled share-based payment transactions and modification are disclosed in note 30.2. ii) Cash-settled share-based payments to employees and directors The grant date fair value of cash-settled awards granted to employees and directors is recognised as an expense, with a corresponding increase in the liability, over the vesting period of the awards. At each reporting date the fair value of the awards is re-measured with a corresponding adjustment to profit or loss. The method of calculating the fair value of the cash-settled share-based payments changed during quarter 1 2018 not 30.1. |
Description of accounting policy for provisions [text block] | (m) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability if the time value of money is considered significant. The unwinding of the discount is recognised as a finance cost. |
Description of accounting policy for decommissioning, restoration and rehabilitation provisions [text block] | (n) Site restoration The Group recognises liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of property, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of these assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalised to mineral properties along with a corresponding increase in the rehabilitation provision in the period incurred. Future rehabilitation costs are discounted using a pre-tax risk-free rate that reflects the time-value of money. The Group's estimates of rehabilitation costs, which are reviewed annually, could change as a result of changes in regulatory requirements, discount rates, effects of inflation and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mineral properties with a corresponding entry to the rehabilitation provision. |
Description of accounting policy for recognition of revenue [text block] | (o) Revenue Revenue from the sale of precious metals is recognised when the metal is accepted at the refinery, control is transferred and the receipt of proceeds is substantially assured. Revenue is measured at the fair value of the receivable at the date of the transaction. |
Description of accounting policy for government grants [text block] | (p) Government grants The Company recognises an unconditional government grant related to gold proceeds in profit or loss as other income when the grant becomes receivable. Government grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received. |
Description of accounting policy for finance income and costs [text block] | (q) Finance income and finance cost Finance income comprises interest income on funds invested. Finance income is recognised as it accrues in profit or loss, using the effective interest method. Finance cost comprise interest expense on the rehabilitation provisions, interest on bank overdraft balances, effective interest on leases, loans and borrowings and also includes commitment costs on overdraft facilities. Finance cost is recognised in profit or loss using the effective interest rate method and excludes borrowing costs capitalised. |
Description of accounting policy for income tax [text block] | (r) Taxes i) Income tax Tax expense comprises current and deferred tax. These expenses are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. ii) Current tax Current tax is the tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date. Current tax includes withholding tax on management fees and dividends paid between companies within the Group. iii) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not not not Deferred tax is a monetary item measured at the tax rates and in the currency that are expected to be applied when temporary differences reverse. The tax and exchange rates are based on the laws that have been enacted, substantively enacted or the interbank exchange rates that prevail at the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no |
Description of accounting policy for earnings per share [text block] | (s) Earnings per share The Group presents basic and diluted earnings per share (“EPS”) data for its shares. Basic EPS is calculated by dividing the adjusted profit or loss attributable to shareholders of the Group (see note 26 |
Description of accounting policy for borrowing costs [text block] | (t) Borrowing cost General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and recognised as finance cost. |
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block] | (u) Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount or fair value less costs to sell. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified as held for sale property, plant and equipment are no |
Description of accounting policy for accounting standards [text block] | (v) The following standards, amendments to standards and interpretations to existing standards may Standard/ Interpretation Effective date * IAS 1 The amendments to IAS 1 Presentation of Financial Statements The amendments could affect the classification of liabilities, particularly for entities that previously considered management's intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors The Group has completed its assessment of the impact of IAS 1 not January 1, 2023 IAS 16 The amendment to IAS 16 Property, Plant and Equipment not The amounts of proceeds and costs relating to items produced that are not The Group has completed its assessment of the impact of IAS 16 not January 1, 2022 Standard/ Interpretation Effective date * IAS 37 Amendments to IAS 37 Provision, Contingent Liabilities and Contingent Assets The amendments apply to contracts existing at the date when the amendments are first The Group has completed its assessment of the impact of IAS 37 not January 1, 2022 Annual Improvements to IFRS Standards 2018–2020 The following improvements were finalised in May 2020: · IFRS 9 Financial Instruments 10% · IFRS 16 Leases 13 · IFRS 1 First-time Adoption of International Financial Reporting Standards 1 The Group has completed its assessment of the impact of the above standards and concluded that the standard amendments would not January 1, 2022 * |
Note 6 - Blanket Zimbabwe Ind_2
Note 6 - Blanket Zimbabwe Indigenisation Transaction (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of indigenisation shareholder percentages and facilitation loan balances [text block] | Balance of facilitation loan # USD Shareholding Effective interest NCI subject to December 31, December 31, NIEEF 16 % 3.20 % 12.80 % 11,728 11,877 Fremiro - & - & - & - & 11,458 Community Trust 10 % 10.00 % – – – BETS ~ 10 % – – 7,447 7,639 36 % 13.20 % 12.80 % 19,175 30,974 |
Disclosure of movement in dividend loan [text block] | Balance at January 1, 2019 30,986 Finance cost accrued 1,609 Dividends used to repay loans (1,621 ) Balance at December 31, 2019 30,974 Cancellation of Fremiro loan (11,458 ) Finance cost accrued 1,396 Dividends used to repay loan (1,737 ) Balance at December 31, 2020 19,175 |
Disclosure of facilitation loans [text block] | Total Balance at January 1, 2019 2,053 Finance cost accrued 104 Dividends used to repay advance dividend loan (525) Balance at December 31, 2019 1,632 Finance cost accrued 98 Dividends used to repay advance dividend loan (736) Balance at December 31, 2020 994 |
Note 8 - Capital Management (Ta
Note 8 - Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of capital components [text block] | 2020 2019 January 1, 2019 Total equity 158,043 124,717 78,808 |
Note 9 - Production Costs (Tabl
Note 9 - Production Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of components for cost of sales [text block] | 2020 2019 2018 Salaries and wages 16,122 13,905 13,160 Consumable materials – Operations 14,938 13,020 12,143 Consumable materials – COVID-19 824 – – Electricity costs 8,312 6,383 9,313 Site restoration – – 84 Safety 708 525 592 Cash-settled share-based expense (note 30.1(a)) 634 107 43 On mine administration 1,800 2,159 3,569 Pre-feasibility exploration costs 373 301 411 43,711 36,400 39,315 |
Note 10 - Other Income (Tables)
Note 10 - Other Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income components [text block] | 2020 2019 2018 Government grant – Gold sale export credit incentive 4,695 866 6,482 Government grant – Gold support price - 1,064 - Other 70 94 39 Greenstone Retirement Fund pay-out - 250 - Greenstone Provident Fund pay-out - - 363 Eersteling rock dump sale - - 217 4,765 2,274 7,101 |
Disclosure of ECI applicable and percentages applied [text block] | ECI applicable periods Percentage May 1, 2016 – December 31, 2017 3.5% January 1, 2018 – January 31, 2018 2.5% February 1, 2018 – February 20, 2019 10% February 21, 2019 – March 9, 2020 0% March 10, 2020 – June 26, 2020 25% |
Note 11 - Net Foreign Exchang_2
Note 11 - Net Foreign Exchange Gain (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of foreign currency gains (losses) [text block] | 2020 2019 2018 Unrealised foreign exchange gain 8,367 31,411 230 Realised foreign exchange loss (4,062 ) (1,750 ) (7 ) Net foreign exchange gain 4,305 29,661 223 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of quantitative information about right-of-use assets [text block] | Balance at January 1, 2019 263 Depreciation (112 ) Additions to right of use assets 248 Derecognition of right of use assets (64 ) Foreign currency movement 2 Balance at December 31, 2019 337 Depreciation (99 ) Foreign currency movement (9 ) Balance at December 31, 2020 229 |
Disclosure of quantitative information about lease liability [text block] | Balance at January 1, 2019 263 Additions to lease liability 195 Finance cost 17 Lease payments (124 ) Foreign currency movement (2 ) Balance at December 31, 2019 349 Finance cost 15 Lease payments (118 ) Foreign currency movement (7 ) Balance at December 31, 2020 239 |
Disclosure of profit or loss and cash flow amounts of leases [text block] | 2020 2019 2018 Finance cost on lease liabilities 15 17 – Unrealised foreign exchange gain (2 ) 4 – Depreciation 99 112 – 112 133 – 2020 2019 2018 Total cash outflow for leases - principal 118 124 – Total cash outflow for leases - finance cost (15 ) (17 ) – |
Disclosure of maturity analysis of operating lease payments [text block] | 2020 Less than one year 61 One to two years 46 Two to three years 46 Three to four years 46 Four to five years 40 More than five years – 239 |
Note 13 - Other Expenses (Table
Note 13 - Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expenses components [text block] | 2020 2019 2018 Intermediated Money Transaction Tax 451 354 116 Solar evaluation cost* 230 160 – COVID-19 donations ~ 1,322 – – Community and social responsibility cost 382 – – Other – 8 12 Impairment of property, plant and equipment – 144 208 Impairment of exploration and evaluation assets (note 21.1) 2,930 – – 5,315 666 336 |
Note 14 - Administrative Expe_2
Note 14 - Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of general and administrative expense [text block] | 2020 2019 2018 Investor relations 353 414 751 Audit fee 288 237 266 Advisory services fees 904 408 553 Listing fees 448 277 495 Directors fees – Company 323 240 225 Directors fees – Blanket 43 31 52 Employee costs 4,065 3,030 2,917 Other office administration cost 424 605 645 Management liability insurance 1,032 86 52 Travel costs 117 292 297 Eersteling Gold Mine administration costs – 17 212 7,997 5,637 6,465 |
Note 15 - Finance Income and _2
Note 15 - Finance Income and Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of finance income (cost) [text block] | 2020 2019 2018 Finance income received - Bank 62 146 53 Finance cost - Term loan (note 29) 386 165 92 Finance cost - Capitalised to property, plant and equipment (note 17) (53 ) (165 ) (92 ) Unwinding of rehabilitation provision (note 28) 2 20 20 Finance cost - Leases (note 12) 15 17 – Finance cost - Overdraft 17 307 253 367 344 273 |
Note 16 - Tax Expense (Tables)
Note 16 - Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of income tax [text block] | 2020 2019 2018 Tax recognised in profit or loss Current tax 9,492 7,311 3,783 Income tax - current year 8,969 6,802 2,523 Income tax - prior year (over)/ under provision (54 ) 29 1,075 Withholding tax - current year 577 480 580 Withholding tax - prior year overprovision - - (395 ) Deferred tax expense 5,681 2,979 3,662 Origination and reversal of temporary differences 5,681 2,979 3,662 Tax expense – recognised in profit or loss 15,173 10,290 7,445 Tax recognised in other comprehensive income Income tax - current year - - - Tax expense 15,173 10,290 7,445 |
Disclosure of unrecognized deferred tax assets [text block] | 2020 2019 2018 Eersteling Gold Mining Company Limited - - 4,989 Caledonia Holdings Zimbabwe (Private) Limited 593 421 - Greenstone Management Services Holdings Limited 376 276 191 Tax losses carried forward 969 697 5,180 |
Disclosure of income taxes paid [text block] | Tax paid 2020 2019 January 1, 2019 Net income tax payable at January 1 (163 ) (1,538 ) (1,145 ) Current tax expense (9,492 ) (7,311 ) (3,783 ) Foreign currency movement 2,580 3,169 46 Tax paid 6,656 5,517 3,344 Net income tax payable at December 31 (419 ) (163 ) (1,538 ) |
Disclosure of income tax reconciliation [text block] | Reconciliation of tax rate 2020 2019 2018 Profit for the year 25,257 50,401 13,756 Total tax expense 15,173 10,290 7,445 Profit before tax 40,430 60,691 21,201 Income tax at Company's domestic tax rate (1) - - - Tax rate differences in foreign jurisdictions (2) 12,405 16,232 6,465 Effect of income tax calculated in RTGS$ as required by PN26 (3) 2,004 (8,526 ) - Management fee – withholding tax on deemed dividend portion 209 224 337 Management fee – non-deductible deemed dividend 570 652 579 Management fee – withholding tax - current year 123 129 96 Management fee – non-deductible withholding tax - prior year - - (664 ) Withholding tax on intercompany dividends 245 128 110 Non-deductible expenditure - Royalty expenses (4) - 933 882 - Donations 107 18 14 - Other non-deductible expenditure 177 21 123 Credit export incentive income exemption (598 ) (124 ) (1,649 ) Change in income tax rate (5) (287 ) - - Change in tax estimates - Zimbabwean income tax - 29 795 - South African income tax (54 ) 63 220 - Other - - 61 Change in unrecognised deferred tax losses 272 511 76 Tax expense - recognised in profit or loss 15,173 10,290 7,445 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Assets Liabilities Net 2020 2019 2020 2019 2020 2019 Property, plant and equipment - - (5,409 ) (4,195 ) (5,409 ) (4,195 ) Allowance for obsolete stock 13 22 - - 13 22 Prepayments - - (3 ) (4 ) (3 ) (4 ) Unrealised foreign exchange 530 309 - - 530 309 Trade and other payables 636 739 - - 636 739 Cash-settled share-based payments 8 5 - - 8 5 Provisions 60 58 - - 60 58 Other 18 - - - 18 - Tax assets/ (liabilities) 1,265 1,133 (5,412 ) (4,199 ) (4,147 ) (3,066 ) |
Disclosure of movement in recognized in deferred tax assets and liabilities [text block] | Balance Recognised Foreign Balance Property, plant and equipment (4,195 ) (7,195 ) 5,981 (5,409 ) Allowance for obsolete stock 22 14 (23 ) 13 Prepayments (4 ) - 1 (3 ) Unrealised foreign exchange 309 732 (511 ) 530 Trade and other payables 739 674 (774 ) 639 Cash-settled share-based payments 5 3 - 8 Provisions 58 76 (74 ) 60 Other - 15 - 15 Tax (liabilities)/ assets (3,066 ) (5,681 ) 4,600 (4,147 ) Balance Recognised Foreign Balance Property, plant and equipment (24,930 ) (4,561 ) 25,296 (4,195 ) Allowance for obsolete stock 258 11 (247 ) 22 Prepayments (3 ) - (1 ) (4 ) Unrealised foreign exchange 34 519 (244 ) 309 Trade and other payables 486 1,093 (840 ) 739 Cash-settled share-based payments 13 (9 ) 1 5 Provisions 852 11 (805 ) 58 Other 60 (43 ) (17 ) - Tax (liabilities)/ assets (23,230 ) (2,979 ) 23,143 (3,066 ) |
Note 17 - Property, Plant and_2
Note 17 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Cost Land and Mine Plant and Furniture Motor Solar Plant Total Balance at January 1, 2019 10,339 74,509 32,675 923 2,402 – 120,848 Initial recognition of right of use assets 409 – – – – – 409 Additions* 267 19,020 897 88 151 – 20,423 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 36,395 1,018 2,538 – 141,326 Balance at January 1, 2020 10,833 90,542 36,395 1,018 2,538 – 141,326 Additions* 1 19,507 4,221 219 458 372 24,778 Derecognised plant and equipment – – (238 ) – – – (238 ) Reallocations between asset classes 930 (1,210 ) 280 – – – – Foreign exchange movement (7 ) – (14 ) (2 ) (1 ) 20 (4 ) Balance at December 31, 2020 11,757 108,839 40,644 1,235 2,995 392 165,862 Accumulated depreciation and Impairment losses Land and Mine Plant and Furniture Motor Solar Plant Total Balance at January 1, 2019 4,411 5,821 17,357 649 2,150 – 30,388 Initial recognition of right of use assets 146 – – – – – 146 Depreciation for the year 1,005 504 2,693 99 133 – 4,434 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 Balance at January 1, 2020 5,413 6,325 20,050 753 2,273 – 34,814 Depreciation for the year 1,030 648 2,691 102 157 – 4,628 Accumulated depreciation for derecognised plant and equipment – – (56 ) – – – (56 ) Foreign exchange movement 3 – – (6 ) – – (3 ) Balance at December 31, 2020 6,446 6,973 22,685 849 2,430 – 39,383 Carrying amounts At January 1, 2019 5,928 68,688 15,318 274 252 – 90,460 At December 31, 2019 5,420 84,217 16,345 265 265 – 106,512 At December 31, 2020 5,311 101,866 17,959 386 565 392 126,479 |
Note 18 - Exploration and Eva_2
Note 18 - Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about exploration and evaluation assets [text block] | Glen Hume Connemara GG Eagle Sabiwa Total Balance at January 1, 2019 – – 3,347 3,344 276 6,967 - Consumables and drilling – – 6 (3 ) – 3 - Contractor – – 36 57 – 93 - Labour – – 32 8 – 40 - Power – – 20 10 6 36 Balance at December 31, 2019 – – 3,441 3,416 282 7,139 Balance at January 1, 2020 – – 3,441 3,416 282 7,139 - Option payments 2,500 300 – – – 2,800 - Consumables and drilling 161 – 28 – – 189 - Labour – – 35 11 – 46 - Power – – 19 3 2 24 Reallocate to assets held for sale (note 21.1) ~ – – – (500 ) – (500 ) Impairment ~ – – – (2,930 ) – (2,930 ) Balance at December 31, 2020 2,661 300 3,523 – 284 6,768 |
Note 19 - Inventories (Tables)
Note 19 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of components of inventories [text block] | 2020 2019 January 1, 2019 Consumable stores 15,632 10,716 9,210 Gold in progress 1,166 376 217 16,798 11,092 9,427 |
Note 20 - Cash and Cash Equiv_2
Note 20 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of cash and cash equivalents [text block] | 2020 2019 January 1, 2019 Bank balances 19,092 9,383 11,187 Cash and cash equivalents in the statement of financial position 19,092 9,383 11,187 Bank overdrafts used for cash management purposes – (490 ) – Net cash and cash equivalents at year end 19,092 8,893 11,187 |
Summary quantitative data about entity's exposure to risk [text block] | Denomination RTGS$ Interest rate Overdraft facilities Stanbic Bank 15,000,000 55 % First Capital Bank 10,000,000 55 % |
Note 21 - Assets Held for Sale
Note 21 - Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets held for sale [text block] | Note 2020 2019 January 1, 2019 Non-current assets held for sale Eagle Vulture, Mascot & Penzance 21.1 500 – – Sale of subsidiary 21.2 – – 296 |
Disclosure of disposal of assets and liabilities classified as held for sale [text block] | 2019 Carrying amounts of net assets over which control was lost: Non-current assets Property, plant and equipment 227 Current assets Trade and other receivables 84 Total assets 311 Non-current liabilities Rehabilitation provision 650 Current liabilities Trade and other payables 8 Total liabilities 658 Consideration receivable: Cash received 1,000 Deferred consideration (at January 31, 2019) 1,953 Total consideration 2,953 Profit on sale of subsidiary: Net liabilities derecognised 347 Cumulative exchange differences in respect of the net liabilities of the subsidiary reclassified from equity on loss of control of subsidiary 2,109 Fair value consideration receivable (at January 31, 2019) 2,953 Profit on sale of subsidiary 5,409 |
Note 22 - Trade and Other Rec_2
Note 22 - Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components and trade and other receivables [text block] | 2020 2019 January 1, 2019 Bullion sales receivable 1,311 2,987 2,695 VAT receivables 2,278 1,765 2,743 Deferred consideration on the disposal of subsidiary 1,100 1,991 – Deposits for stores and equipment and other receivables 273 169 954 4,962 6,912 6,392 |
Note 23 - Derivative Financia_2
Note 23 - Derivative Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of derivative financial assets [text block] | 2020 2019 January 1, 2019 Derivatives not designated as hedging instruments: Gold exchange-traded fund ("Gold ETF") 1,184 – – Gold Hedge – 102 – 1,184 102 – |
Disclosure of fair value losses on derivative assets [text block] | Fair value losses on derivative assets 2020 2019 2018 Gold ETF 164 – – Gold hedge 102 601 360 266 601 360 |
Note 24 - Share Capital (Tables
Note 24 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Number of Amount January 1, 2019 10,603,153 55,102 Shares issued - share-based payment - employees 159,888 963 December 31, 2019 10,763,041 56,065 Shares issued: - share-based payment - employees (note 30.1(a)) 25,553 216 - options exercised 5,000 30 - equity raise * 597,963 12,538 - Blanket shares purchased from Fremiro (note 6) 727,266 5,847 December 31, 2020 12,118,823 74,696 |
Note 25 - Reserves (Tables)
Note 25 - Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of reserves within equity [text block] | 2020 2019 January 1, 2019 Foreign currency translation reserve (8,794 ) (8,621 ) (6,561 ) Equity-settled share-based payment reserve 14,513 16,760 16,760 Contributed surplus 132,591 132,591 132,591 Total 138,310 140,730 142,790 |
Note 26 - Earnings Per Share (T
Note 26 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | Weighted average number of shares – Basic earnings per share (in number of shares) 2020 2019 2018 Issued shares at the beginning of year (note 24) 10,763,041 10,603,153 10,603,153 Issued shares post consolidation 10,763,041 10,603,153 10,603,153 Weighted average shares issued 940,489 138,736 - Weighted average number of shares at December 31 11,703,530 10,741,889 10,603,153 Weighted average number of shares - Diluted earnings per share (in number of shares) 2020 2019 2018 Weighted average at December 31 11,703,530 10,603,851 10,603,153 Effect of dilutive options 13,173 143,267 698 Weighted average number of shares (diluted) at December 31 11,716,703 10,747,118 10,603,851 2020 2019 2018 Profit for the year attributable to owners of the Company (basic and diluted) 20,780 42,018 10,766 Blanket Mine Employee Trust Adjustment (485 ) (986 ) (280 ) Profit attributable to ordinary shareholders (basic and diluted) 20,295 41,032 10,486 Basic earnings per share - $ 1.73 3.82 0.99 Diluted earnings per share - $ 1.73 3.81 0.99 |
Note 27 - Non-controlling Int_2
Note 27 - Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information in non-controlling interests [text block] | 2020 2019 2018 Current assets 24,864 21,386 19,107 Non-current assets 133,908 115,610 98,700 Current liabilities 7,339 (8,630 ) (13,200 ) Non-current liabilities (8,065 ) (9,085 ) (33,043 ) Net assets of Blanket Mine (100%) 158,046 119,281 71,564 Carrying amount of NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) 16,524 16,302 8,345 Revenue 100,002 75,826 68,399 Profit after tax 33,361 51,746 18,456 Total comprehensive income of Blanket Mine (100%) 33,361 51,746 18,456 Profit allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) 4,477 8,383 2,990 Dividend allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) (655 ) (426 ) (589 ) |
Note 28 - Provisions (Tables)
Note 28 - Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other provisions [text block] | Reconciliation of site restoration provision 2020 2019 Balance January 1 3,346 3,309 Unwinding of discount 2 20 Change in estimate - adjustment capitalised in Property, plant and equipment 219 17 Balance December 31 3,567 3,346 |
Note 29 - Loans and Borrowings
Note 29 - Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | 2020 2019 2018 Balance at January 1 2,471 5,960 1,486 Cash flows Repayment - Capital (574 ) - (1,500 ) - Finance cost (388 ) (130 ) (58 ) Proceeds - 2,340 6,000 Transaction cost - (46 ) (60 ) Unrealised foreign exchange (1,487 ) (5,818 ) - Non-cash flow Finance cost 386 165 92 Balance at December 31 408 2,471 5,960 Long-term portion of loan facility - 1,942 5,960 Short-term portion of loan facility 408 529 - |
Disclosure of terms and repayments of financing [text block] | 2020 2019 Currency Nominal interest rate Year of maturity Face value Carrying value Face value Carrying value Unsecured bank loan - Stanbic RTGS$ 50 % 2021 87 87 384 384 Unsecured bank loan - First Capital RTGS$ 55 % 2021 321 321 2,087 2,087 Total 408 408 2,471 2,471 |
Note 30 - Share-based Payments
Note 30 - Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Explanation of effect of share-based payments on entity's profit or loss [text block] | Note 2020 2019 2018 Restricted Share Units and Performance Units 30.1 (a) 1,299 616 218 Caledonia Mining South Africa employee incentive scheme 30.1 (b) 114 73 97 1,413 689 315 Note 2020 2019 2018 Share option programmes 30.2 (a) – – 14 – – 14 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | December 31, December 31, 2020 2019 RSUs PUs RSUs PUs Fair value (USD) $ 15.88 $ 15.51 $ 8.46 $ 8.19 Share price (USD) $ 15.88 $ 15.88 $ 8.46 $ 8.46 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 11, 2019 – 95,740 – 95,740 Grant - March 23, 2019 – 28,287 – 28,287 Grant - June 8, 2019 – 14,672 – 14,672 Grant - January 11, 2020 17,585 114,668 – – Grant - March 31, 2020 – 1,971 – – Grant - June 1, 2020 – 1,740 – – Grant - September 9, 2020 – 1,611 – – Grant - September 14, 2020 – 20,686 – – Grant - October 5, 2020 – 514 – – RSU dividends reinvested 995 – 11,316 – Settlements/ terminations (5,052 ) (17,774 ) (87,434 ) (306,920 ) Total awards 17,971 279,889 5,052 156,473 Options Granted 10,000 Grant date February 27, 2018 Risk-free interest rate 2.86 % Expected stock price volatility (based on historical volatility) 32 % Expected option life in years 3 Exercise price CAD 9.30 Share price at grant date CAD 9.30 Fair value at grant date $ 1.40 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block] | 2020 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/ expired (11,941 ) (44,985 ) Total awards outstanding 3,011 7,297 Estimated awards expected to vest 100 % 100 % |
Disclosure of range of exercise prices of outstanding share options [text block] | Number of Options Exercise Price Expiry Date Canadian $ 18,000 11.50 Oct 13, 2021 10,000 9.30 Aug 25, 2024 28,000 |
Disclosure of number and weighted average exercise prices of share options [text block] | Number of Options Weighted Avg. Exercise Price Canadian $ Options outstanding and excercisable at January 1, 2019 38,000 9.48 Granted - - Exercised - - Options outstanding and excercisable at December 31, 2019 38,000 9.48 Granted - - Exercised (5,000 ) 8.10 Expired (5,000 ) 4.00 Options outstanding and excercisable at December 31, 2020 28,000 10.71 |
Note 31 - Trade and Other Pay_2
Note 31 - Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | 2020 2019 January 1, 2019 Trade payables and accruals 1,897 2,825 2,510 Electricity accrual 735 626 4,054 Audit fee 273 370 239 Shareholders for dividend (Non-controlling interest) 208 364 215 Other payables 1,209 582 475 Connemara North - exploration option 300 – – Financial liabilities 4,622 4,767 7,493 Production and management bonus accrual - Blanket Mine 467 1,092 – Other employee benefits 794 546 669 Leave pay 2,098 1,943 1,889 Accruals 683 – – Non-financial liabilities 4,042 3,581 2,558 Total 8,664 8,348 10,051 |
Note 32 - Cash Flow Informati_2
Note 32 - Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of the cash flow statement [text block] | 2020 2019 2018 Operating profit 40,735 60,889 21,421 Adjustments for: Impairment of property, plant and equipment – 144 208 Impairment of exploration and evaluation assets 2,930 – – Profit on sale of subsidiary – (5,409 ) – Unrealised foreign exchange gains (note 11) (8,367 ) (31,307 ) (243 ) Cash-settled share-based expense (note 30.1) 1,413 689 228 Cash-settled share-based expense included in production costs 634 107 43 Settlement of cash-settled share-based expense (1 ) (1,384 ) – Equity-settled share-based expense – – 14 Site restoration – – 30 Depreciation 4,628 4,434 4,071 Allowance for obsolete inventory – – 15 Fair value loss/ (gain) on derivative assets (note 23) 266 (102 ) – Disposal of property, plant and equipment – 63 – Derecognition of property, plant and equipment 182 – – Net cash used for assets and liabilities held for sale – – (2 ) Cash generated by operations before working capital changes 42,420 28,124 25,785 Inventories (5,707 ) (1,655 ) (277 ) Prepayments 816 (2,099 ) (62 ) Trade and other receivables 539 393 (1,916 ) Trade and other payables (101 ) (878 ) (2,411 ) Cash generated by operations 37,967 23,885 21,119 |
Note 33 - Financial Instrumen_2
Note 33 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of credit risk exposure [text block] | Carrying amount 2020 2019 January 1, 2019 Zimbabwe 1,581 3,123 3,639 Jersey, Channel Islands 1,100 2,003 – Other regions 3 20 10 2,684 5,146 3,649 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | December 31, 2020 Carrying amount 12 months or less 1-3 Years Trade and other payables 4,622 4,622 - Term loan facility 408 408 - 5,030 5,030 - December 31, 2019 Carrying amount 12 months or less 1-3 Years Trade and other payables 5,116 5,116 - Term loan facility 2,471 - 2,471 7,587 5,116 2,471 January 1, 2019 Carrying amount 12 months or less 1-3 Years Trade and other payables 7,493 7,493 - Term loan facility 5,960 - 5,960 13,453 7,493 5,960 |
Sensitivity analysis for types of market risk [text block] | 2020 2019 January 1, 2019 $'000 $'000 $'000 Functional currency Functional currency Functional currency ZAR $ ZAR $ ZAR $ Cash and cash equivalents 59 1,959 57 4,176 57 8,147 Trade and other receivables - 249 - 1,735 - 126 Trade and other payables - (174 ) - (179 ) - (345 ) Term loan - 408 - (2,471 ) - (5,960 ) Overdraft - - - (490 ) - - 59 2,442 57 2,771 57 1,968 2020 2019 January 1, 2019 $'000 $'000 $'000 Functional currency Functional currency Functional currency ZAR $ ZAR $ ZAR $ Cash and cash equivalents 3 103 3 199 3 388 Trade and other receivables - 12 - 82 - 6 Trade and other payables - (8 ) - 9 - (16 ) Term loan - 19 - (117 ) - (283 ) Overdraft - - - (23 ) - - 3 126 3 150 3 95 2020 2019 January 1, 2019 Cash and cash equivalents 19,092 9,383 11,187 Term loan (408 ) (2,471 ) (5,960 ) Overdraft – (490 ) – Sensitivity analysis - Cash and cash equivalents 2020 2019 January 1, 2019 Increase by 100 basis points 191 94 111 Decrease by 100 basis points (191 ) (94 ) (111 ) Sensitivity analysis - Term loan Increase by 100 basis points 4 (25 ) (60 ) Decrease by 100 basis points (4 ) 25 60 Sensitivity analysis - Overdraft Increase by 100 basis points - (5 ) - Decrease by 100 basis points - 5 - |
Note 34 - Dividends (Tables)
Note 34 - Dividends (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of dividends paid [text block] | 2020 2019 2018 Dividends declared to owners of the Company (excluding NCI) 3,887 2,969 2,908 Declaration date cents per share January 10, 2019 6.875 April 11, 2019 6.875 July 11, 2019 6.875 October 1 , 2019 6.875 January , 2020 7.5 May 14, 2020 7.5 July , 2020 8.5 October , 2020 10.0 |
Note 36 - Related Parties (Tabl
Note 36 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of information about key management personnel [text block] | 2020 2019 2018 Key management salaries and bonuses 2,915 2,362 2,476 Cash-settled share-based expense* 1,280 723 261 4,195 3,085 2,737 |
Note 37 - Group Entities (Table
Note 37 - Group Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of interests in subsidiaries [text block] | Functional currency Country of incorporation Legal shareholding Intercompany balances with holding company 2020 2019 2020 2019 Caledonia Holdings Zimbabwe (Private) Limited $ Zimbabwe 100 100 - - Caledonia Mining Services (Private) Limited $ Zimbabwe 100 100 - - Fintona Investments Proprietary Limited ZAR South Africa 100 100 (14,859 ) (14,859 ) Caledonia Mining South Africa Proprietary Limited ZAR South Africa 100 100 612 1,750 Greenstone Management Services Holdings Limited $ United Kingdom 100 100 20,818 14,902 Blanket Mine (1983) (Private) Limited (2) $ Zimbabwe 64 49 (3,980 ) (400 ) Blanket Employee Trust Services (Private) Limited (BETS) (1) $ Zimbabwe - - - - |
Note 38 - Operating Segments (T
Note 38 - Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | For the twelve months ended December 31, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 100,002 – – – 100,002 Inter-segmental revenue – 23,214 (23,214 ) – – Royalty (5,007 ) – – – (5,007 ) Production costs (44,032 ) (20,318 ) 20,639 – (43,711 ) Depreciation (4,920 ) (91 ) 424 (41 ) (4,628 ) Other income 4,751 14 – – 4,765 Other expenses (5,180 ) (114 ) – (21 ) (5,315 ) Administrative expenses (156 ) (2,237 ) 10 (5,614 ) (7,997 ) Management fee (2,492 ) 2,492 – – – Cash-settled share-based expense – (114 ) 634 (1,933 ) (1,413 ) Net foreign exchange gain (loss) 4,618 132 (272 ) (173 ) 4,305 Fair value loss on derivative assets – (164 ) – (102 ) (266 ) Net finance cost (352 ) 47 – – (305 ) Dividends (paid) received (2,198 ) (1,355 ) – 3,553 – Profit before tax 45,034 1,506 (1,779 ) (4,331 ) 40,430 Tax expense (14,446 ) (854 ) 380 (253 ) (15,173 ) Profit after tax 30,588 652 (1,399 ) (4,584 ) 25,257 As at December 31, 2020 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 27,070 5,320 (194 ) 12,390 44,586 Non-Current (excluding intercompany) 133,568 716 (4,237 ) 3,287 133,334 Expenditure on property, plant and equipment (note 17) 26,391 151 (1,887 ) 123 24,778 Expenditure on evaluation and exploration assets (note 18) 98 – – 2,961 3,059 Intercompany balances 17,482 6,752 (69,144 ) 44,910 – Geographic segment liabilities: Current (excluding intercompany) (6,831 ) (1,797 ) – (1,336 ) (9,964 ) Non-current (excluding intercompany) (8,065 ) – 264 (2,112 ) (9,913 ) Intercompany balances – (34,020 ) 69,144 (35,124 ) – For the twelve months ended December 31, 2019 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 75,826 – – – 75,826 Inter-segmental revenue – 15,973 (15,194 ) (779 ) – Royalty (3,854 ) – – – (3,854 ) Production costs (36,278 ) (13,740 ) 13,618 – (36,400 ) Depreciation (4,645 ) (90 ) 350 (49 ) (4,434 ) Other income 2,016 258 – – 2,274 Other expenses (498 ) (168 ) – – (666 ) Administrative expenses (126 ) (1,736 ) – (3,775 ) (5,637 ) Management fee (2,798 ) 2,798 – – – Cash-settled share-based expense (234 ) (166 ) – (289 ) (689 ) Net foreign exchange gain 29,634 9 – 18 29,661 Profit with sale of subsidiary – – – 5,409 5,409 Fair value loss on derivative assets – – – (601 ) (601 ) Net finance cost (299 ) 57 – 44 (198 ) Dividends received – – – – – Profit before tax 58,744 3,195 (1,226 ) (22 ) 60,691 Tax expense (9,529 ) (825 ) 192 (128 ) (10,290 ) Profit after tax 49,215 2,370 (1,034 ) (150 ) 50,401 As at December 31, 2019 Zimbabwe South Africa Inter-group eliminations 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 17) 21,293 47 (1,165 ) 248 20,423 Expenditure on evaluation and exploration assets (note 18) 172 – – – 172 Intercompany balances – 8,869 (52,783 ) 43,914 – Geographic segment liabilities: Current (excluding intercompany) (7,177 ) (1,546 ) – (1,156 ) (9,879 ) Non-current (excluding intercompany) (9,085 ) (17 ) 140 5 (8,957 ) Intercompany balances (2,441 ) (32,558 ) 52,783 (17,784 ) – |
Note 4 - Change in Significan_2
Note 4 - Change in Significant Accounting Policies and Disclosure Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | ||||
Statement Line Items [Line Items] | |||||||
Assets arising from exploration for and evaluation of mineral resources | $ 6,768 | $ 7,139 | [1] | $ 6,967 | $ 6,967 | [1] | |
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | (2,759) | (172) | [2] | [2] | |||
Total lease liabilities | 239 | 349 | 263 | ||||
Increase (decrease) due to voluntary changes in accounting policy [member] | |||||||
Statement Line Items [Line Items] | |||||||
Assets arising from exploration for and evaluation of mineral resources | 7,139 | 6,967 | |||||
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | (172) | $ 0 | |||||
Total lease liabilities | $ 349 | $ 0 | |||||
IFRS 6 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Assets arising from exploration for and evaluation of mineral resources | 6,768 | ||||||
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | (2,759) | ||||||
Total lease liabilities | $ 239 | ||||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | ||||||
[2] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 5 - Significant Accounti_2
Note 5 - Significant Accounting Policies (Details Textual) | Jan. 08, 2021 | May 26, 2020 | Nov. 12, 2018 | Oct. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||||||
Closing foreign exchange rate | 81.79 | 16.77 | 1 | ||||
Foreign currency allocation, percentage | 70.00% | 55.00% | 30.00% | ||||
Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Right of use assets, useful life (Year) | 3 years | 3 years | 3 years | ||||
Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Right of use assets, useful life (Year) | 6 years | 6 years | 6 years | ||||
Buildings [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant, and equipment, useful life (Year) | 10 years | 10 years | 10 years | ||||
Buildings [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant, and equipment, useful life (Year) | 15 years | 15 years | 15 years | ||||
Machinery [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant, and equipment, useful life (Year) | 10 years | 10 years | 10 years | ||||
Fixtures and fittings [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant, and equipment, useful life (Year) | 4 years | 4 years | 4 years | ||||
Fixtures and fittings [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant, and equipment, useful life (Year) | 10 years | 10 years | 10 years | ||||
Motor vehicles [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant, and equipment, useful life (Year) | 4 years | 4 years | 4 years | ||||
Changes in foreign currency allocation [member] | |||||||
Statement Line Items [Line Items] | |||||||
Foreign currency allocation, percentage | 60.00% |
Note 6 - Blanket Zimbabwe Ind_3
Note 6 - Blanket Zimbabwe Indigenisation Transaction (Details Textual) - USD ($) $ in Thousands | Jan. 20, 2020 | Nov. 05, 2018 | Jun. 23, 2017 | Feb. 20, 2012 | Apr. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2012 | Dec. 31, 2020 | Feb. 27, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
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 | 13.20% | 16.20% | 13.20% | 16.20% | 16.20% | ||||||||
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 repurchase on January 20, 2020. | ||||||||||||
[2] | Accounted for under IAS19 Employee Benefits. |
Note 6 - Blanket Zimbabwe Ind_4
Note 6 - Blanket Zimbabwe Indigenisation Transaction - Shareholder Percentages and Facilitation Loan Balances (Details) - USD ($) $ in Thousands | Feb. 20, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | ||
Statement Line Items [Line Items] | ||||||
Shareholding | 51.00% | 36.00% | ||||
NCI Recognized | 13.20% | |||||
NCI subject to facilitation loans | 12.80% | |||||
Faciliation loans | $ 19,175 | $ 30,974 | ||||
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 | $ 11,728 | 11,877 | ||||
Fremiro [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | 15.00% | [2] | ||||
NCI Recognized | [2] | |||||
NCI subject to facilitation loans | [2] | |||||
Faciliation loans | [2] | 11,458 | ||||
Community Trust [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | 10.00% | 10.00% | ||||
NCI Recognized | 10.00% | |||||
NCI subject to facilitation loans | ||||||
Faciliation loans | ||||||
BETS [member] | ||||||
Statement Line Items [Line Items] | ||||||
Shareholding | [3] | 10.00% | ||||
NCI Recognized | [4] | |||||
NCI subject to facilitation loans | [4] | |||||
Faciliation loans | $ 7,447 | $ 7,639 | ||||
[1] | Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable. | |||||
[2] | After Fremiro repurchase on January 20, 2020. | |||||
[3] | Accounted for under IAS19 Employee Benefits. | |||||
[4] | The shares held by BETS are effectively treated as treasury shares (see above). |
Note 6 - Blanket Zimbabwe Ind_5
Note 6 - Blanket Zimbabwe Indigenisation Transaction - Movement in Advance Dividend Loan (Details) - Reserve of share-based payments [member] - Faciliation Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance | $ 30,974 | $ 30,986 |
Finance cost accrued | 1,396 | 1,609 |
Dividends used to repay loans | (1,737) | (1,621) |
Cancellation of Fremiro loan | (11,458) | |
Balance | $ 19,175 | $ 30,974 |
Note 6 - Blanket Zimbabwe Ind_6
Note 6 - Blanket Zimbabwe Indigenisation Transaction - Facilitation Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Statement Line Items [Line Items] | ||||
Balance | [1] | $ 30,974 | ||
Balance | 19,175 | $ 30,974 | [1] | |
Reserve of share-based payments [member] | Facilitation loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance | 1,632 | 2,053 | ||
Finance cost accrued | 98 | 104 | ||
Dividends used to repay loans | (736) | (525) | ||
Balance | $ 994 | $ 1,632 | ||
[1] | Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable. |
Note 8 - Capital Management - C
Note 8 - Capital Management - Components of Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | |||||||
Total equity | $ 158,043 | $ 124,717 | [1] | $ 78,808 | [1] | $ 78,808 | $ 69,211 |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 9 - Production Costs - Com
Note 9 - Production Costs - Components of Production Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Salaries and wages | $ 16,122 | $ 13,905 | $ 13,160 |
Consumable materials – Operations | 14,938 | 13,020 | 12,143 |
Consumable materials – COVID-19 | 824 | ||
Electricity costs | 8,312 | 6,383 | 9,313 |
Site restoration | 84 | ||
Safety | 708 | 525 | 592 |
Cash-settled share-based expense (note 30.1(a)) | 634 | 107 | 43 |
On mine administration | 1,800 | 2,159 | 3,569 |
Pre-feasibility exploration costs | 373 | 301 | 411 |
Cost of sales | $ 43,711 | $ 36,400 | $ 39,315 |
Note 10 - Other Income (Details
Note 10 - 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 10 - Other Income - Compon
Note 10 - Other Income - Components of Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Other | $ 70 | $ 94 | $ 39 |
Eersteling rock dump sale | 217 | ||
Other income | 4,765 | 2,274 | 7,101 |
Greenstone retirement fund [member] | |||
Statement Line Items [Line Items] | |||
Greenstone Fund pay-out | 250 | ||
Greenstone provident fund [member] | |||
Statement Line Items [Line Items] | |||
Greenstone Fund pay-out | 363 | ||
Gold sale export incentive [member] | |||
Statement Line Items [Line Items] | |||
Government grant | 4,695 | 866 | 6,482 |
Gold support price [member] | |||
Statement Line Items [Line Items] | |||
Government grant | $ 1,064 |
Note 10 - Other Income - Govern
Note 10 - Other Income - Government Grant (Details) | 1 Months Ended | 4 Months Ended | 13 Months Ended | 20 Months Ended | |
Jan. 31, 2018 | Jun. 26, 2020 | Mar. 09, 2020 | Feb. 20, 2019 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Percentage | 2.50% | 25.00% | 0.00% | 10.00% | 3.50% |
Note 11 - Net Foreign Exchang_3
Note 11 - Net Foreign Exchange Gain (Details Textual) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||
Closing foreign exchange rate | 81.79 | 16.77 | 1 |
Note 11 - Net Foreign Exchang_4
Note 11 - Net Foreign Exchange Gain - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Unrealised foreign exchange gain | $ 8,367 | $ 31,411 | $ 230 |
Realised foreign exchange loss | (4,062) | (1,750) | (7) |
Net foreign exchange gain | $ 4,305 | $ 29,661 | $ 223 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Number of leases | 2 |
Bottom of range [member] | |
Statement Line Items [Line Items] | |
Leases, term (Year) | 3 years |
Top of range [member] | |
Statement Line Items [Line Items] | |
Leases, term (Year) | 6 years |
Note 12 - Leases - Right of Use
Note 12 - Leases - Right of Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance | $ 337 | $ 263 |
Depreciation | (99) | (112) |
Additions to right of use assets | 248 | |
Derecognition of right of use assets | (64) | |
Foreign currency movement | (9) | 2 |
Balance | $ 229 | $ 337 |
Note 12 - Leases - Lease Liabil
Note 12 - Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Balance | $ 349 | $ 263 | |
Additions to lease liability | 195 | ||
Finance cost | 15 | 17 | |
Lease payments | (118) | (124) | |
Foreign currency movement | (7) | (2) | |
Balance | $ 239 | $ 349 | $ 263 |
Note 12 - Leases - Financial St
Note 12 - Leases - Financial Statement Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Finance cost on lease liabilities | $ 15 | $ 17 | |||
Unrealised foreign exchange gain | (2) | 4 | |||
Depreciation | 99 | 112 | |||
Lease expense | 112 | 133 | |||
Total cash outflow for leases - principal | 118 | 124 | [1] | [1] | |
Total cash outflow for leases - finance cost | $ (15) | $ (17) | |||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 12 - Leases - Minimum Leas
Note 12 - Leases - Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Statement Line Items [Line Items] | |
Minimum lease payments | $ 239 |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments | 61 |
Later than one year and not later than two years [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments | 46 |
Later than two years and not later than three years [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments | 46 |
Later than three years and not later than four years [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments | 46 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments | 40 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments |
Note 13 - Other Expenses (Detai
Note 13 - Other Expenses (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
COVID-19 Donations expenses | [1] | $ 1,322 | ||
ZIMBABWE | ||||
Statement Line Items [Line Items] | ||||
COVID-19 Donations expenses | 840 | |||
Gwanda [member] | ||||
Statement Line Items [Line Items] | ||||
COVID-19 Donations expenses | $ 482 | |||
[1] | Blanket Mine donated $840 towards the Zimbabwean Ministry of Mines and Development and $482 towards a clinic in Gwanda, in helping to curb the spread of COVID-19 and the impacts thereof. |
Note 13 - Other Expenses (Det_2
Note 13 - Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Intermediated Money Transaction Tax | $ 451 | $ 354 | $ 116 | |
Solar evaluation cost* | [1] | 230 | 160 | |
COVID-19 donations ~ | [2] | 1,322 | ||
Community and social responsibility cost | 382 | |||
Other | 8 | 12 | ||
Impairment of property, plant and equipment | 144 | 208 | ||
Impairment of exploration and evaluation assets (note 21.1) | 2,930 | |||
Other expenses | $ 5,315 | $ 666 | $ 336 | |
[1] | On July 6, 2020 the Board appointed Voltalia as the contractor for engineering, procuring and constructing a solar plant to be owned by a subsidiary of the Company. All solar costs that were incurred before July 6, 2020 were accounted for as other expenses and accounted through profit or loss. Solar costs incurred after approval by the Board are accounted for as property, plant and equipment (refer to note 17) as it became clear and probable that future economic benefits will flow to the project. | |||
[2] | Blanket Mine donated $840 towards the Zimbabwean Ministry of Mines and Development and $482 towards a clinic in Gwanda, in helping to curb the spread of COVID-19 and the impacts thereof. |
Note 14 - Administrative Expe_3
Note 14 - Administrative Expenses - Components of Administrative Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Investor relations | $ 353 | $ 414 | $ 751 |
Audit fee | 288 | 237 | 266 |
Advisory services fees | 904 | 408 | 553 |
Listing fees | 448 | 277 | 495 |
Directors fees – Company | 323 | 240 | 225 |
Directors fees – Blanket | 43 | 31 | 52 |
Employee costs | 4,065 | 3,030 | 2,917 |
Other office administration cost | 424 | 605 | 645 |
Management liability insurance | 1,032 | 86 | 52 |
Travel costs | 117 | 292 | 297 |
Eersteling Gold Mine administration costs | 17 | 212 | |
Administrative expenses | $ 7,997 | $ 5,637 | $ 6,465 |
Note 15 - Finance Income and _3
Note 15 - Finance Income and Finance Costs - Components of Finance Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Finance income received - Bank | $ 62 | $ 146 | $ 53 |
Finance cost - Term loan (note 29) | 386 | 165 | 92 |
Finance cost - Capitalised to property, plant and equipment (note 17) | (53) | (165) | (92) |
Unwinding of rehabilitation provision (note 28) | 2 | 20 | 20 |
Finance cost | 15 | 17 | |
Finance cost - Overdraft | 17 | 307 | 253 |
Finance cost | $ 367 | $ 344 | $ 273 |
Note 16 - Tax Expense (Details
Note 16 - Tax Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | [1] | ||
Statement Line Items [Line Items] | |||||||
Applicable tax rate | 0.00% | 0.00% | 0.00% | ||||
Total average effective tax rate | 37.52% | ||||||
Net deferred tax assets | $ 87 | $ 63 | [1] | $ 98 | |||
Net deferred tax liabilities | 4,234 | 3,129 | [1] | $ 23,328 | |||
South African operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Net deferred tax assets | 87 | 63 | $ 98 | ||||
Zimbabwean operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Net deferred tax liabilities | $ 4,234 | $ 3,129 | $ 23,328 | ||||
Zimbabwean operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tax rate effect of foreign tax rates | 25.75% | ||||||
Zimbabwean operations [member] | Changes in tax rates or tax laws enacted or announced [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tax rate effect of foreign tax rates | 24.72% | ||||||
South African operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tax rate effect of foreign tax rates | 28.00% | ||||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 16 - Tax Expense - Income
Note 16 - Tax Expense - Income Tax Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax recognised in profit or loss | |||
Current tax | $ 9,492 | $ 7,311 | $ 3,783 |
Income tax - current year | 8,969 | 6,802 | 2,523 |
Income tax - prior year (over)/ under provision | (54) | 29 | 1,075 |
Withholding tax - current year | 577 | 480 | 580 |
Withholding tax - prior year overprovision | (395) | ||
Deferred tax expense | 5,681 | 2,979 | 3,662 |
Origination and reversal of temporary differences | 5,681 | 2,979 | 3,662 |
Tax expense – recognised in profit or loss | 15,173 | 10,290 | 7,445 |
Tax expense | $ 15,173 | $ 10,290 | $ 7,445 |
Note 16 - Tax Expense - Unrecog
Note 16 - Tax Expense - Unrecognised Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Eersteling Gold Mining Company Limited [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | $ 4,989 | ||
Caledonia Holdings Zimbabwe (Private) Limited [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | 593 | 421 | |
Greenstone Management Services Holdings Limited [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | 376 | 276 | 191 |
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | $ 969 | $ 697 | $ 5,180 |
Note 16 - Tax Expense - Tax Pai
Note 16 - Tax Expense - Tax Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Net income tax payable at January 1 | $ (163) | $ (1,538) | $ (1,145) | ||
Current tax expense | (9,492) | (7,311) | (3,783) | ||
Foreign currency movement | 2,580 | 3,169 | 46 | ||
Tax paid | 6,656 | 5,517 | [1] | 3,344 | [1] |
Net income tax payable at December 31 | $ (419) | $ (163) | $ (1,538) | ||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 16 - Tax Expense - Reconci
Note 16 - Tax Expense - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Profit for the year | $ 25,257 | $ 50,401 | $ 13,756 | |
Total tax expense | 15,173 | 10,290 | 7,445 | |
Profit before tax | 40,430 | 60,691 | 21,201 | |
Income tax at Company's domestic tax rate (1) | [1] | |||
Tax rate differences in foreign jurisdictions (2) | [2] | 12,405 | 16,232 | 6,465 |
Effect of income tax calculated in RTGS$ as required by PN26 (3) | [3] | 2,004 | (8,526) | |
Management fee – withholding tax on deemed dividend portion | 209 | 224 | 337 | |
Management fee – non-deductible deemed dividend | 570 | 652 | 579 | |
Management fee – withholding tax - current year | 123 | 129 | 96 | |
Management fee – non-deductible withholding tax - prior year | (664) | |||
Withholding tax on intercompany dividends | 245 | 128 | 110 | |
- Royalty expenses (4) | [4] | 933 | 882 | |
- Donations | 107 | 18 | 14 | |
- Other non-deductible expenditure | 177 | 21 | 123 | |
Credit export incentive income exemption | (598) | (124) | (1,649) | |
Change in income tax rate (5) | [5] | (287) | ||
Change in unrecognised deferred tax losses | 272 | 511 | 76 | |
Zimbabwe Area [member] | ||||
Statement Line Items [Line Items] | ||||
Change in tax estimates | 29 | 795 | ||
SOUTH AFRICA | ||||
Statement Line Items [Line Items] | ||||
Change in tax estimates | (54) | 63 | 220 | |
Other [member] | ||||
Statement Line Items [Line Items] | ||||
Change in tax estimates | $ 61 | |||
[1] | The tax rate in Jersey, Channel Islands is 0% (2019: 0%, 2018: 0%). | |||
[2] | The effective tax rate of 37.52% exceeds the statutory tax rates of subsidiaries of the Company, as certain expenditures are incurred by the Company that is not tax-deductible against taxable income in Zimbabwe and South Africa, where the enacted tax rates are 25.75% and 28.00% respectively. Further, Zimbabwean legislation requires the Blanket income taxation calculation to be performed in RTGS$ whereas the functional currency in which the profit before tax is calculated in these consolidated financial statements is in US Dollar; the requirement is further described in point 3 below. | |||
[3] | In 2019 ZIMRA issued PN26 that was affected retrospectively from February 22, 2019. The public notice provided clarity on Section 4 (a) of the Finance Act [Chapter 23.04] of Zimbabwe, which requires a company earning taxable income to pay tax in the same or other specified currency in which taxable income and revenue is earned. PN 26 clarifies that the calculation of taxable income be performed in RTGS$ and that the payment of the tax be in the ratio of the currency that the taxable income and revenue is earned. The reconciling item reconciles the profit before tax calculated using US Dollars as the functional currency of the Zimbabwean entities to taxable income calculated in RTGS$. | |||
[4] | On August 1, 2019 the Zimbabwean Government announced in the mid-term budget speech that mining royalties will be deductible for income tax purposes. The change came into effect on January 1, 2020. | |||
[5] | On November 26, 2020 the Zimbabwean Government announced in the 2021 National Budget Statement that the income tax rate will be reduced from 25.75% to 24.72% and will take effect in the 2021 fiscal tax year. This resulted in a change in the estimated deferred tax liability. |
Note 16 - Tax Expense - Recogni
Note 16 - Tax Expense - Recognised Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||||
Deferred tax liability | $ (5,412) | $ (4,199) | |||
Net deferred tax asset (liability) | (4,147) | [1] | (3,066) | [1] | $ (23,230) |
Deferred tax asset | 1,265 | 1,133 | |||
Property, plant, and equipment deferred tax liability [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax liability | (5,409) | (4,195) | |||
Net deferred tax asset (liability) | (5,409) | [1] | (4,195) | [1] | (24,930) |
Allowance for obsolete stock deferred tax asset [member] | |||||
Statement Line Items [Line Items] | |||||
Net deferred tax asset (liability) | 13 | [1] | 22 | [1] | 258 |
Deferred tax asset | 13 | 22 | |||
Prepayments deferred tax liability [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax liability | (3) | (4) | |||
Net deferred tax asset (liability) | (3) | [1] | (4) | [1] | (3) |
Unrealised foreign exchange gains (losses) [member] | |||||
Statement Line Items [Line Items] | |||||
Net deferred tax asset (liability) | 530 | [1] | 309 | [1] | 34 |
Deferred tax asset | 530 | 309 | |||
Trade and other payables [member] | |||||
Statement Line Items [Line Items] | |||||
Net deferred tax asset (liability) | 639 | 739 | [1] | 486 | |
Deferred tax asset | 636 | 739 | |||
Cash-settled awards [member] | |||||
Statement Line Items [Line Items] | |||||
Net deferred tax asset (liability) | 8 | 5 | 13 | ||
Deferred tax asset | 8 | 5 | |||
Provisions [member] | |||||
Statement Line Items [Line Items] | |||||
Net deferred tax asset (liability) | 60 | [1] | 58 | [1] | 852 |
Deferred tax asset | 60 | 58 | |||
Other temporary differences [member] | |||||
Statement Line Items [Line Items] | |||||
Net deferred tax asset (liability) | 15 | [1] | $ 60 | ||
Deferred tax asset | $ 18 | ||||
[1] | The deferred tax liability consists of a deferred tax asset of $63 (2018: $98) from the South African operation and a net deferred tax liability of $3,129 (2018: $23,328) due to the Zimbabwean operation. The amounts are in different tax jurisdictions and cannot be offset. The amounts are presented as part of Non-current assets and a Non-current liabilities in the Statements of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income. |
Note 16 - Tax Expense - Movemen
Note 16 - Tax Expense - Movement in Recognised Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | $ (3,066) | [1] | $ (23,230) | ||
Recognised in profit or loss | (5,681) | (2,979) | |||
Foreign exchange movement | 4,600 | 23,143 | |||
Deferred tax assets (liabilities) | [1] | (4,147) | (3,066) | ||
Property, plant, and equipment deferred tax liability [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | (4,195) | [1] | (24,930) | ||
Recognised in profit or loss | (7,195) | (4,561) | |||
Foreign exchange movement | 5,981 | 25,296 | |||
Deferred tax assets (liabilities) | [1] | (5,409) | (4,195) | ||
Allowance for obsolete stock deferred tax asset [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | 22 | [1] | 258 | ||
Recognised in profit or loss | 14 | 11 | |||
Foreign exchange movement | (23) | (247) | |||
Deferred tax assets (liabilities) | [1] | 13 | 22 | ||
Prepayments deferred tax liability [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | (4) | [1] | (3) | ||
Recognised in profit or loss | |||||
Foreign exchange movement | 1 | (1) | |||
Deferred tax assets (liabilities) | [1] | (3) | (4) | ||
Unrealised foreign exchange gains (losses) [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | 309 | [1] | 34 | ||
Recognised in profit or loss | 732 | 519 | |||
Foreign exchange movement | (511) | (244) | |||
Deferred tax assets (liabilities) | [1] | 530 | 309 | ||
Trade and other payables [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | 739 | [1] | 486 | ||
Recognised in profit or loss | 674 | 1,093 | |||
Foreign exchange movement | (774) | (840) | |||
Deferred tax assets (liabilities) | 639 | 739 | [1] | ||
Cash-settled awards [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | 5 | 13 | |||
Recognised in profit or loss | 3 | (9) | |||
Foreign exchange movement | 1 | ||||
Deferred tax assets (liabilities) | 8 | 5 | |||
Provisions [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | 58 | [1] | 852 | ||
Recognised in profit or loss | 76 | 11 | |||
Foreign exchange movement | (74) | (805) | |||
Deferred tax assets (liabilities) | [1] | 60 | 58 | ||
Other temporary differences [member] | |||||
Statement Line Items [Line Items] | |||||
Deferred tax assets (liabilities) | [1] | 60 | |||
Recognised in profit or loss | 15 | (43) | |||
Foreign exchange movement | (17) | ||||
Deferred tax assets (liabilities) | $ 15 | [1] | |||
[1] | The deferred tax liability consists of a deferred tax asset of $63 (2018: $98) from the South African operation and a net deferred tax liability of $3,129 (2018: $23,328) due to the Zimbabwean operation. The amounts are in different tax jurisdictions and cannot be offset. The amounts are presented as part of Non-current assets and a Non-current liabilities in the Statements of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income. |
Note 17 - Property, Plant and_3
Note 17 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |||
Statement Line Items [Line Items] | ||||||
Additions other than through business combinations, property, plant and equipment | $ 24,778 | $ 20,423 | ||||
Borrowing costs capitalised | 53 | 165 | $ 61 | |||
Total property, plant and equipment | 126,479 | 106,512 | [1] | 90,460 | $ 90,460 | [1] |
Construction in progress [member] | ||||||
Statement Line Items [Line Items] | ||||||
Additions other than through business combinations, property, plant and equipment | 15,771 | 14,051 | $ 19,323 | |||
Total property, plant and equipment | $ 85,479 | $ 69,708 | $ 55,657 | |||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 17 - Property, Plant, and
Note 17 - Property, Plant, and Equipment - Reconciliation of Changes in Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | $ 106,512 | [1] | $ 90,460 | |||
Additions* | 24,778 | 20,423 | ||||
Impairments | (144) | $ (208) | ||||
Balance at end of period | 126,479 | 106,512 | [1] | 90,460 | ||
Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 141,326 | 120,848 | ||||
Initial recognition of right of use assets | 409 | |||||
Additions* | [2] | 24,778 | 20,423 | |||
Impairments | (144) | |||||
Disposals | (228) | |||||
Reallocations between asset classes | ||||||
Foreign exchange movement | (4) | 18 | ||||
Derecognised plant and equipment | (238) | |||||
Balance at end of period | 165,862 | 141,326 | 120,848 | |||
Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | 146 | |||||
Foreign exchange movement | (3) | 11 | ||||
Derecognised plant and equipment | (56) | |||||
Balance | 34,814 | 30,388 | ||||
Depreciation for the year | 4,628 | 4,434 | ||||
Disposals | (165) | |||||
Balance | 39,383 | 34,814 | 30,388 | |||
Land and buildings [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 5,420 | 5,928 | ||||
Balance at end of period | 5,311 | 5,420 | 5,928 | |||
Land and buildings [member] | Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 10,833 | 10,339 | ||||
Initial recognition of right of use assets | 409 | |||||
Additions* | [2] | 1 | 267 | |||
Impairments | ||||||
Disposals | (212) | |||||
Reallocations between asset classes | 930 | 25 | ||||
Foreign exchange movement | (7) | 5 | ||||
Derecognised plant and equipment | ||||||
Balance at end of period | 11,757 | 10,833 | 10,339 | |||
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | 146 | |||||
Foreign exchange movement | 3 | |||||
Derecognised plant and equipment | ||||||
Balance | 5,413 | 4,411 | ||||
Depreciation for the year | 1,030 | 1,005 | ||||
Disposals | (149) | |||||
Balance | 6,446 | 5,413 | 4,411 | |||
Mining assets [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 84,217 | 68,688 | ||||
Balance at end of period | 101,866 | 84,217 | 68,688 | |||
Mining assets [member] | Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 90,542 | 74,509 | ||||
Initial recognition of right of use assets | ||||||
Additions* | [2] | 19,507 | 19,020 | |||
Impairments | ||||||
Disposals | ||||||
Reallocations between asset classes | (1,210) | (2,989) | ||||
Foreign exchange movement | 2 | |||||
Derecognised plant and equipment | ||||||
Balance at end of period | 108,839 | 90,542 | 74,509 | |||
Mining assets [member] | Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | ||||||
Foreign exchange movement | ||||||
Derecognised plant and equipment | ||||||
Balance | 6,325 | 5,821 | ||||
Depreciation for the year | 648 | 504 | ||||
Disposals | ||||||
Balance | 6,973 | 6,325 | 5,821 | |||
Plant and equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 16,345 | 15,318 | ||||
Balance at end of period | 17,959 | 16,345 | 15,318 | |||
Plant and equipment [member] | Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 36,395 | 32,675 | ||||
Initial recognition of right of use assets | ||||||
Additions* | [2] | 4,221 | 897 | |||
Impairments | (144) | |||||
Disposals | ||||||
Reallocations between asset classes | 280 | 2,964 | ||||
Foreign exchange movement | (14) | 3 | ||||
Derecognised plant and equipment | (238) | |||||
Balance at end of period | 40,644 | 36,395 | 32,675 | |||
Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | ||||||
Foreign exchange movement | ||||||
Derecognised plant and equipment | (56) | |||||
Balance | 20,050 | 17,357 | ||||
Depreciation for the year | 2,691 | 2,693 | ||||
Disposals | ||||||
Balance | 22,685 | 20,050 | 17,357 | |||
Fixtures and fittings [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 265 | 274 | ||||
Balance at end of period | 386 | 265 | 274 | |||
Fixtures and fittings [member] | Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 1,018 | 923 | ||||
Initial recognition of right of use assets | ||||||
Additions* | [2] | 219 | 88 | |||
Impairments | ||||||
Disposals | ||||||
Reallocations between asset classes | ||||||
Foreign exchange movement | (2) | 7 | ||||
Derecognised plant and equipment | ||||||
Balance at end of period | 1,235 | 1,018 | 923 | |||
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | ||||||
Foreign exchange movement | (6) | 5 | ||||
Derecognised plant and equipment | ||||||
Balance | 753 | 649 | ||||
Depreciation for the year | 102 | 99 | ||||
Disposals | ||||||
Balance | 849 | 753 | 649 | |||
Motor vehicles [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 265 | 252 | ||||
Balance at end of period | 565 | 265 | 252 | |||
Motor vehicles [member] | Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | 2,538 | 2,402 | ||||
Initial recognition of right of use assets | ||||||
Additions* | [2] | 458 | 151 | |||
Impairments | ||||||
Disposals | (16) | |||||
Reallocations between asset classes | ||||||
Foreign exchange movement | (1) | 1 | ||||
Derecognised plant and equipment | ||||||
Balance at end of period | 2,995 | 2,538 | 2,402 | |||
Motor vehicles [member] | Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | ||||||
Foreign exchange movement | 6 | |||||
Derecognised plant and equipment | ||||||
Balance | 2,273 | 2,150 | ||||
Depreciation for the year | 157 | 133 | ||||
Disposals | (16) | |||||
Balance | 2,430 | 2,273 | 2,150 | |||
Solar plant [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | ||||||
Balance at end of period | 392 | |||||
Solar plant [member] | Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance at beginning of period | ||||||
Initial recognition of right of use assets | ||||||
Additions* | [2] | 372 | ||||
Impairments | ||||||
Disposals | ||||||
Reallocations between asset classes | ||||||
Foreign exchange movement | 20 | |||||
Derecognised plant and equipment | ||||||
Balance at end of period | 392 | |||||
Solar plant [member] | Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Initial recognition of right of use assets | ||||||
Foreign exchange movement | ||||||
Derecognised plant and equipment | ||||||
Balance | ||||||
Depreciation for the year | ||||||
Disposals | ||||||
Balance | ||||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | |||||
[2] | Included in additions is an amount of $15,771 (2019: $14,051, 2018: $19,323) relating to capital work in progress ("CWIP") and contains $53 (December 31, 2019: $165, 2018: $61) of borrowing costs capitalised from the term loan. As at year end $85,479 of CWIP was included in the cost closing balance (2019: $69,708, January 1, 2019: $55,657). On July 6, 2020 the Board appointed Voltalia as the contractor for engineering, procuring and constructing a solar plant to be owned by a subsidiary of the Company. All solar costs that were incurred before July 6, 2020 were accounted for as other expenses and accounted through profit or loss. Solar costs incurred after approval by the Board are accounted for as Property, plant and equipment as it became clear and probable that future economic benefits will flow to the project. The 40-hectare site for the project has been cleared and fenced and is ready for civil work to commence. Construction on the 12MWac solar plant is expected to be completed in April 2022. |
Note 18 - Exploration and Eva_3
Note 18 - Exploration and Evaluation Assets (Details Textual) - USD ($) $ in Thousands | Dec. 16, 2020 | Nov. 24, 2020 | Nov. 19, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | ||||
Statement Line Items [Line Items] | |||||||||||
Decrease in exploration and evaluation assets from reallocation to assets held for sale | [1] | $ 500 | |||||||||
Assets arising from exploration for and evaluation of mineral resources | 6,768 | $ 7,139 | [2] | $ 6,967 | $ 6,967 | [2] | |||||
Impairment loss recognised in profit or loss, exploration and evaluation assets | [1] | 2,930 | |||||||||
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 500 | [2] | 296 | [2] | |||||||
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | (2,759) | (172) | [3] | [3] | |||||||
Total trade and other current payables | 8,664 | 8,348 | [2] | 10,051 | [2] | ||||||
Eagle Vulture, Mascot and Penzance [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 500 | ||||||||||
Eagle Vulture, Mascot and Penzance [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Decrease in exploration and evaluation assets from reallocation to assets held for sale | [1] | 500 | |||||||||
Assets arising from exploration for and evaluation of mineral resources | 3,416 | 3,344 | |||||||||
Impairment loss recognised in profit or loss, exploration and evaluation assets | [1] | 2,930 | |||||||||
Eagle Vulture, Mascot and Penzance [member] | Gross carrying amount [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Assets arising from exploration for and evaluation of mineral resources | 3,430 | ||||||||||
Glen Hume [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Decrease in exploration and evaluation assets from reallocation to assets held for sale | [1] | ||||||||||
Assets arising from exploration for and evaluation of mineral resources | 2,661 | ||||||||||
Impairment loss recognised in profit or loss, exploration and evaluation assets | [1] | ||||||||||
Period of option agreement (Month) | 1 year 90 days | ||||||||||
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | $ (2,500) | ||||||||||
Expected exploration and evaluation of mineral resources expenses | 1,000 | ||||||||||
Option agreement exercise expense | $ 2,500 | ||||||||||
Percentage of net smelter royalty | 1.00% | ||||||||||
Option agreement, net smelter royalty buy-out, first five years | $ 15,000 | ||||||||||
Option agreement, net smelter royalty buy-out, five to ten years | 10,000 | ||||||||||
Option agreement, net smelter royalty buy-out, after ten years | $ 5,000 | ||||||||||
Connemara North [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Decrease in exploration and evaluation assets from reallocation to assets held for sale | [1] | ||||||||||
Assets arising from exploration for and evaluation of mineral resources | 300 | ||||||||||
Impairment loss recognised in profit or loss, exploration and evaluation assets | [1] | ||||||||||
Period of option agreement (Month) | 1 year 180 days | ||||||||||
Option agreement exercise expense | $ 600 | ||||||||||
Percentage of net smelter royalty | 1.00% | ||||||||||
Total trade and other current payables | $ 300 | ||||||||||
Option agreement exercise expense within seven days of transfer of ownership | $ 4,400 | ||||||||||
[1] | Management determined the fair value of Eagle Vulture, Mascot and Penzance as the future sale price as agreed by independent parties in the sale contract that amounted to $500. The carrying amount of Eagle Vulture, Mascot and Penzance before the impairment was $3,430 and the write down resulted in an impairment expense of $2,930. The $500 carrying value was reallocated to Assets held for sale in December, 2020. | ||||||||||
[2] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | ||||||||||
[3] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 18 - Exploration and Eva_4
Note 18 - Exploration and Evaluation Assets - Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Statement Line Items [Line Items] | |||||
Balance | $ 7,139 | [1] | $ 6,967 | ||
- Consumables and drilling | 189 | 3 | |||
- Contractor | 93 | ||||
- Labour | 46 | 40 | |||
- Power | 24 | 36 | |||
- Option payments | 2,800 | ||||
Reallocate to assets held for sale (note 21.1) ~ | [2] | (500) | |||
Impairment ~ | [2] | (2,930) | |||
Balance | 6,768 | 7,139 | [1] | ||
Glen Hume [Member] | |||||
Statement Line Items [Line Items] | |||||
Balance | |||||
- Consumables and drilling | 161 | ||||
- Contractor | |||||
- Labour | |||||
- Power | |||||
- Option payments | 2,500 | ||||
Reallocate to assets held for sale (note 21.1) ~ | [2] | ||||
Impairment ~ | [2] | ||||
Balance | 2,661 | ||||
Connemara North [Member] | |||||
Statement Line Items [Line Items] | |||||
Balance | |||||
- Consumables and drilling | |||||
- Contractor | |||||
- Labour | |||||
- Power | |||||
- Option payments | 300 | ||||
Reallocate to assets held for sale (note 21.1) ~ | [2] | ||||
Impairment ~ | [2] | ||||
Balance | 300 | ||||
GG [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 3,441 | 3,347 | |||
- Consumables and drilling | 28 | 6 | |||
- Contractor | 36 | ||||
- Labour | 35 | 32 | |||
- Power | 19 | 20 | |||
- Option payments | |||||
Reallocate to assets held for sale (note 21.1) ~ | [2] | ||||
Impairment ~ | [2] | ||||
Balance | 3,523 | 3,441 | |||
Eagle Vulture, Mascot and Penzance [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 3,416 | 3,344 | |||
- Consumables and drilling | (3) | ||||
- Contractor | 57 | ||||
- Labour | 11 | 8 | |||
- Power | 3 | 10 | |||
- Option payments | |||||
Reallocate to assets held for sale (note 21.1) ~ | [2] | (500) | |||
Impairment ~ | [2] | (2,930) | |||
Balance | 3,416 | ||||
Sabiwa [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 282 | 276 | |||
- Consumables and drilling | |||||
- Contractor | |||||
- Labour | |||||
- Power | 2 | 6 | |||
- Option payments | |||||
Reallocate to assets held for sale (note 21.1) ~ | [2] | ||||
Impairment ~ | [2] | ||||
Balance | $ 284 | $ 282 | |||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | ||||
[2] | Management determined the fair value of Eagle Vulture, Mascot and Penzance as the future sale price as agreed by independent parties in the sale contract that amounted to $500. The carrying amount of Eagle Vulture, Mascot and Penzance before the impairment was $3,430 and the write down resulted in an impairment expense of $2,930. The $500 carrying value was reallocated to Assets held for sale in December, 2020. |
Note 19 - Inventories - Compone
Note 19 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Statement Line Items [Line Items] | |||||
Consumable stores | $ 15,632 | $ 10,716 | $ 9,210 | ||
Gold in progress | 1,166 | 376 | 217 | ||
Inventories | $ 16,798 | $ 11,092 | [1] | $ 9,427 | [1] |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 20 - Cash and Cash Equiv_3
Note 20 - Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [2] | Dec. 31, 2017 | [2] | ||
Statement Line Items [Line Items] | |||||||||
Bank balances | $ 19,092 | $ 9,383 | $ 11,187 | ||||||
Cash and cash equivalents | 19,092 | 9,383 | [1] | 11,187 | [1] | ||||
Bank overdrafts used for cash management purposes | (490) | [1] | [1] | ||||||
Net cash and cash equivalents at year end | $ 19,092 | $ 8,893 | [2] | $ 11,187 | $ 11,187 | $ 12,756 | |||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | ||||||||
[2] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 20 - Cash and Cash Equiv_4
Note 20 - Cash and Cash Equivalents - Exposure to Risk (Details) | Dec. 31, 2020USD ($) |
Overdraft facility, Stanbic Bank [Member] | |
Statement Line Items [Line Items] | |
Denomination | $ 15,000,000 |
Interest rate | 55.00% |
Overdraft facility, First Capital Bank [member] | |
Statement Line Items [Line Items] | |
Denomination | $ 10,000,000 |
Interest rate | 55.00% |
Note 21 - Assets Held for Sal_2
Note 21 - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | Feb. 24, 2021 | May 31, 2018 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | [1] | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||||||||
Assets arising from exploration for and evaluation of mineral resources | $ 6,768 | $ 7,139 | [1] | $ 6,967 | $ 6,967 | |||||
Impairment loss recognised in profit or loss, exploration and evaluation assets | [2] | 2,930 | ||||||||
SH Minerals [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Share sale agreement, once off payment | $ 3,000 | |||||||||
Share sale agreement, amendment, amount of each payment | $ 1,000 | |||||||||
Share sale agreement, amendment, amount of payment, received | 900 | 1,000 | ||||||||
Eagle Vulture, Mascot and Penzance [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Assets arising from exploration for and evaluation of mineral resources | $ 3,416 | $ 3,344 | ||||||||
Impairment loss recognised in profit or loss, exploration and evaluation assets | [2] | 2,930 | ||||||||
Eagle Vulture, Mascot and Penzance [member] | Gross carrying amount [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Assets arising from exploration for and evaluation of mineral resources | 3,430 | |||||||||
Eagle Vulture, Mascot and Penzance [member] | At fair value [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Assets arising from exploration for and evaluation of mineral resources | $ 500 | |||||||||
Other disposals of assets [member] | SH Minerals [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Share sale agreement, amendment, amount of payment, received | $ 340 | |||||||||
Eagle Vulture, Mascot and Penzance [member] | Other disposals of assets [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 500 | |||||||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | |||||||||
[2] | Management determined the fair value of Eagle Vulture, Mascot and Penzance as the future sale price as agreed by independent parties in the sale contract that amounted to $500. The carrying amount of Eagle Vulture, Mascot and Penzance before the impairment was $3,430 and the write down resulted in an impairment expense of $2,930. The $500 carrying value was reallocated to Assets held for sale in December, 2020. |
Note 21 - Assets Held for Sal_3
Note 21 - Assets Held for Sale - Noncurrent Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Jan. 01, 2019 | |
Statement Line Items [Line Items] | |||||
Non-current assets held for sale | $ 500 | $ 296 | [1] | ||
Eagle Vulture, Mascot and Penzance [member] | |||||
Statement Line Items [Line Items] | |||||
Non-current assets held for sale | 500 | ||||
Eersteling Gold Mining Company Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Non-current assets held for sale | $ 296 | ||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 21 - Assets Held for Sal_4
Note 21 - Assets Held for Sale - Disposal of Assets Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Property, plant and equipment | $ 227 | ||
Trade and other receivables | 84 | ||
Total assets | 311 | ||
Rehabilitation provision | 650 | ||
Trade and other payables | 8 | ||
Total liabilities | 658 | ||
Cash received | 1,000 | ||
Deferred consideration (at January 31, 2019) | 1,953 | ||
Total consideration | 2,953 | ||
Net liabilities derecognised | 347 | ||
Cumulative exchange differences in respect of the net liabilities of the subsidiary reclassified from equity on loss of control of subsidiary | 2,109 | ||
Fair value consideration receivable (at January 31, 2019) | 2,953 | ||
Profit on sale of subsidiary | $ 5,409 |
Note 22 - Trade and Other Rec_3
Note 22 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Statement Line Items [Line Items] | |||||
Bullion sales receivable | $ 1,311 | $ 2,987 | $ 2,695 | ||
VAT receivables | 2,278 | 1,765 | 2,743 | ||
Deferred consideration on the disposal of subsidiary | 1,100 | 1,991 | |||
Deposits for stores and equipment and other receivables | 273 | 169 | 954 | ||
Total trade and other current receivables | $ 4,962 | $ 6,912 | [1] | $ 6,392 | [1] |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 23 - Derivative Financia_3
Note 23 - Derivative Financial Assets (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Commodity price risk [member] | Derivative contract for 4,600 ounces of Gold [member] | ||||
Statement Line Items [Line Items] | ||||
Hedging instruments, participation, price | $ 379,000 | |||
Derivative contract, number of ounces of gold hedged | 4,600 | |||
Hedging instruments, protected, price | $ 1,400 | |||
Hedged item, assets | $ 102,000 | |||
Gold ETF [member] | ||||
Statement Line Items [Line Items] | ||||
Derivative instrument, notional amount | $ 1,058,000 | |||
Trading income (expense) on foreign exchange contracts | $ (164,000) | |||
Gains (losses) on change in value of foreign currency basis spreads, net of tax | $ 290,000 |
Note 23 - Derivative Financia_4
Note 23 - Derivative Financial Assets - Derivative financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | [1] | |
Statement Line Items [Line Items] | |||||
Derivative financial assets | $ 1,184 | $ 102 | [1] | ||
Gold exchange traded fund [member] | |||||
Statement Line Items [Line Items] | |||||
Derivative financial assets | 1,184 | ||||
Gold hedge [member] | |||||
Statement Line Items [Line Items] | |||||
Derivative financial assets | $ 102 | ||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 23 - Derivative Financia_5
Note 23 - Derivative Financial Assets - Fair Value Losses on Derivative assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Fair value losses on derivative assets | $ 266 | $ 601 | $ 360 |
Gold ETF [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative assets | 164 | ||
Gold hedge [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative assets | $ 102 | $ 601 | $ 360 |
Note 24 - Share Capital (Detail
Note 24 - Share Capital (Details Textual) - USD ($) $ / shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Statement Line Items [Line Items] | |||||
Proceeds from issuing shares | $ 12,538 | ||||
Cantor Fitzgerald & Co. [member] | Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Proceeds from issuing shares | 13,000 | ||||
Share issue related cost | $ 462 | ||||
Ordinary shares [member] | |||||
Statement Line Items [Line Items] | |||||
Par value per share (in dollars per share) | $ 0 | ||||
Preference shares [member] | |||||
Statement Line Items [Line Items] | |||||
Par value per share (in dollars per share) | $ 0 | ||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 24 - Share Capital - Issue
Note 24 - Share Capital - Issued Ordinary Shares (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Statement Line Items [Line Items] | ||||||
Balance | $ 124,717 | [1] | $ 78,808 | $ 69,211 | ||
Shares issued - share-based payment - employees | 216 | 963 | 14 | |||
Shares issued - options exercised | 30 | |||||
Balance | $ 158,043 | $ 124,717 | [1] | 78,808 | ||
Issued capital [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of fully paid shares issued, beginning of period (in shares) | 10,763,041 | 10,603,153 | ||||
Balance | $ 56,065 | $ 55,102 | 55,102 | |||
Shares issued - share-based payment - employees (in shares) | 25,553 | 159,888 | ||||
Shares issued - share-based payment - employees | $ 216 | $ 963 | ||||
Shares issued - options exercised (in shares) | 5,000 | |||||
Shares issued - options exercised | $ 30 | |||||
Shares issued- equity raise (in shares) | [2] | 597,963 | ||||
Shares issued- equity raise | [2] | $ 12,538 | ||||
Shares issued- Blanket shares purchased from Fremiro (note 6) (in shares) | 727,266 | |||||
Shares issued- Blanket shares purchased from Fremiro (note 6) | $ 5,847 | |||||
Number of fully paid shares issued, end of period (in shares) | 12,118,823 | 10,763,041 | 10,603,153 | |||
Balance | $ 74,696 | $ 56,065 | $ 55,102 | |||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. | |||||
[2] | The Company raised equity for the construction of the solar plant by way of an At The Market ("ATM") equity offer on the NYSE American. Gross proceeds of $13,000 were raised pursuant to the ATM sales agreement with Cantor Fitzgerald & Co. at a transaction cost of $462. |
Note 25 - Reserves - Reserves i
Note 25 - Reserves - Reserves in Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | [1] | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||||
Foreign currency translation reserve | $ (8,794) | $ (8,621) | $ (6,561) | |||
Equity-settled share-based payment reserve | 14,513 | 16,760 | 16,760 | |||
Contributed surplus | 132,591 | 132,591 | 132,591 | |||
Total | $ 138,310 | $ 140,730 | [1] | $ 142,790 | $ 142,790 | |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 26 - Earnings Per Share (D
Note 26 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Antidilutive options excluded from computation of earnings per share, amount (in shares) | 14,827 | 32,771 | 37,302 |
Options out of the money [member] | |||
Statement Line Items [Line Items] | |||
Antidilutive options excluded from computation of earnings per share, amount (in shares) | 18,000 | 18,000 |
Note 26 - Earnings Per Share -
Note 26 - Earnings Per Share - Earnings Per Share Computations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Statement Line Items [Line Items] | |||
Issued shares at the beginning of year (note 24) (in shares) | 10,763,041 | 10,603,153 | 10,603,153 |
Issued shares post consolidation (in shares) | 10,763,041 | 10,603,153 | 10,603,153 |
Weighted average shares issued (in shares) | 940,489 | 138,736 | |
Weighted average number of shares at December 31 (in shares) | 11,703,530 | 10,741,889 | 10,603,153 |
Weighted average at December 31 (in shares) | 11,703,530 | 10,603,851 | 10,603,153 |
Effect of dilutive options (in shares) | 13,173 | 143,267 | 698 |
Weighted average number of shares (diluted) at December 31 (in shares) | 11,716,703 | 10,747,118 | 10,603,851 |
Profit for the year attributable to owners of the Company (basic and diluted) | $ | $ 20,780 | $ 42,018 | $ 10,766 |
Blanket Mine Employee Trust Adjustment | $ | (485) | (986) | (280) |
Profit attributable to ordinary shareholders (basic and diluted) | $ | $ 20,295 | $ 41,032 | $ 10,486 |
Basic earnings per share - $ | 1.73 | 3.82 | 0.99 |
Diluted earnings per share - $ | 1.73 | 3.81 | 0.99 |
Note 27 - Non-controlling Int_3
Note 27 - Non-controlling Interests (Details Textual) | Dec. 31, 2020 | Jan. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 20, 2012 |
Statement Line Items [Line Items] | |||||
Percentage of net assets recognised as NCI | 13.20% | 13.20% | 16.20% | 16.20% | 16.20% |
Note 27 - Non-controlling Int_4
Note 27 - Non-controlling Interests - Schedule of Non-controlling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | [1] | ||
Statement Line Items [Line Items] | ||||||
Current assets | $ 44,586 | $ 29,839 | [1] | $ 28,168 | ||
Non-current assets | 133,334 | 113,714 | [1] | 97,525 | ||
Current liabilities | (9,964) | (9,879) | [1] | (12,198) | ||
Non-current liabilities | (9,913) | (8,957) | [1] | (34,687) | ||
Non-controlling interests | 16,524 | 16,302 | [1] | $ 8,345 | ||
Revenue | 100,002 | 75,826 | $ 68,399 | |||
Profit after tax | 25,257 | 50,401 | 13,756 | |||
Total comprehensive income of Blanket Mine (100%) | 25,084 | 48,341 | 13,080 | |||
Profit allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) | 4,477 | 8,383 | 2,990 | |||
Blanket Mine (1983) (Private) Limited [member] | ||||||
Statement Line Items [Line Items] | ||||||
Current assets | 24,864 | 21,386 | 19,107 | |||
Non-current assets | 133,908 | 115,610 | 98,700 | |||
Current liabilities | 7,339 | (8,630) | (13,200) | |||
Non-current liabilities | (8,065) | (9,085) | (33,043) | |||
Net assets of Blanket Mine (100%) | 158,046 | 119,281 | 71,564 | |||
Non-controlling interests | 16,524 | 16,302 | 8,345 | |||
Revenue | 100,002 | 75,826 | 68,399 | |||
Profit after tax | 33,361 | 51,746 | 18,456 | |||
Total comprehensive income of Blanket Mine (100%) | 33,361 | 51,746 | 18,456 | |||
Profit allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) | 4,477 | 8,383 | 2,990 | |||
Dividend allocated to NCI (2020: 13.2%, 2019: 16.2%, 2018: 16.2%) | $ (655) | $ (426) | $ (589) | |||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 28 - Provisions (Details T
Note 28 - Provisions (Details Textual) - Provision for decommissioning, restoration and rehabilitation costs for Blanket mine [member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||
Major assumptions made concerning future events, other provisions, discount rate | 1.45% | 2.31% | 2.95% |
Major assumptions made concerning future events, other Provisions, inflation rate | 2.05% | 2.27% | 2.13% |
Other provisions, undiscounted cash flows | $ 3,389 | $ 3,364 | $ 3,604 |
Note 28 - Provisions - Reconcil
Note 28 - Provisions - Reconciliation of Site Restoration Provision (Details) - Provision for decommissioning, restoration and rehabilitation costs [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance January 1 | $ 3,346 | $ 3,309 |
Unwinding of discount | 2 | 20 |
Change in estimate - adjustment capitalised in Property, plant and equipment | 219 | 17 |
Balance December 31 | $ 3,567 | $ 3,346 |
Note 29 - Loans and Borrowing_2
Note 29 - Loans and Borrowings - Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | [2] | |||
Statement Line Items [Line Items] | |||||||
Balance at January 1 | $ 2,471 | $ 5,960 | $ 1,486 | ||||
- Capital | (574) | [1] | (1,500) | [1] | |||
- Finance cost | (388) | (130) | (58) | ||||
Proceeds | 2,340 | [1] | 6,000 | [1] | |||
Transaction cost | (46) | (60) | |||||
Unrealised foreign exchange | (1,487) | (5,818) | |||||
Finance cost | 386 | 165 | 92 | ||||
Balance at December 31 | 408 | 2,471 | 5,960 | ||||
Loans and borrowings - long term portion | 1,942 | [2] | 5,960 | $ 5,960 | |||
Short-term portion of loan facility | $ 408 | $ 529 | |||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. | ||||||
[2] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 29 - Loans and Borrowing_3
Note 29 - Loans and Borrowings - Terms and Repayment Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 23, 2017 |
Statement Line Items [Line Items] | |||||
Nominal interest rate | 7.25% | ||||
Carrying amount | $ 408 | $ 2,471 | $ 5,960 | $ 1,486 | |
Unsecured bank loan - Stanbic [member] | |||||
Statement Line Items [Line Items] | |||||
Nominal interest rate | 50.00% | ||||
Face value | $ 87 | 384 | |||
Carrying amount | $ 87 | 384 | |||
Unsecured bank loan - First Capital [member] | |||||
Statement Line Items [Line Items] | |||||
Nominal interest rate | 55.00% | ||||
Face value | $ 321 | 2,087 | |||
Carrying amount | $ 321 | 2,087 | |||
Unsecured bank loan [Member] | |||||
Statement Line Items [Line Items] | |||||
Nominal interest rate | |||||
Face value | $ 408 | 2,471 | |||
Carrying amount | $ 408 | $ 2,471 |
Note 30 - Share-based Payment_2
Note 30 - Share-based Payments (Details Textual) | Jan. 11, 2021 | Feb. 27, 2018 | Jul. 31, 2017GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020 |
Statement Line Items [Line Items] | |||||||
Expense from cash-settled share-based payment transactions | $ 634,000 | $ 107,000 | $ 43,000 | ||||
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 1,413,000 | $ 689,000 | $ 315,000 | ||||
Option life, share options granted | 3 | ||||||
Share-based compensation arrangement, percentage of outstanding stock maximum | 10.00% | ||||||
Weighted average remaining contractual life of outstanding share options (Year) | 1 year 295 days | 2 years 51 days | 3 years 51 days | ||||
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 14,000 | ||||||
Mr. J Staiger [member] | |||||||
Statement Line Items [Line Items] | |||||||
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 0 | 0 | $ 14,000 | ||||
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 | $ 15.88 | 8.46 | |||||
Performance share units (PSUs) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Vesting period of other equity instruments | 3 | ||||||
Performance probability | 85.00% | ||||||
Liabilities from share-based payment transactions | $ 2,240,000 | 524,000 | $ 2,043,000 | ||||
Expense from cash-settled share-based payment transactions | 634,000 | 107,000 | 43,000 | ||||
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 | $ 15.51 | $ 8.19 | |||||
Performance share units (PSUs) [member] | Potential ordinary share transactions [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of other equity instruments granted in share-based payment arrangement | 78,883 | ||||||
Performance share units (PSUs) [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Performance probability | 93.00% | 93.00% | |||||
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 | $ 30,000 | $ 16,000 | 47,000 | ||||
Number of other equity instruments granted in share-based payment arrangement | 52,282 | ||||||
Weighted average fair value at measurement date, other equity instruments granted | £ | £ 12.05 | ||||||
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 114,000 | $ 73,000 | $ 97,000 | ||||
Percentage of discretionary cash bonus | 10.00% | ||||||
Omnibus Equity Incetive Compensation Plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Option life, share options granted | 10 |
Note 30 - Share-based Payment_3
Note 30 - Share-based Payments - Cash-settled Share-based Payments and Share-based Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Cash-settled share-based payment expense | $ 1,413 | $ 689 | $ 315 |
Equity-settled share-based payment expense | 14 | ||
Restricted and performance share units [member] | |||
Statement Line Items [Line Items] | |||
Cash-settled share-based payment expense | 1,299 | 616 | 218 |
Share option programmes [member] | |||
Statement Line Items [Line Items] | |||
Equity-settled share-based payment expense | 14 | ||
Cash-settled awards [member] | |||
Statement Line Items [Line Items] | |||
Cash-settled share-based payment expense | $ 114 | $ 73 | $ 97 |
Note 30 - Share-based payment_4
Note 30 - Share-based payments - Inputs for Measurement of Grant Date Fair Values and Share Units Granted (Details) | Feb. 27, 2018USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares |
Statement Line Items [Line Items] | |||
Options Granted | 10,000 | ||
Risk-free interest rate | 2.86% | ||
Expected stock price volatility (based on historical volatility) | 32.00% | ||
Expected option life in years | 3 | ||
Exercise price (in CAD per share) | $ 9.30 | ||
Share price at grant date (in CAD per share) | $ 9.30 | ||
Fair value at grant date | $ | $ 1.40 | ||
Restricted stock units (RSUs) [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ | $ 15.88 | $ 8.46 | |
Share price (USD) (in dollars per share) | $ 15.88 | $ 8.46 | |
RSU dividends reinvested | 995 | 11,316 | |
Awards paid out/ expired | (5,052) | (87,434) | |
Total awards outstanding | 17,971 | 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 11, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | March 23, 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] | 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] | September 9, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | September 14, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Restricted stock units (RSUs) [member] | October 5, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | |||
Performance share units (PSUs) [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ | $ 15.51 | $ 8.19 | |
Share price (USD) (in dollars per share) | $ 15.88 | $ 8.46 | |
RSU dividends reinvested | |||
Awards paid out/ expired | (17,774) | (306,920) | |
Total awards outstanding | 279,889 | 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 11, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 95,740 | 95,740 | |
Performance share units (PSUs) [member] | March 23, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 28,287 | 28,287 | |
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 | 114,668 | ||
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] | September 9, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,611 | ||
Performance share units (PSUs) [member] | September 14, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 20,686 | ||
Performance share units (PSUs) [member] | October 5, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 514 | ||
Performance share units (PSUs) [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
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% | 100.00% |
Note 30 - Share-based Payment_5
Note 30 - Share-based Payments - Other Equity Share Units Granted (Details) - Cash-settled awards [member] | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Grants | 52,282 | ||
Awards paid out/ expired | (11,941) | (44,985) | |
Total awards outstanding | 3,011 | 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 30 - Share-based Payment_6
Note 30 - Share-based Payments - Options Outstanding (Details) | Dec. 31, 2020$ / shares |
Statement Line Items [Line Items] | |
Number of options | 28,000 |
Exercise price 2 [member] | |
Statement Line Items [Line Items] | |
Exercise price (in CAD per share) | $ 11.50 |
Number of options | 18,000 |
Exercise price 4 [member] | |
Statement Line Items [Line Items] | |
Exercise price (in CAD per share) | $ 9.30 |
Number of options | 10,000 |
Note 30 - Share-based Payment_7
Note 30 - Share-based Payments - Option Activity (Details) | Feb. 27, 2018 | Dec. 31, 2020$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |||||
Number of options outstanding and exercisable | 38,000 | 38,000 | |||
Weighted average exercise price, options outstanding and exercisable | $ | $ 9.48 | $ 9.48 | |||
Number of options granted | 10,000 | ||||
Weighted average exercise price, granted (in CAD per share) | |||||
Number of options exercised | (5,000) | ||||
Weighted average exercise price, exercised (in CAD per share) | $ 8.10 | ||||
Number of options expired | (5,000) | ||||
Weighted average exercise price, expired (in dollars per share) | $ 4 | ||||
Number of options outstanding and exercisable | 28,000 | 38,000 | |||
Weighted average exercise price, options outstanding and exercisable | $ | $ 10.71 | $ 9.48 |
Note 31 - Trade and Other Pay_3
Note 31 - Trade and Other Payables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Statement Line Items [Line Items] | |||||
Trade payables and accruals | $ 1,897 | $ 2,825 | $ 2,510 | ||
Electricity accrual | 735 | 626 | 4,054 | ||
Audit fee | 273 | 370 | 239 | ||
Shareholders for dividend (Non-controlling interest) | 208 | 364 | 215 | ||
Other payables | 1,209 | 582 | 475 | ||
Connemara North - exploration option | 300 | ||||
Financial liabilities | 4,622 | 4,767 | 7,493 | ||
Production and management bonus accrual - Blanket Mine | 467 | 1,092 | |||
Other employee benefits | 794 | 546 | 669 | ||
Leave pay | 2,098 | 1,943 | 1,889 | ||
Accruals | 683 | ||||
Non-financial liabilities | 4,042 | 3,581 | 2,558 | ||
Total | $ 8,664 | $ 8,348 | [1] | $ 10,051 | [1] |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 32 - Cash Flow Informati_3
Note 32 - Cash Flow Information - Non-cash Items and Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Operating profit | $ 40,735 | $ 60,889 | $ 21,421 | ||
Impairment of property, plant and equipment | 144 | 208 | |||
Impairment of exploration and evaluation assets | 2,930 | ||||
Profit on sale of subsidiary | (5,409) | ||||
Unrealised foreign exchange gains (note 11) | (8,367) | (31,307) | (243) | ||
Cash-settled share-based expense (note 30.1) | 1,413 | 689 | 228 | ||
Cash-settled share-based expense included in production costs (note 9) | 634 | 107 | 43 | ||
Settlement of cash-settled share-based expense | (1) | (1,384) | |||
Equity-settled share-based expense | 14 | ||||
Site restoration | 30 | ||||
Depreciation | 4,628 | 4,434 | 4,071 | ||
Allowance for obsolete inventory | 15 | ||||
Fair value loss/ (gain) on derivative assets (note 23) | 266 | (102) | |||
Disposal of property, plant and equipment | 63 | ||||
Derecognition of property, plant and equipment | 182 | ||||
Net cash used for assets and liabilities held for sale | (2) | ||||
Cash generated by operations before working capital changes | 42,420 | 28,124 | 25,785 | ||
Inventories | (5,707) | (1,655) | (277) | ||
Prepayments | 816 | (2,099) | (62) | ||
Trade and other receivables | 539 | 393 | (1,916) | ||
Trade and other payables | (101) | (878) | (2,411) | ||
Cash generated by operations | $ 37,967 | $ 23,885 | [1] | $ 21,119 | [1] |
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Acquisition of exploration and evaluation assets rather than as part of Acquisition of property, plant and equipment (refer to note 4(b)(i)). The new disclosure policy was adopted from December 10, 2020 and has been applied retrospectively. |
Note 33 - Financial Instrumen_3
Note 33 - Financial Instruments - Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 21, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||
Carrying amount | $ 2,684 | $ 5,146 | $ 3,649 |
Zimbabwean operations [member] | |||
Statement Line Items [Line Items] | |||
Carrying amount | 1,581 | 3,123 | 3,639 |
Jersey, Channel Islands [member] | |||
Statement Line Items [Line Items] | |||
Carrying amount | 1,100 | 2,003 | |
Other [member] | |||
Statement Line Items [Line Items] | |||
Carrying amount | $ 3 | $ 20 | $ 10 |
Note 33 - Financial Instrumen_4
Note 33 - Financial Instruments - Non-derivative Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Statement Line Items [Line Items] | |||
Trade and other payables | $ 4,622 | $ 5,116 | $ 7,493 |
Term loan facility | 408 | 2,471 | 5,960 |
Non-derivative financial liabilities, undiscounted cash flows | 5,030 | 7,587 | 13,453 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | 4,622 | 5,116 | 7,493 |
Term loan facility | 408 | ||
Non-derivative financial liabilities, undiscounted cash flows | 5,030 | 5,116 | 7,493 |
Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | |||
Term loan facility | 2,471 | 5,960 | |
Non-derivative financial liabilities, undiscounted cash flows | $ 2,471 | $ 5,960 |
Note 33 - Financial Instrumen_5
Note 33 - Financial Instruments - Exposure to Risk (Details) R in Thousands, $ in Thousands | Dec. 31, 2020ZAR (R) | Dec. 31, 2020USD ($) | Dec. 31, 2019ZAR (R) | Dec. 31, 2019USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2018USD ($) |
Currency risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | R 59 | $ 2,442 | R 57 | $ 2,771 | R 57 | $ 1,968 |
Effect of possible strengthening or weakening | 3 | 126 | 3 | 150 | 3 | 95 |
Currency risk [member] | Cash and cash equivalents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | 59 | 1,959 | 57 | 4,176 | 57 | 8,147 |
Effect of possible strengthening or weakening | 3 | 103 | 3 | 199 | 3 | 388 |
Currency risk [member] | Trade and other receivables [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | 249 | 1,735 | 126 | |||
Effect of possible strengthening or weakening | 12 | 82 | 6 | |||
Currency risk [member] | Trade and other payables [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | (174) | (179) | (345) | |||
Effect of possible strengthening or weakening | (8) | 9 | (16) | |||
Currency risk [member] | Overdrafts [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | (23) | |||||
Currency risk [member] | Term loan [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | 408 | (2,471) | (5,960) | |||
Effect of possible strengthening or weakening | 19 | (117) | (283) | |||
Currency risk [member] | Overdraft [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | (490) | |||||
Interest rate risk [member] | Cash and cash equivalents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | 19,092 | 9,383 | 11,187 | |||
Interest rate risk [member] | Term loan facility [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | (408) | (2,471) | (5,960) | |||
Interest rate risk [member] | Overdrafts [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net monetary assets/(liabilities) exposed | (490) | |||||
Interest rate risk , increase by 100 basis points [member] | Cash and cash equivalents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | 191 | 94 | 111 | |||
Interest rate risk , increase by 100 basis points [member] | Term loan [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | 4 | (25) | (60) | |||
Interest rate risk , increase by 100 basis points [member] | Overdraft [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | (5) | |||||
Interest rate risk, decrease by 100 basis points [member] | Cash and cash equivalents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | (191) | (94) | (111) | |||
Interest rate risk, decrease by 100 basis points [member] | Term loan [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | (4) | 25 | 60 | |||
Interest rate risk, decrease by 100 basis points [member] | Overdraft [member] | ||||||
Statement Line Items [Line Items] | ||||||
Effect of possible strengthening or weakening | $ 5 |
Note 34 - Dividends - Dividends
Note 34 - Dividends - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 15, 2020 | Jul. 16, 2020 | May 14, 2020 | Jan. 16, 2020 | Oct. 10, 2019 | Jul. 11, 2019 | Apr. 11, 2019 | Jan. 10, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||||||||||
Dividends declared to owners of the Company (excluding NCI) | $ 3,887 | $ 2,969 | $ 2,908 | ||||||||
Dividends, cents per share (in dollars per share) | $ 10 | $ 8.50 | $ 7.50 | $ 7.50 | $ 6.875 | $ 6.875 | $ 6.875 | $ 6.875 |
Note 35 - Contingencies (Detail
Note 35 - Contingencies (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) |
Legal proceedings contingent liability [member] | |
Statement Line Items [Line Items] | |
Estimated financial effect of contingent liabilities | $ 0 |
Note 36 - Related Parties (Deta
Note 36 - Related Parties (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Statement Line Items [Line Items] | |||
Estimated financial effect of contingent liabilities, determinate number of years for severance pay | 2 | ||
Expense from cash-settled share-based payment transactions including costs included in production costs | $ 295 | $ 107 | $ 43 |
Contingent liability arising from termination [member] | |||
Statement Line Items [Line Items] | |||
Estimated financial effect of contingent liabilities | $ 8,338 | $ 6,259 | $ 6,567 |
Note 36 - Related Parties - Key
Note 36 - Related Parties - Key Management Personnel and Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Key management salaries and bonuses | $ 2,915 | $ 2,362 | $ 2,476 | |
Cash-settled share-based expense* | [1] | 1,280 | 723 | 261 |
Key management personnel compensation | $ 4,195 | $ 3,085 | $ 2,737 | |
[1] | Amount inclusive of $295 (2019: $107, 2018: $43) classified as production costs. |
Note 37 - Group Entities (Detai
Note 37 - Group Entities (Details Textual) | Feb. 20, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 51.00% | 36.00% | ||
Blanket Mine (1983) (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 13.20% | 16.20% | 16.20% |
Note 37 - Group Entities - Subs
Note 37 - Group Entities - Subsidiaries of the Company (Details) - USD ($) $ in Thousands | Jan. 20, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Percentage of ownership | 64.00% | |||
Caledonia Holdings Zimbabwe (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | 100.00% | ||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | ||||
Caledonia Mining Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | 100.00% | ||
Caledonia Mining Services Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | ||||
Fintona Investments Proprietary Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | 100.00% | ||
Fintona Investments Proprietary Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ (14,859) | $ (14,859) | ||
Caledonia Mining South Africa Proprietary Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | 100.00% | ||
Caledonia Mining South Africa Proprietary Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ 612 | $ 1,750 | ||
Greenstone Management Services Holdings Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | 100.00% | ||
Greenstone Management Services Holdings Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ 20,818 | $ 14,902 | ||
Blanket Mine (1983) (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 64.00% | 49.00% | |
Blanket Mine (1983) (Private) Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ (3,980) | $ (400) | ||
Blanket Employee Trust Services (Private) Limited (BETS) [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [2] | |||
Blanket Employee Trust Services (Private) Limited (BETS) [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | [2] | |||
[1] | Refer to Note 6, for the effective shareholding. NCI has a 13.2% (2019: 16.2%, 2018: 16.2%) interest in cash flows of Blanket only. | |||
[2] | BETS and the Community Trust are consolidated as structured entities. |
Note 38 - Operating Segments (D
Note 38 - Operating Segments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Total revenue | $ 100,002 | $ 75,826 | $ 68,399 |
Fidelity Printers [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | $ 100,002 | $ 75,826 | $ 68,399 |
Note 38 - Operating Segments -
Note 38 - Operating Segments - Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | [1] | ||
Statement Line Items [Line Items] | ||||||
Revenue | $ 100,002 | $ 75,826 | $ 68,399 | |||
Inter-segmental revenue | ||||||
Royalty | (5,007) | (3,854) | (3,426) | |||
Production costs | (43,711) | (36,400) | (39,315) | |||
Depreciation | (4,628) | (4,434) | (4,071) | |||
Other income | 4,765 | 2,274 | 7,101 | |||
Other expenses | (5,315) | (666) | (336) | |||
Administrative expenses | (7,997) | (5,637) | (6,465) | |||
Management fee | ||||||
Cash-settled share-based expense | (1,413) | (689) | (315) | |||
Net foreign exchange gain (loss) | 4,305 | 29,661 | 223 | |||
Fair value loss on derivative assets | (266) | (601) | (360) | |||
Net finance cost | (305) | (198) | ||||
Dividends (paid) received | ||||||
Profit before tax | 40,430 | 60,691 | 21,201 | |||
Tax expense | (15,173) | (10,290) | (7,445) | |||
Profit for the year | 25,257 | 50,401 | $ 13,756 | |||
Current (excluding intercompany) | 44,586 | 29,839 | [1] | $ 28,168 | ||
Non-Current (excluding intercompany) | 133,334 | 113,714 | [1] | 97,525 | ||
Additions other than through business combinations, property, plant and equipment | 24,778 | 20,423 | ||||
Expenditure on evaluation and exploration assets (note 18) | 3,059 | 172 | ||||
Intercompany balances | ||||||
Current (excluding intercompany) | (9,964) | (9,879) | [1] | (12,198) | ||
Non-current (excluding intercompany) | (9,913) | (8,957) | [1] | $ (34,687) | ||
Intercompany balances | ||||||
Profit with sale of subsidiary | 5,409 | |||||
Elimination of intersegment amounts [member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue | ||||||
Inter-segmental revenue | (23,214) | (15,194) | ||||
Royalty | ||||||
Production costs | 20,639 | 13,618 | ||||
Depreciation | 424 | 350 | ||||
Other income | ||||||
Other expenses | ||||||
Administrative expenses | 10 | |||||
Management fee | ||||||
Cash-settled share-based expense | 634 | |||||
Net foreign exchange gain (loss) | (272) | |||||
Fair value loss on derivative assets | ||||||
Net finance cost | ||||||
Dividends (paid) received | ||||||
Profit before tax | (1,779) | (1,226) | ||||
Tax expense | 380 | 192 | ||||
Profit for the year | (1,399) | (1,034) | ||||
Current (excluding intercompany) | (194) | (139) | ||||
Non-Current (excluding intercompany) | (4,237) | (2,456) | ||||
Additions other than through business combinations, property, plant and equipment | (1,887) | (1,165) | ||||
Expenditure on evaluation and exploration assets (note 18) | ||||||
Intercompany balances | (69,144) | (52,783) | ||||
Current (excluding intercompany) | ||||||
Non-current (excluding intercompany) | 264 | 140 | ||||
Intercompany balances | 69,144 | 52,783 | ||||
Profit with sale of subsidiary | ||||||
Material reconciling items [member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue | ||||||
Inter-segmental revenue | (779) | |||||
Royalty | ||||||
Production costs | ||||||
Depreciation | (41) | (49) | ||||
Other income | ||||||
Other expenses | (21) | |||||
Administrative expenses | (5,614) | (3,775) | ||||
Management fee | ||||||
Cash-settled share-based expense | (1,933) | (289) | ||||
Net foreign exchange gain (loss) | (173) | 18 | ||||
Fair value loss on derivative assets | (102) | (601) | ||||
Net finance cost | 44 | |||||
Dividends (paid) received | 3,553 | |||||
Profit before tax | (4,331) | (22) | ||||
Tax expense | (253) | (128) | ||||
Profit for the year | (4,584) | (150) | ||||
Current (excluding intercompany) | 12,390 | 4,987 | ||||
Non-Current (excluding intercompany) | 3,287 | 244 | ||||
Additions other than through business combinations, property, plant and equipment | 123 | 248 | ||||
Expenditure on evaluation and exploration assets (note 18) | 2,961 | |||||
Intercompany balances | 44,910 | 43,914 | ||||
Current (excluding intercompany) | (1,336) | (1,156) | ||||
Non-current (excluding intercompany) | (2,112) | 5 | ||||
Intercompany balances | (35,124) | (17,784) | ||||
Profit with sale of subsidiary | 5,409 | |||||
Zimbabwean operations [member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue | 100,002 | 75,826 | ||||
Inter-segmental revenue | ||||||
Royalty | (5,007) | (3,854) | ||||
Production costs | (44,032) | (36,278) | ||||
Depreciation | (4,920) | (4,645) | ||||
Other income | 4,751 | 2,016 | ||||
Other expenses | (5,180) | (498) | ||||
Administrative expenses | (156) | (126) | ||||
Management fee | (2,492) | (2,798) | ||||
Cash-settled share-based expense | (234) | |||||
Net foreign exchange gain (loss) | 4,618 | 29,634 | ||||
Fair value loss on derivative assets | ||||||
Net finance cost | (352) | (299) | ||||
Dividends (paid) received | (2,198) | |||||
Profit before tax | 45,034 | 58,744 | ||||
Tax expense | (14,446) | (9,529) | ||||
Profit for the year | 30,588 | 49,215 | ||||
Current (excluding intercompany) | 27,070 | 21,608 | ||||
Non-Current (excluding intercompany) | 133,568 | 115,611 | ||||
Additions other than through business combinations, property, plant and equipment | 26,391 | 21,293 | ||||
Expenditure on evaluation and exploration assets (note 18) | 98 | 172 | ||||
Intercompany balances | 17,482 | |||||
Current (excluding intercompany) | (6,831) | (7,177) | ||||
Non-current (excluding intercompany) | (8,065) | (9,085) | ||||
Intercompany balances | (2,441) | |||||
Profit with sale of subsidiary | ||||||
South African operations [member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue | ||||||
Inter-segmental revenue | 23,214 | 15,973 | ||||
Royalty | ||||||
Production costs | (20,318) | (13,740) | ||||
Depreciation | (91) | (90) | ||||
Other income | 14 | 258 | ||||
Other expenses | (114) | (168) | ||||
Administrative expenses | (2,237) | (1,736) | ||||
Management fee | 2,492 | 2,798 | ||||
Cash-settled share-based expense | (114) | (166) | ||||
Net foreign exchange gain (loss) | 132 | 9 | ||||
Fair value loss on derivative assets | (164) | |||||
Net finance cost | 47 | 57 | ||||
Dividends (paid) received | (1,355) | |||||
Profit before tax | 1,506 | 3,195 | ||||
Tax expense | (854) | (825) | ||||
Profit for the year | 652 | 2,370 | ||||
Current (excluding intercompany) | 5,320 | 3,383 | ||||
Non-Current (excluding intercompany) | 716 | 315 | ||||
Additions other than through business combinations, property, plant and equipment | 151 | 47 | ||||
Expenditure on evaluation and exploration assets (note 18) | ||||||
Intercompany balances | 6,752 | 8,869 | ||||
Current (excluding intercompany) | (1,797) | (1,546) | ||||
Non-current (excluding intercompany) | (17) | |||||
Intercompany balances | $ (34,020) | (32,558) | ||||
Profit with sale of subsidiary | ||||||
[1] | The Group voluntarily changed its disclosure policy for exploration and evaluation assets to be disclosed separately as Exploration and evaluation assets rather than as part of Property, plant and equipment; similarly lease liabilities were classified separately from trade and other payables (refer to note 4(b)(i) and 4(b)(ii)). The new disclosure policies were adopted from December, 2020 and have been applied retrospectively. |
Note 39 - Defined Contributio_2
Note 39 - Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Zimbabwean operations [member] | |||
Statement Line Items [Line Items] | |||
Post-employment benefit expense, defined contribution plans | $ 796 | $ 506 | $ 619 |
Note 40 - COVID-19 (Details Tex
Note 40 - COVID-19 (Details Textual) - oz | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Target production rate, year one (Ounce) | 75,000 | ||
Target production rate, year two (Ounce) | 80,000 | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Target production rate, year one (Ounce) | 61,000 | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Target production rate, year one (Ounce) | 67,000 |