Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0000766011 |
Entity Registrant Name | Caledonia Mining Corp Plc |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Entity File Number | 001-38164 |
Entity Incorporation, State or Country Code | Y9 |
Entity Address, Address Line One | B006 Millais House, Castle Quay |
Entity Address, City or Town | St Helier |
Entity Address, Country | JE |
Entity Address, Postal Zip Code | JE2 3EF |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | CMCL |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 12,833,126 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Auditor Name | BDO South Africa Incorporated |
Auditor Location | Johannesburg, Gauteng, South Africa |
Auditor Firm ID | 1368 |
Document Accounting Standard | International Financial Reporting Standards |
Document Shell Company Report | false |
Document Registration Statement | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | B006 Millais House, Castle Quay |
Entity Address, City or Town | St Helier |
Entity Address, Country | JE |
Entity Address, Postal Zip Code | JE2 3EF |
City Area Code | 44 |
Local Phone Number | 1534 679 800 |
Contact Personnel Name | Mark Learmonth |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Revenue | $ 142,082 | $ 121,329 | $ 100,002 |
Royalty | (7,124) | (6,083) | (5,007) |
Production costs | (62,998) | (53,126) | (43,711) |
Depreciation | (10,141) | (8,046) | (4,628) |
Gross profit | 61,819 | 54,074 | 46,656 |
Other income | 60 | 46 | 4,765 |
Other expenses | (11,782) | (7,136) | (5,315) |
Administrative expenses | (11,941) | (9,091) | (7,997) |
Cash-settled share-based expense | (609) | (477) | (1,413) |
Equity-settled share-based expense | (484) | 0 | 0 |
Net foreign exchange gain | 4,411 | 1,184 | 4,305 |
Net derivative financial instrument expense | (1,198) | (240) | (266) |
Operating profit | 40,276 | 38,360 | 40,735 |
Finance income | 17 | 14 | 62 |
Finance cost | (657) | (375) | (367) |
Profit before tax | 39,636 | 37,999 | 40,430 |
Tax expense | (16,770) | (14,857) | (15,173) |
Profit for the year | 22,866 | 23,142 | 25,257 |
Other comprehensive loss | |||
Exchange differences on translation of foreign operations | (462) | (531) | (173) |
Total comprehensive income for the year | 22,404 | 22,611 | 25,084 |
Profit attributable to: | |||
Owners of the Company | 17,903 | 18,405 | 20,780 |
Non-controlling interests | 4,963 | 4,737 | 4,477 |
Profit for the year | 22,866 | 23,142 | 25,257 |
Total comprehensive income attributable to: | |||
Owners of the Company | 17,441 | 17,874 | 20,607 |
Non-controlling interests | 4,963 | 4,737 | 4,477 |
Total comprehensive income for the year | $ 22,404 | $ 22,611 | $ 25,084 |
Earnings per share | |||
Basic earnings per share ($) (in dollars per share) | $ 1.36 | $ 1.49 | $ 1.73 |
Diluted earnings per share ($) (in dollars per share) | $ 1.35 | $ 1.48 | $ 1.73 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Property, plant and equipment | $ 178,983 | $ 149,102 |
Exploration and evaluation asset | 17,579 | 8,648 |
Deferred tax asset | 202 | 194 |
Total non-current assets | 196,764 | 157,944 |
Inventories | 18,334 | 20,812 |
Derivative financial assets | 440 | 0 |
Income tax receivable | 40 | 101 |
Prepayments | 3,693 | 6,930 |
Trade and other receivables | 9,185 | 7,938 |
Cash and cash equivalents | 6,735 | 17,152 |
Total current assets | 38,427 | 52,933 |
Total assets | 235,191 | 210,877 |
Equity and liabilities | ||
Share capital | 83,471 | 82,667 |
Reserves | 137,801 | 137,779 |
Retained loss | (50,222) | (59,150) |
Equity attributable to shareholders | 171,050 | 161,296 |
Non-controlling interests | 22,409 | 19,260 |
Total equity | 193,459 | 180,556 |
Liabilities | ||
Provisions | 2,958 | 3,294 |
Deferred tax liabilities | 5,123 | 8,034 |
Cash-settled share-based payment | 1,029 | 974 |
Lease liabilities | 181 | 331 |
Total non-current liabilities | 9,291 | 12,633 |
Cash-settled share-based payment | 1,188 | 2,053 |
Lease liabilities | 132 | 134 |
Derivative financial liabilities | 0 | 3,095 |
Income tax payable | 1,324 | 1,562 |
Trade and other payables | 17,454 | 9,957 |
Loan notes payable | 7,104 | 0 |
Overdraft | 5,239 | 887 |
Total current liabilities | 32,441 | 17,688 |
Total liabilities | 41,732 | 30,321 |
Total equity and liabilities | $ 235,191 | $ 210,877 |
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, 2019 | $ 56,065 | $ (8,621) | $ 132,591 | $ 16,760 | $ (88,380) | $ 108,415 | $ 16,302 | $ 124,717 |
Statement Line Items [Line Items] | ||||||||
Dividends declared | 0 | 0 | 0 | 0 | (3,887) | (3,887) | (655) | (4,542) |
Shares issued - share-based payment | 216 | 0 | 0 | 0 | 0 | 216 | 0 | 216 |
Shares issued - options exercised | 30 | 0 | 0 | 0 | 0 | 30 | 0 | 30 |
Shares issued - Equity raise (net of transaction cost) | 12,538 | 0 | 0 | 0 | 0 | 12,538 | 0 | 12,538 |
Shares issued - Blanket shares purchased from Fremiro | 5,847 | 0 | 0 | (2,247) | 0 | 3,600 | (3,600) | 0 |
Profit for the year | 0 | 0 | 0 | 0 | 20,780 | 20,780 | 4,477 | 25,257 |
Other comprehensive loss for the year | 0 | (173) | 0 | 0 | 0 | (173) | 0 | (173) |
Balance at Dec. 31, 2020 | 74,696 | (8,794) | 132,591 | 14,513 | (71,487) | 141,519 | 16,524 | 158,043 |
Statement Line Items [Line Items] | ||||||||
Dividends declared | 0 | 0 | 0 | 0 | (6,068) | (6,068) | (2,001) | (8,069) |
Shares issued - options exercised | 165 | 0 | 0 | 0 | 0 | 165 | 0 | 165 |
Shares issued - Equity raise (net of transaction cost) | 7,806 | 0 | 0 | 0 | 0 | 7,806 | 0 | 7,806 |
Profit for the year | 0 | 0 | 0 | 0 | 18,405 | 18,405 | 4,737 | 23,142 |
Other comprehensive loss for the year | 0 | (531) | 0 | 0 | 0 | (531) | 0 | (531) |
Balance at Dec. 31, 2021 | 82,667 | (9,325) | 132,591 | 14,513 | (59,150) | 161,296 | 19,260 | 180,556 |
Statement Line Items [Line Items] | ||||||||
Dividends declared | 0 | 0 | 0 | 0 | (8,975) | (8,975) | (1,814) | (10,789) |
Shares issued - share-based payment | 0 | 0 | 0 | 484 | 0 | 484 | 0 | 484 |
Shares issued - Equity raise (net of transaction cost) | 804 | 0 | 0 | 0 | 0 | 804 | 0 | 804 |
Profit for the year | 0 | 0 | 0 | 0 | 17,903 | 17,903 | 4,963 | 22,866 |
Other comprehensive loss for the year | 0 | (462) | 0 | 0 | 0 | (462) | 0 | (462) |
Balance at Dec. 31, 2022 | $ 83,471 | $ (9,787) | $ 132,591 | $ 14,997 | $ (50,222) | $ 171,050 | $ 22,409 | $ 193,459 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Cash generated from operations | $ 49,657 | $ 38,703 | $ 37,967 |
Interest received | 17 | 14 | 56 |
Net finance costs paid | (192) | (388) | (405) |
Tax paid | (6,866) | (7,426) | (6,656) |
Net cash generated from operating activities | 42,616 | 30,903 | 30,962 |
Cash flows used in investing activities | |||
Acquisition of property, plant and equipment | (41,495) | (32,112) | (25,081) |
Acquisition of exploration and evaluation assets | (2,596) | (5,717) | (2,759) |
Proceeds from sale of assets held for sale | 0 | 500 | 0 |
Proceeds from (purchase of) derivative financial assets | 0 | 1,066 | (1,058) |
Proceeds from disposal of subsidiary | 0 | 340 | 900 |
Acquisition of Put options | (478) | 0 | 0 |
Net cash used in investing activities | (44,569) | (35,923) | (27,998) |
Cash flows from financing activities | |||
Dividends paid | (8,906) | (8,069) | (4,542) |
Term loan repayments | 0 | (361) | (574) |
(Repayment of) proceeds from gold loan | (3,698) | 2,752 | 0 |
Proceeds from Call options | 240 | 208 | 0 |
Payment of lease liabilities | (150) | (129) | (118) |
Shares issued – equity raise (net of transaction cost) | 0 | 7,806 | 12,538 |
Proceeds from share options exercised | 0 | 165 | 30 |
Net cash (used in) from financing activities | (12,514) | 2,372 | 7,334 |
Net (decrease) increase in cash and cash equivalents | (14,467) | (2,648) | 10,298 |
Effect of exchange rate fluctuations on cash and cash equivalents | (302) | (179) | (99) |
Net cash and cash equivalents at the beginning of the year | 16,265 | 19,092 | 8,893 |
Net cash and cash equivalents at the end of the year | $ 1,496 | $ 16,265 | $ 19,092 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1 Reporting entity Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) is a company domiciled in Jersey, Channel Islands. The Company’s registered office address is B006 These consolidated financial statements of the Company and its subsidiaries (the “Group”) comprise the consolidated statements of financial position as at December 31, 2022 2021, December 31, 2022, 2021 2020, Caledonia’s shares are listed on the NYSE American LLC 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 listed on the Victoria Falls Stock Exchange (“VFEX”) (symbol – “CMCL”) on December 2, 2021. June 19, 2020. 2% |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 12 Months Ended |
Dec. 31, 2022 | |
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 approved for issue by the Board of Directors on March 24, 2023. 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 assets and derivative financial liabilities measured at fair value. iii) Functional currency The consolidated financial statements are presented in United States Dollars (“$” or “US Dollars” or “USD”), which is also the functional currency of the Company. All financial information presented in US Dollars has been rounded to the nearest thousand, unless indicated otherwise. Refer to note 13 |
Note 3 - Use of Accounting Assu
Note 3 - Use of Accounting Assumptions, Estimates and Judgements | 12 Months Ended |
Dec. 31, 2022 | |
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) 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 mine development, infrastructure and other assets have a shorter useful life than the life-of-mine, they 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 4 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 intersect; ● continuity of mineralization 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 All Mineral Resources and Reserves are categorised and reported in compliance with the definitions embodied in the CIM Definition Standards as incorporated into the NI 43 101, not Inferred Mineral Resources are considered in the LoMP to the extent that they are required in accessing, by development infrastructure, the Measured and Indicated Mineral Resources. In addition geological continuity is modelled, whilst grade continuity is continually upgraded by drilling of the Inferred Mineral Resources at depth, and where these Mineral Resources are above the cut-off, economically viable and of sufficient confidence, will be upgraded and form part of eventual extraction and as a result are included in the calculation of depreciation. Refer to note 17 Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource. Mineral Resources in the Measured and Indicated Mineral Resource classifications have been converted into Proven and Probable Mineral Reserves respectively, by applying the applicable modifying factors and reasonable prospects of economic extraction. iii) Impairment Non-financial assets When assessing impairment indicators at a Group level or at a CGU level requires the use of assumptions to calculate the value in use. The assumptions used include: ● the future estimated gold price; ● future estimated 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; ● planned future production from measured, indicated and inferred resources; ● the weighted average cost of capital; ● the discount rate; and ● future inflation. Changes in reported resources may ● asset carrying values may ● depreciation charges to profit or loss may ● decommissioning, site restoration and environmental provisions and resources which may Non-derivative financial assets Loss given default is an estimate of the loss arising on default. It is based on the expected shortfalls in contractual cash flows. The Group uses a provision matrix to calculate the probability of default, which includes historical data, assumptions and expectations of future conditions. iv) 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 to note 6 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 Additional information about significant assumptions and estimates used to determine the fair value of equity- settled share-based payment transactions are disclosed in note 12.2. 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 12.1. v) 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 2019 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 vi) Blanket mine s indigenisation transaction The initial indigenisation transaction and modifications to the indigenisation transaction of Blanket Mine ( 1983 6. vii) 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 4 viii) 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 2021. may 28 (b) Judgements Judgement is required when assessing whether the Group controls an entity or not. 4 5. For judgement applied to: ● determine functional currency of entities in the Group and the use of the interbank rate of exchange to translate RTGS$, refer to note 13, ● impairments, refer to note 17 18, ● derivative financial instruments, refer to note 14. |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. In addition, the accounting policies have been applied consistently by the Group. a) Basis of consolidation i) Subsidiaries and structured entities Subsidiaries and certain structured entities (“subsidiaries”) 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 arising from intra-group transactions are eliminated. (b) Revenue Revenue from the sale of precious metals is recognised when the metal is accepted at the refinery (“Lodgment date”) by Fidelity Printers and Refiners Limited (“Fidelity”). Control is transferred and the receipt of proceeds is substantially assured at point of delivery. Revenue for each delivery is measured at the London Base Metal Association Tuesday PM price post-delivery less 1.25% and the quantities are determined on Lodgment date. On average settlement occurs within 14 days of delivery. 5% Royalties are payable on gold sales after the 1.25% discount to Fidelity. (c) Impairment i) Expected credit losses on financial assets The Group applies the IFRS 9 not 48 December 31, 90 90 no no not 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. 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 in future. ● 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. (d) Share-based payment transactions i) Equity-settled share-based payments to third 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 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 the assumptions used to estimate the fair value of equity-settled share-based payment transactions are disclosed in note 12.2. 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. Additional information about significant judgements, estimates and the assumptions used to estimate the fair value of cash-settled share-based payment transactions are disclosed in note 12.1. (e) 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. 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 Dollars 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 (f) 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. (g) Borrowing costs 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. (h) 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 (i) 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, borrowing costs on qualifying assets, the costs of dismantling and removing the items and restoring the site on which they are located. 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 4 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 Measured, Indicated and Inferred Mineral Resources of which the diluted Measured and Indicated Mineral Resources are converted to Mineral Reserves for extraction in 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. 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. 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 to 15 years ( 2021: 2020: ● plant and equipment 10 years ( 2021: 2020: ● fixtures and fittings including computers 4 to 10 years ( 2021: 2020: ● motor vehicles 4 years ( 2021: 2020: ● right of use assets 3 to 6 years (determined by lease term); and ● 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. (j) Exploration and evaluation assets Qualifying exploration costs are capitalised as incurred. Costs incurred before the legal rights to explore are obtained are recognised in profit or loss. The costs related to speculative drilling on unestablished orebodies at the Blanket Mine, general administrative or overhead costs are expensed as incurred. Exploration and evaluation costs capitalised are disclosed under Exploration and evaluation assets. Qualifying direct expenditures include such costs as mineral rights, options to acquire mineral rights, materials used, surveying costs, drilling costs, payments made to contractors, direct administrative costs and depreciation on property, plant and equipment during the exploration phase. 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, at their initial cost, 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 or when an indicator of impairment is identified. Exploration and evaluations assets are not (k) 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. (l) Financial instruments i) Financial assets The Group had the following financial assets: Financial assets at amortised cost Financial assets at amortised cost comprise loans and receivables included in Trade and other receivables. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. A trade receivable without a significant financing component is initially measured at the transaction price. Refer to note 4 The Group uses a simplified approach in accounting for trade receivables and records the loss allowance as lifetime expected credit losses. When measuring expected credit losses, the Group uses reasonable and supportable forward-looking information, which is based on the assumptions for the future movement of different economic drivers and how these drivers will affect each other. Fair value through profit or loss This category comprises the Gold ETF, Gold hedge and Put options. These instruments are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in profit or loss as Fair value losses on derivative financial instruments. Transaction costs are recognised in profit or loss in the consolidated statement profit or loss and other comprehensive income immediately when incurred. The Group does not 14. ii) Financial liabilities The Group classifies its financial liabilities into one two Fair value through profit or loss 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. This category comprises the Gold loan and the Call options, estimations made and further information is referred to in note 14. Financial liabilities at amortised cost Non-derivative financial liabilities are recognised initially on the 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) 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. (iv) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three (m) 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. (n) Provisions A provision is a liability of uncertain timing and amount. A liability 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. (o) 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, except for changes in unwinding of finance cost that are recorded in profit or loss. (p) 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; ● 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 the 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 as property, plant and equipment. Lease liabilities are presented separately in the statement of financial position as current- and non-current lease liabilities. The Group has elected not (q) 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 (r) 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 (s) Standards issued but not The following standards, amendments to standards and interpretations to existing standards that impact the Group: Standard/ Interpretation Effective date and expected adoption date * Classification of Liabilities as Current or Non-current – Amendments to IAS 1 The amendments, as issued in 2020, January 1, 2023. 1 2020 no January 1, 2024. January 1, 2024 Disclosure of Accounting Policies – Amendments to IAS 1 2 The IASB amended IAS 1 not not To support this amendment, the IASB also amended IFRS Practice Statement 2 January 1, 2023 Standard/ Interpretation Effective date and expected adoption date * Definition of Accounting estimates – Amendments to IAS 8 The amendment to IAS 8 January 1, 2023 Deferred tax related to assets and liabilities arising from a single transaction – Amendments to IAS 12 The amendments to IAS 12 Income Taxes The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with: ● right-of-use assets and lease liabilities, and ● decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets. The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of equity, as appropriate. IAS 12 not January 1, 2023 * The Group has completed its assessment of the impact of the above standards and concluded that the standard amendments would not New standards, amendments to standards and interpretations adopted from 1 January 2022 no |
Note 5 - Bilboes
Note 5 - Bilboes | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of Bilboes [text block] | 5. Bilboes 5.1 Tribute Arrangement and Mining Agreement On July 21, 2022 2023 000 20 In terms of the tribute agreement, Bilboes Holdings granted CHZ the right to obtain a tribute over the oxide mining operations of Bilboes Holdings for the purpose of working the same and winning gold therefrom. In terms of this right, CHZ shall operate the mine using a combination of Bilboes resources and their own, to develop and to extract ore and dispose of the products for CHZ’s account. Subject to the stipulation in the tribute agreement, CHZ shall assume all responsibility in connection with the mining claims as if CHZ were the owner thereof. Bilboes Holdings shall remain the registered holder of the mining claims. CHZ has the right to provide instructions over the scope of works for the oxide mining process in terms of the operational Plan and also has the right to terminate the tribute agreement. CHZ, therefore, has the ability to affect the variable returns of Bilboes Holdings and in essence to ensure its returns are in line with the expectation of recouping its “investment” (all funds provided) at a 25% internal rate of return. CHZ has the ultimate decision making power and is deemed to control the oxide mine. On the effective date, August 1,2022, The oxide mine does not not 3 The directly attributable costs of bringing the oxide plant to the location and condition necessary for it to be capable of operating in the manner intended by CHZ was estimated at $872. Therefore, the property, plant and equipment was initially recognised and measured at $872 (refer to note 17 not 31 December 2022 ( 29 CHZ paid for all Bilboes Holdings expenditure that was needed to be applied against its’ working capital liabilities of Bilboes Holdings in the period prior to the effective date of the tribute agreement. The above payments incurred will be set off against the consideration due under the Sale and Purchase Agreement described in note 5.2. December 31, 2022 21 As at December 31, 2022 August 1, 2022) December 1, 2022) 10 not 21 5.2 Acquisition of Bilboes Gold Limited (subsequent event) Caledonia signed a conditional agreement (the “Sale and Purchase Agreement”) to purchase Bilboes Gold Limited (“Bilboes Gold”) on July 21, 2022. one The acquisition of Bilboes Gold will be classified an asset acquisition and not 3 Business Combinations Upon completion of the transaction on January 6, 2023, three US$12.82 The escrow consideration shares consist of 441,095 common shares of Caledonia which will be issued to one no Deferred consideration shares consist of 256,152 common shares of Caledonia and will be issued to the sellers of Bilboes Gold within 5 If all of the deferred consideration shares are issued without adjustment, assuming that the escrow consideration shares are issued, the total value of the consideration shares at the date of completion would be US$65,677,424. The deferred consideration shares will be adjusted as the working capital was adjusted from July 21, 2022 January 6, 2023 not In terms of the Sale and Purchase Agreement, Caledonia may No |
Note 6 - Blanket Zimbabwe Indig
Note 6 - Blanket Zimbabwe Indigenisation Transaction | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the Blanket Zimbabwe indigenisation transaction [text block] | 6 Blanket Zimbabwe Indigenisation Transaction On February 20, 2012 51% • sold a 16% interest to the National Indigenisation and Economic Empowerment Fund (“NIEEF”) for $11.74 million; • sold a 15% interest to Fremiro Investments (Private) Limited (“Fremiro”), which is owned by indigenous Zimbabweans, for $11.01 million; • sold a 10% interest to Blanket Employee Trust Services (Private) Limited (“BETS”) for the benefit of present and future managers and employees for $7.34 million. The shares in BETS are held by the Blanket Mine Employee Trust (“Employee Trust”) with Blanket Mine’s employees holding participation units in the Employee Trust; and • donated a 10% ownership interest to the Gwanda Community Share Ownership Trust (“Community Trust”). In addition, Blanket Mine paid a non-refundable donation of $1 million to the Community Trust. The Group facilitated the vendor funding of these transactions which is repaid by way of dividends from Blanket Mine. 80% of dividends declared by Blanket Mine are used to repay such loans and the remaining 20% unconditionally accrues to the respective indigenous shareholders. Following a modification to the interest rate on June 23, 2017, 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% of the 16% shareholding of NIEEF; (b) 20% of the 15% shareholding of Fremiro; and (c) 100% of the 10% shareholding of the Community Trust. • This effectively means that NCI was initially recognised at 16.2% of the net assets of Blanket Mine, until the completion of the transaction with Fremiro, whereby the NCI reduced to 13.2% (see below). • The remaining 80% of the shareholding of NIEEF and Fremiro was recognised as NCI to the extent that their attributable share of the net asset value of Blanket Mine exceeds the balance on the facilitation loans, including interest. At December 31, 2022 not no • The transaction with BETS is accounted for in accordance with IAS 19 Employee Benefits not 10% • 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 January 20, 2020 15% Blanket Mine s indigenisation shareholding percentages and facilitation loan balances Shareholding Effective interest & NCI recognised NCI subject to facilitation loan Balance of facilitation loan # USD December 31, 2022 December 31, 2021 NIEEF 16 % 3.2 % 12.8 % 9,414 10,359 Community Trust 10 % 10.0 % 0.0 % – – BETS ~ 10 % -* -* 5,612 6,353 36 % 13.2 % 12.8 % 15,026 16,712 * The shares held by BETS are effectively treated as treasury shares (see above). ~ IAS19 Employee Benefits. # not The balance on the facilitation loans is reconciled as follows: 2022 2021 Balance at January 1 16,712 19,175 Interest incurred 580 1,313 Dividends used to repay loan (2,266 ) (3,776 ) Balance at December 31 15,026 16,712 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 were as follows: • a $2 million payment on or before September 30, 2012; • a $1 million payment on or before February 28, 2013; • a $1 million payment on or before April 30, 2013. These advance payments were debited to a loan account bearing interest at a rate at the lower of a fixed 7.25% 2013 2014. not September 22, 2021. |
Note 7 - Capital Management
Note 7 - Capital Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 7 Capital management When managing capital, the Group’s objectives are to safeguard its ability to continue as a going concern in order to pursue the mining operations and exploration potential of the mineral properties. The Group’s capital includes shareholders’ equity, comprising issued share capital (refer to note 24 25 23 27 2022 2021 Total equity 193,459 180,556 The Group’s primary objective regarding its capital management is to ensure that it has sufficient cash resources to maintain its on-going operations, provide returns for shareholders, accommodate any rehabilitation provisions and pursue growth opportunities. It assesses its short term needs and funds these by available cash, overdrafts and short to medium term loans. Capital requirements for future project are evaluated on a case-by-case basis. As at December 31, 2022, no |
Note 8 - Revenue
Note 8 - Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of revenue [text block] | 8 Revenue 2022 2021 2020 Revenue 142,082 121,329 100,002 Revenue from silver sales 116 122 86 Revenue from gold sales 141,966 121,207 99,916 Total ounces gold sold 80,094 68,617 57,137 Net work in progress and refinery (oz) 681 (1,141 ) 762 Gold produced (oz) 80,775 67,476 57,899 Tonnes milled 752,033 665,628 597,962 Grade 3.56 3.36 3.21 Recovery 93.8 93.9 93.8 Realised gold price ($/oz) 1,772 1,766 1,749 |
Note 9 - Production Costs
Note 9 - Production Costs | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of cost of sales [text block] | 9 Production costs 2022 2021 2020 Salaries and wages* 23,037 20,609 16,122 Consumable materials – Operations* 23,601 17,375 14,938 Consumable materials – COVID-19 311 297 824 Electricity costs* 9,634 10,407 8,312 Safety 998 774 708 Cash-settled share-based expense (note 12.1(a)) 853 692 634 On mine administration* 2,736 1,806 1,304 Security costs 1,093 826 496 Obsolete inventory (note 20) 563 36 - Pre-feasibility exploration costs 172 304 373 62,998 53,126 43,711 * Gold work in progress included in the production cost amounts above were: 2022 2021 2020 Salaries and wages (151 ) 94 311 Consumable materials – Operations (226 ) 87 580 Electricity costs (43 ) 44 241 On mine administration (26 ) 18 34 (446 ) 243 1,166 The gold work in progress movement is negative in 2022 |
Note 10 - Other Expenses
Note 10 - Other Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | 10 Other expenses 2022 2021 2020 Intermediated Money Transaction Tax * 1,378 799 451 Solar evaluation cost – – 230 COVID-19 donations – 74 1,322 Community and social responsibility cost 898 1,167 382 Impairment of property, plant and equipment - plant and equipment (note 17) 8,209 498 – Impairment of exploration and evaluation assets – Connemara North and Glen Hume (note 18) 467 3,837 2,930 Expected credit losses on deferred consideration on the disposal of subsidiary – 761 – Bilboes pre-operational expenses (note 5) 830 – – 11,782 7,136 5,315 * Intermediated Money Transfer Tax ("IMTT”) is tax chargeable in Zimbabwe on transfer of physical money, electronically or by any other means, between two May 7, 2022 2% 4%, |
Note 11 - Administrative Expens
Note 11 - Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | 11 Administrative expenses 2022 2021 2020 Investor relations 663 439 353 Audit fee 294 267 288 Advisory services fees 1,459 614 830 Listing fees 512 609 448 Directors fees – Company 569 527 323 Directors fees – Blanket 56 51 43 Employee costs 5,855 5,462 4,065 Other office administration cost 468 177 315 Information Technology and Communication cost 391 178 183 Management liability insurance 985 551 1,032 Travel costs 689 216 117 11,941 9,091 7,997 |
Note 12 - Share-based Payments
Note 12 - Share-based Payments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 12 Share-based payments 12.1 Cash-settled share-based payments The Group has expensed the following cash-settled share-based expense arrangements for the twelve December 31: Note 2022 2021 2020 Restricted Share Units and cash-settled Performance Units 12.1(a) 609 515 1,299 Caledonia Mining South Africa employee incentive scheme – (38 ) 114 609 477 1,413 (a) Restricted Share Units and cash-settled Performance Units Certain management and employees within the Group are granted Restricted Share Units (“RSUs”) and cash-settled 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 one 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, therefore increasing the liability. PUs have rights to dividends only after they have vested. RSUs and PUs allow for settlement of the vesting date value in cash or, subject to conditions, 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 less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. The fair value of the PUs at the reporting date was based on the Black Scholes option valuation model. At the reporting date it was assumed that there is a 93% 100% 2021: The liability as at December 31, 2022 December 31, 2021: December 31, 2022 2021: 2020: $634 9. 2021: 2020: The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on December 31: 2022 2021 RSUs PUs RSUs PUs Risk free rate 3.88 % 3.88 % 1.52 % 1.52 % Fair value (USD) 12.52 12.42 12.06 11.63 Share price (USD) 12.40 12.42 11.71 11.71 Performance multiplier percentage – 93-100 % – 93-100 % Volatility 1.29 0.91 1.20 1.06 Share units granted: RSUs PUs RSUs PUs 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 17,585 114,668 Grant - March 31, 2020 – 1,971 – 1,971 Grant - June 1, 2020 – 1,740 – 1,740 Grant - September 9, 2020 – 1,611 – 1,611 Grant - September 14, 2020 – 20,686 – 20,686 Grant - October 5, 2020 – 514 – 514 Grant - January 11, 2021 – 78,875 – 78,875 Grant -April 1, 2021 – 770 – 770 Grant - May 14, 2021 – 2,389 – 2,389 Grant - June 1, 2021 – 1,692 – 1,692 Grant - June 14, 2021 – 507 – 507 Grant - August 13, 2021 – 2,283 – 2,283 Grant - September 1, 2021 – 553 – 553 Grant - September 6, 2021 – 531 – 531 Grant - September 20, 2021 – 526 – 526 Grant - October 1, 2021 – 2,530 – 2,530 Grant - October 11, 2021 – 500 – 500 Grant - November 12, 2021 – 1,998 – 1,998 Grant - December 1, 2021 – 936 – 936 Grant - January 11, 2022 – 96,359 – – Grant - January 12, 2022 – 825 – – Grant - May 13, 2022 – 2,040 – – Grant - June 1, 2022 – 1,297 – – Grant - July 1, 2022 – 2,375 – – Grant - October 1, 2022 – 2,024 – – RSU dividends reinvested 1,980 – 1,066 – Settlements/terminations – (254,491 ) – (30,600 ) Total awards 19,565 224,408 18,651 343,379 12.2 Equity-settled share-based payments The Group has expensed the following equity-settled share-based expense arrangements for the twelve December 31: Note 2022 2021 2020 EPUs 12.2(a) 417 – – Share option programs 12.2(b) 67 – – 484 – – (a) EPUs EPUs have a performance multiplier calculated on gold production, average normalised controllable cost per ounce of producing gold and a performance period of three EPUs do not The shares issued are subject to a minimum holding period of until at least the first one The fair value of the EPUs at the grant date was based on the Black Scholes valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier percentage. At the reporting date it was assumed that there is a 100% probability that the performance conditions will be met and therefore a 100% performance multiplier was used in calculating the equity. The equity-settled share-based expense for EPUs as at December 31, 2022 2021: $Nil, 2020: $Nil The following assumptions were used in estimating the fair value of the equity-settled share-based payment liability on: Grant date January 24, 2022 Number of units – at granted and reporting date 130,380 Share price (USD) – at grant date 11.50 Fair value (USD) – at grant date 10.15 Performance multiplier percentage at December 31, 2022 100 % (b) Share option programs The maximum term of the options under the OEICP is ten may not December 31, 2022 3PPB The fair value of share-based payments noted above was estimated using the Black-Scholes valuation model as the fair value of the services could not not December 31, 2022: Options granted 10,000 10,000 Grant date February 27, 2018 September 30, 2022 Expiry date August 25, 2024 September 30, 2029 Period option may be exercised from February 27, 2018 September 30, 2025 Holding period on shares issued None First anniversary from issue date Stock exchange Toronto Stock Exchange New York Stock Exchange Exercise price CAD 9.30 USD 9.49 Share price at grant date CAD 9.30 USD 9.82 Risk-free interest rate 2.86% 4% Expected stock price volatility (based on historical volatility) 32% 102% Expected option life in years 3 3 The exercise price for the options granted on February 27, 2018 The equity-settled share-based expense relating to the grants amounted to $67 ( 2021: $Nil, 2020: $Nil |
Note 13 - Net Foreign Exchange
Note 13 - Net Foreign Exchange Gain | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of effect of changes in foreign exchange rates [text block] | 13 Net foreign exchange gain On October 1, 2018 1:1 February 20, 2019 1 1 December 31, 2022 ( December 31, 2021: December 31, 2020: June 24, 2019 142 Previously there was uncertainty as to what currency would be used to settle amounts owed to the Zimbabwe Government. The announcement of S.I. 142 Further, the RBZ issued a directive to Zimbabwean banks to separate foreign currency (“Foreign currency”) and RTGS$ for bank accounts held by clients on October 1, 2018. November 12, 2018 May 26, 2020 January 8, 2021 In June 2021 July 1, 2021. December 2021, 2022. February 1, 2023 The Company participated in the foreign currency auction introduced by the Zimbabwean Government to exchange RTGS$ for US Dollars up to June 15, 2021. February 1, 2023. The table below illustrates the effect the weakening of the RTGS$ and other foreign currencies had on the consolidated statement of profit or loss and other comprehensive income. 2022 2021 2020 Unrealised foreign exchange gain 12,736 2,755 8,367 Realised foreign exchange loss (8,325 ) (1,571 ) (4,062 ) Net foreign exchange gain 4,411 1,184 4,305 |
Note 14 - Derivative Financial
Note 14 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of hedge accounting [text block] | 14 Derivative financial instruments The fair value of derivative financial instruments not not Net derivative financial instrument expenses 2022 2021 2020 Put options 14.1(a) 38 – – Gold loan 14.2(a) (228 ) 21 – Call options (December 13, 2021) 14.2(a) (240 ) – – Cap and collar options and Call options 14.2(b) 832 114 – Call options transaction costs (March 9, 2022) 14.2(b) 796 – – Gold exchange-traded fund ("Gold ETF") – 105 164 Gold hedge – – 102 1,198 240 266 Cash flows arising from investing activities 2022 2021 2020 Acquisition of Put options 14.1(a) 478 – – 478 – – Cash flows arising from financing activities 2022 2021 2020 Gold loan (repayment) proceeds 14.2(a) (3,698 ) 2,752 – Call options (December 13, 2021) proceeds 14.2(a) – 208 – Call options (March 9, 2022) acquisition 14.2(b) (176 ) – – Call options (March 9, 2022) proceeds 14.2(b) 416 – – Gold ETF proceeds (acquisition) – 1,066 (1,058 ) (3,458 ) 4,026 (1,058 ) 14.1 Derivative financial assets 2022 2021 Put options 440 – 440 – (a) Put options On December 22, 2022 February 2023 May 2023 1 14.2 Derivative financial liabilities 2022 2021 Gold loan 14.2(a) – 2,866 Call options (December 13, 2021) 14.2(a) – 229 Cap and collar options and Call options 14.2(b) – – – 3,095 (a) Gold loan and Call options On December 13, 2021 In terms of the agreements the Group: ● received $3 million less transaction costs from Auramet at inception of the Gold loan agreement; ● is required to make two deliveries of 925 ounces each on May 31, 2022 June 30, 2022 ● granted Call options on 6,000 ounces to Auramet with a strike price of $2,000 per ounce, expiring monthly in equal monthly tranches from June 30, 2022 November 30, 2022. Accounting for the Gold loan and the Call options transactions: ● At inception the fair value of the Gold loan was calculated at the amount received less the fair value of the Call options. ● As at March 31, 2022 ● At inception and at March 31, 2022 ● Differences in the fair values were accounted for as Fair value losses on derivative financial instruments in the consolidated statement of profit or loss and other comprehensive income. ● The Call options were classified as level 1 2. ● Derivative liabilities are not (a) Gold loan and Call options (continued) Proceeds received under the Gold loan and Call options agreements were allocated as follows: December 13, 2021 Net proceeds received 2,960 Fair value of Call options 208 Fair value of Gold loan 2,752 The Gold loan was settled in full on June 30, 2022. October 31, 2022 November 30, 2022. (b) Cap and collar options and Call options On February 17, 2022 zero March July 2022. On March 9, 2022 March 2022 May 2022 June 2022 July 2022 In April, 2022 April 2022. |
Note 15 - Finance Income and Fi
Note 15 - Finance Income and Finance Cost | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 15 Finance income and finance cost 2022 2021 2020 Finance income received – Bank 17 14 62 Finance cost – Term loan – 56 386 Finance cost – Capitalised to property, plant and equipment (note 17) – (17 ) (53 ) Unwinding of rehabilitation provision (note 28) 132 – 2 Finance cost – Leases (note 19) 31 24 15 Finance cost – Overdraft 192 86 17 ZESA interest * – 226 – Finance cost – Loan notes payable (note 30) 302 – – 657 375 367 * During the period from January 2021 March 2021 April 2021 60/40 January 2021 March 2021 Cash – Finance income 17 14 62 Cash – Finance cost (192 ) (388 ) (405 ) Non-cash – Finance cost (465 ) 13 38 657 375 367 |
Note 16 - Tax Expense
Note 16 - Tax Expense | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 16 Tax expense 2022 2021 2020 Tax recognised in profit or loss Current tax 9,932 9,051 9,492 Income tax - current year 8,707 8,769 8,969 Income tax - change in tax estimates (46 ) (168 ) (54 ) Withholding tax - current year 1,271 450 577 Deferred tax expense 6,838 5,806 5,681 Origination and reversal of temporary differences 6,838 5,806 5,681 Tax expense – recognised in profit or loss 16,770 14,857 15,173 Tax recognised in other comprehensive income Income tax - current year - - - Tax expense 16,770 14,857 15,173 Unrecognised deferred tax assets 2022 2021 2020 Caledonia Holdings Zimbabwe (Private) Limited 1,800 1,800 593 Greenstone Management Services Holdings Limited 691 516 376 Tax losses carried forward 2,491 2,316 969 Taxable losses do not not not Tax paid 2022 2021 2020 Net income tax payable at January 1 (1,461 ) (419 ) (163 ) Current tax expense (9,932 ) (9,051 ) (9,492 ) Foreign currency movement 3,244 583 2,580 Tax paid 6,866 7,426 6,656 Net income tax payable at December 31 (1,284 ) (1,461 ) (419 ) Reconciliation of tax rate 2022 2021 2020 Profit for the year 22,866 23,142 25,257 Total tax expense 16,770 14,857 15,173 Profit before tax 39,636 37,999 40,430 Income tax at Company's domestic tax rate (1) - - - Tax rate blended in foreign jurisdictions (2) 12,600 11,847 12,405 Effect of income tax calculated in RTGS$ as required by PN26 (3) 713 590 2,004 Management fee – withholding tax on deemed dividend portion 247 342 209 Management fee – non-deductible deemed dividend 735 611 570 Management fee – withholding tax - current year 174 148 123 Withholding tax on intercompany dividends 850 - 245 Non-deductible expenditure - CSR donations 269 311 107 - Other non-deductible expenditure 656 30 57 - IMTT (4) 398 (200 ) 120 Credit export incentive income exemption - - (598 ) Change in income tax rate (5) (8 ) - (287 ) Change in tax estimates - Zimbabwean income tax - (166 ) - - South African income tax (38 ) (2 ) (54 ) Change in unrecognised deferred tax losses 174 1,346 272 Tax expense - recognised in profit or loss 16,770 14,857 15,173 ( 1 The tax rate in Jersey, Channel Islands is 0% ( 2021: 2020: ( 2 The effective tax rate of 35.36% ( 2021: not 2021: 2020: 2021: 2020: 3 ( 3 In 2019 PN26 February 22, 2019. 4 23.04] 26 ( 4 The presidential announcement made on May 7, 2022 2% 4%. ( 5 The South African Government announced in the 2021 March 31, 2023. Recognised deferred tax assets and liabilities Assets Liabilities Net 2022 2021 2022 2021 2022 2021 Property, plant and equipment - - (6,323 ) (9,328 ) (6,323 ) (9,328 ) Exploration and evaluation assets - - (2 ) - (2 ) - Allowance for obsolete stock (163 ) - - (47 ) (163 ) (47 ) Prepayments - 3 (5 ) - (5 ) 3 Unrealised foreign exchange 733 - - (10 ) 733 (10 ) Trade and other payables 814 499 - - 814 499 Cash-settled share-based payments - 989 - - - 989 Provisions 25 - - - 25 - Other - 54 - - - 54 Tax assets/ (liabilities) 1,409 1,545 (6,330 ) (9,385 ) *(4,921 ) *(7,840 ) * The net deferred tax liability consists of a deferred tax asset of $202 ( 2021: 2021: Movement in recognised deferred tax assets and liabilities Balance January 1, 2022 Recognised in profit or loss Foreign exchange movement Balance December 31, 2022 Property, plant and equipment (9,328 ) (8,560 ) 11,565 (6,323 ) Exploration and evaluation assets (47 ) 10 35 (2 ) Allowance for obsolete stock 3 (295 ) 129 (163 ) Prepayments (10 ) 4 1 (5 ) Unrealised foreign exchange 499 1,179 (945 ) 733 Trade and other payables 989 794 (969 ) 814 Provisions 54 30 (59 ) 25 Tax (liabilities)/ assets (7,840 ) (6,838 ) 9,757 (4,921 ) Balance January 1, 2021 Recognised in profit or loss Foreign exchange movement Balance December 31, 2021 Property, plant and equipment (5,380 ) (6,439 ) 2,491 (9,328 ) Exploration and evaluation assets (29 ) (31 ) 13 (47 ) Allowance for obsolete stock 13 3 (13 ) 3 Prepayments (3 ) (8 ) 1 (10 ) Unrealised foreign exchange 530 344 (375 ) 499 Trade and other payables 639 235 115 989 Cash-settled share-based payments 8 (8 ) - - Provisions 60 123 (129 ) 54 Other 15 (25 ) 10 - Tax (liabilities)/ assets (4,147 ) (5,806 ) 2,103 (7,840 ) |
Note 17 - Property, Plant and E
Note 17 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 17 Property, plant and equipment Cost Land and Buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar Plant & Total Balance at January 1, 2021 11,315 442 23,983 84,856 40,644 1,235 2,995 392 165,862 Additions* – 528 678 24,851 3,531 134 176 1,581 31,479 Impairments – – – (65 ) (1,565 ) – – – (1,630 ) Derecognised plant and equipment – (402 ) – – – – – – (402 ) Reallocations between asset classes # 3,120 – 49,253 (74,166 ) 21,785 8 – – – Foreign exchange movement – (25 ) – – (76 ) (35 ) (2 ) (33 ) (171 ) Balance at December 31, 2021 14,435 543 73,914 35,476 64,319 1,342 3,169 1,940 195,138 Balance at January 1, 2022 14,435 543 73,914 35,476 64,319 1,342 3,169 1,940 195,138 Additions – – – 31,711 3,049 243 147 12,198 47,348 Impairments – – (8,518 ) – (998 ) – – – (9,516 ) Reallocations between asset classes 759 – 15,886 (20,734 ) 4,089 – – – – Acquisition of Bilboes oxide assets (Tribute) – – 872 – – – – – 872 Foreign exchange movement – (18 ) – – 26 (22 ) (2 ) – (16 ) Balance at December 31, 2022 15,194 525 82,154 46,453 70,485 1,563 3,314 14,138 233,826 * Included in additions is the change in estimate for the decommissioning asset of ($468) ( 2021: 28. Included in the 2022 750 not 2022 no 2021 no $Nil. # Included in the reallocation between asset classes is an amount of $18,509 for the Central Shaft that was reallocated from CWIP (Mine development, infrastructure and other) to Plant and equipment at the time of the commissioning of the Central Shaft. & The solar plant was fully commissioned on February 2, 2023 February 2, 2023 December 2022, December 31, 2022 Accumulated depreciation and Impairment losses Land and Buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar Plant Total Balance at January 1, 2021 6,233 213 6,443 530 22,685 849 2,430 – 39,383 Depreciation for the year 1,102 115 2,467 70 3,953 136 203 – 8,046 Derecognition – (230 ) – – – – – – (230 ) Accumulated depreciation for impairments – – – – (1,133 ) – – – (1,133 ) Foreign exchange movement – (1 ) – – – (27 ) (2 ) – (30 ) Balance at December 31, 2021 7,335 97 8,910 600 25,505 958 2,631 – 46,036 Balance at January 1, 2022 7,335 97 8,910 600 25,505 958 2,631 – 46,036 Depreciation for the year 1,015 137 3,990 93 4,527 163 216 – 10,141 Accumulated depreciation for impairments – – (532 ) – (775 ) – – – (1,307 ) Foreign exchange movement – (4 ) – – – (21 ) (2 ) – (27 ) Balance at December 31, 2022 8,350 230 12,368 693 29,257 1,100 2,845 – 54,843 Carrying amounts At December 31, 2021 7,100 446 65,004 34,876 38,814 384 538 1,940 149,102 At December 31, 2022 6,844 295 69,786 45,760 41,228 463 469 14,138 178,983 * Accumulated depreciation and depreciation under Assets under construction and decommissioning assets include depreciation on decommissioning assets. 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 2022. 2.10 2021: 2.10 3.38 3.36 # # Non-cash items excluded from acquisition of Property, plant and equipment: 2022 2021 Net Property, plant and equipment included in Prepayments (4,445 ) 893 Net Property, plant and equipment included in Trade and other payables (1,876 ) 50 Bilboes oxide project payable (note 29) (872 ) - Change in estimate - adjustment capitalised in Property, plant and equipment (note 28) 468 408 Acquisition - Maligreen included in Provisions (note 28) - (135 ) Additions to right of use assets (note 19) - (528 ) Derecognition of right of use assets (note 19) - 172 Finance cost – Capitalised to property, plant and equipment (note 15) - (17 ) Total non-cash items excluded from acquisition of Property, plant and equipment (6,725 ) 843 |
Note 18 - Exploration and Evalu
Note 18 - Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of exploration and evaluation assets [text block] | 18 Exploration and evaluation assets Motapa Maligreen Connemara North Glen Hume GG Sabiwa Abercorn Valentine Total Balance at January 1, 2021 – – 300 2,661 3,523 284 – – 6,768 Acquisition costs: - Mining claims acquired – 4,000 – – – – – – 4,000 Decommissioning asset acquired – 135 – – – – – – 135 Exploration costs: - Consumables and drilling – 14 71 1,074 16 – 12 31 1,218 - Contractor – – 51 42 – – – 24 117 - Labour – 47 41 60 46 – 4 10 208 - Power – – – – 33 6 – – 39 Impairment * – – – (3,837 ) – – – – (3,837 ) Balance at December 31, 2021 – 4,196 463 – 3,618 290 16 65 8,648 Balance at January 1, 2022 – 4,196 463 – 3,618 290 16 65 8,648 Acquisition costs: - Mining claims acquired 7,844 – – – – – – – 7,844 Exploration costs: - Consumables and drilling – 1,170 – – 36 – – – 1,206 - Contractor – – 4 – – – – – 4 - Labour – 260 – – 37 – 11 – 308 - Power – – – – 32 4 – – 36 Impairment * – – (467 ) – – – – – (467 ) Balance at December 31, 2022 7,844 5,626 – – 3,723 294 27 65 17,579 * Caledonia has completed sufficient work to establish that the potential orebody at the Glen Hume and Connemara North properties will not not (a) Motapa On November 1, 2022 Caledonia considers Motapa to be highly prospective and strategically important to its growth ambitions in Zimbabwe in terms of both location and scale. Motapa is a large exploration property which is contiguous to the Bilboes gold project. The Motapa asset has been mined throughout most of the second 20th 300,000oz none The acquisition was accounted for as an asset acquisition as the net assets acquired do not The initial purchase price of $1 million was paid on November 1, 2022. November 9, 2022. 30 (b) Maligreen On November 3, 2021 US$4 43 101 Maligreen is a substantial brownfield exploration opportunity with significant historical exploration and evaluation work having been conducted on the property over the last 30 years including: ● An estimated 60,000 meters of diamond core and percussion drilling ● 3.5 tonnes of bulk metallurgical test work ● Aeromagnetic and ground geophysical surveys The total land area of Maligreen is approximately 550 hectares comprising two 2000 2002 On November 7, 2022 September 30, 2022 1.71g/t 2.12g/t Since Caledonia acquired the Maligreen claims in November 2021 2022. (c) Connemara North On December 16, 2020 May 16, 2022. An amount of $300 was paid for the Connemara North option. The Connemara North option gave the Company the right to carry out legal due diligence and conduct drilling and/or other exploratory work over a period of 18 months from the conclusion date to understand the resource body. After concluding drilling and exploration to the value of $0.5 million the Company decided not not (d) Glen Hume On November 19, 2020 After concluding drilling and exploration to the value of $3.8 million the Company decided not not |
Note 19 - Leases
Note 19 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 19 Leases Leases as lessee The Group leases administrative offices. The leases, which the Group normally enters into, typically run for a period of 3 to 6 years, with an option to renew the lease after that date. The two 2024 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 are presented as part of property, plant and equipment (refer note 17 2022 2021 Balance at January 1 446 229 Depreciation (137 ) (115 ) Additions to right of use assets - 528 Derecognition of right of use assets - (172 ) Foreign currency movement (14 ) (24 ) Balance at December 31 295 446 Lease liabilities 2022 2021 Balance at January 1 465 239 Additions to lease liability - 527 Finance cost 31 24 Lease payments (150 ) (129 ) Foreign currency movement (33 ) (23 ) Derecognition of lease liability - (173 ) Balance at December 31 313 465 ii) Amounts recognised in profit or loss 2022 2021 2020 Finance cost on lease liabilities (note 15) 31 24 15 Unrealised foreign exchange gain (loss) 19 1 (2 ) Depreciation (note 17) 137 115 99 187 140 112 iii) Amounts recognised in statement of cash flows 2022 2021 2020 Total cash outflow for leases - total payment 150 129 118 Total cash outflow for leases - finance cost (31 ) (24 ) (15 ) Total cash outflow for leases - principal 119 105 103 iv) Maturity of lease liabilities The maturity of lease liabilities are as follows as at December 31: 2022 2021 Less than one year 152 158 One to two years 150 165 Two to three years 40 163 Three to four years – 46 Total lease payments 342 532 Finance cost (29 ) (67 ) Present value of lease liabilities 313 465 |
Note 20 - Inventories
Note 20 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of inventories [text block] | 20 Inventories 2022 2021 Consumable stores 19,155 21,516 Gold in progress and Ore stock-pile 689 243 Provision for obsolete stock (1,510 ) (947 ) 18,334 20,812 Write-down of inventories amounted to $563 ( 2021: $Nil |
Note 21 - Prepayments
Note 21 - Prepayments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 21 Prepayments 2022 2021 Caledonia Mining South Africa (Proprietary) Limited (“CMSA”) suppliers 254 1,552 Blanket Mine third party suppliers 1,494 1,766 Bilboes third party suppliers (note 5) 802 – Solar prepayments 104 2,951 Bilboes pre-effective date costs (note 5) 877 – Other prepayments 162 661 3,693 6,930 |
Note 22 - Trade and Other Recei
Note 22 - Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 22 Trade and other receivables 2022 2021 Bullion sales receivable 7,383 4,528 VAT receivables 1,001 3,162 Solar - VAT and duty receivables 720 – Deposits for stores, equipment and other receivables 81 248 9,185 7,938 The carrying value of trade receivables is considered a reasonable approximation of fair value and are short term in nature, settled within 14 No |
Note 23 - Cash and Cash Equival
Note 23 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | 23 Cash and cash equivalents 2022 2021 Bank balances 4,737 17,152 Restricted cash * 1,998 – Cash and cash equivalents 6,735 17,152 Bank overdrafts used for cash management purposes (5,239 ) (887 ) Net cash and cash equivalents 1,496 16,265 * Cash of $998 (denominated in RTGS$) held by Blanket Mine was earmarked by Stanbic Bank Zimbabwe as a letter of credit in favour of CMSA. The letter of credit was issued by Stanbic Bank Zimbabwe on September 15, 2022 January 10, 2023. Caledonia retains at least $1 million as penalty sum, in a bank account for so long as amounts remain outstanding on the loan notes payable. Refer to notes 30 Overdraft facilities Date drawn Expiry Repayment terms Principal value Interest rate Stanbic Bank - RTGS$ denomination September 2021 February 2024 On demand 300,000,000 210% Stanbic Bank - USD denomination December 2021 February 2024 On demand 1,000,000 10% CABS Bank of Zimbabwe - USD denomination April 2022 November 2023 On demand 2,000,000 *12.33% Ecobank - USD denomination November 2022 October 2023 On demand 5,000,000 6.5% * Interest charges on this facility is as a rate of the 3 December 31, 2022 Subsequent to year end the Stanbic Bank Zimbabwe $1 million increased to $4 million and the Ecobank facility increased to $7 million both on the same terms as in the table above. Nedbank Zimbabwe extended an unsecured $7 million overdraft facility to Blanket in 2023. |
Note 24 - Share Capital
Note 24 - Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
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 par value. Unlimited number of preference shares of no par value. Issued ordinary shares Number of fully paid shares Amount January 1, 2021 12,118,823 74,696 Shares issued: - options exercised 18,000 165 - equity raise * 619,783 7,806 December 31, 2021 12,756,606 82,667 Shares issued: - share-based payment - employees (note 12.1(a)) 76,520 804 December 31, 2022 12,833,126 83,471 * Gross proceeds of $7,834 with a transaction cost of $28 were raised by issuing depository receipts on the VFEX in December 2021, |
Note 25 - Reserves
Note 25 - Reserves | 12 Months Ended |
Dec. 31, 2022 | |
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 12 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 2022 2021 Foreign currency translation reserve (9,787 ) (9,325 ) Contributed surplus 132,591 132,591 Equity-settled share-based payment reserve 14,997 14,513 Total 137,801 137,779 |
Note 26 - Earnings Per Share
Note 26 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Issued shares at the beginning of year (note 24) 12,756,606 12,118,823 10,763,041 Weighted average shares issued 74,214 51,462 940,489 Weighted average (basic) at December 31 12,830,820 12,170,285 11,703,530 Weighted average number of shares - Diluted earnings per share (in number of shares) 2022 2021 2020 Weighted average (basic) at December 31 12,830,820 12,170,285 11,703,530 Effect of dilutive options 6,482 6,933 13,173 Weighted average number of shares (diluted) at December 31 12,837,302 12,177,218 11,716,703 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 13,518 ( 2021: 2020: The quantity of options outstanding as at year end that were out of the money amounted to Nil 2021: Nil, 2020: Nil The calculation of total basic and diluted earnings per share for the year ended December 31, 2022 2022 2021 2020 Profit for the year attributable to owners of the Company (basic and diluted) 17,903 18,405 20,780 Blanket Mine Employee Trust Adjustment (517 ) (326 ) (485 ) Profit attributable to ordinary shareholders (basic and diluted) 17,386 18,079 20,295 Basic earnings per share - $ 1.36 1.49 1.73 Diluted earnings per share - $ 1.35 1.48 1.73 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, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of non-controlling interests [text block] | 27 Non-controlling interests Blanket Mine’s (incorporated in Zimbabwe) NCI share recognised at an effective share and voting rights of 13.2% ( 2021: 2020: 2022 2021 2020 Current assets 30,397 33,634 24,864 Non-current assets 172,611 154,003 133,908 Current liabilities (9,583 ) (17,261 ) (7,339 ) Non-current liabilities (8,062 ) (11,535 ) (8,065 ) Net assets of Blanket Mine (100%) 185,364 158,841 143,368 Carrying amount of NCI of 13.2% (2021: 13.2%, 2020: 13.2%) 22,409 19,260 16,524 Revenue 142,082 121,329 100,002 Profit after tax 38,389 35,911 33,361 Total comprehensive income of Blanket Mine (100%) 38,389 35,911 33,361 Profit allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) 4,963 4,737 4,477 Dividend allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) (1,814 ) (2,001 ) (655 ) Net cash inflow from operating activities 50,048 41,489 36,122 Net cash outflow from investing activities (37,798 ) (29,850 ) (26,179 ) Net cash outflow from financing activities (16,506 ) (12,817 ) (9,896 ) Net cash (outflow) inflow (4,256 ) (1,178 ) 47 |
Note 28 - Provisions
Note 28 - Provisions | 12 Months Ended |
Dec. 31, 2022 | |
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. The costs of site restoration at Blanket Mine are discounted based on the estimated life of mine. Site restoration costs at Blanket Mine are capitalised to mineral properties on initial recognition and depreciated systematically over the estimated life of the mine. Reconciliation of site restoration provision 2022 2021 Balance January 1 3,294 3,567 Unwinding of discount 132 – Change in estimate - adjustment capitalised in Property, plant and equipment (468 ) (408 ) Acquisition - Maligreen – 135 Balance December 31 2,958 3,294 Current – – Non-current 2,958 3,294 The discount rates currently applied in calculating the present value of the Blanket Mine provision is 4.14% ( 2021: 2021: 2021: December 31, 2022. |
Note 29 - Trade and Other Payab
Note 29 - Trade and Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 29 Trade and other payables 2022 2021 Trade payables and accruals 3,502 2,503 Electricity accrual 2,386 888 Audit fee 284 260 Dividends due 1,883 – Solar plant supplier accrual 1,852 – Bilboes oxide project payable (note 5)* 872 – Other payables 651 749 Financial liabilities 11,430 4,400 Production and management bonus accrual - Blanket Mine 287 899 Other employee benefits 982 657 Leave pay 2,462 2,410 Bonus provision 1,025 645 Accruals 1,268 946 Non-financial liabilities 6,024 5,557 Total 17,454 9,957 * On August 1, 2022, |
Note 30 - Loan Notes Payable
Note 30 - Loan Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 30 Loan notes payable On November 1, 2022 November 1, 2022. The aggregate principal amount of the loan notes is limited to US$7.25 The loan notes will be payable on the following maturity dates: ● $5 million notes to be payable, March 31, 2023 ● in respect of the remaining $2.25 million notes to be issued, June 30, 2023 ● in each case, such later date as may Caledonia shall pay accrued interest in cash, in arrear to Bulawayo Mining on the relevant maturity date. All notes repaid by Caledonia shall be automatically and immediately cancelled and shall not If Caledonia fails to pay Bulawayo Mining any principal amount or any interest due on the notes on the date on which such amount becomes due and payable, Caledonia shall pay default interest at a rate of 10% per annum on such overdue amount from the date of such failure up to the date of actual payment (after as well as before judgment), calculated and accruing on a daily basis for so long as the amount remains unpaid. Caledonia shall retain at least $1 million as the penalty sum, in a bank account held in its name in Jersey for so long as any amounts remain outstanding on the notes. No Greenstone Management Services Holdings Limited (UK) (“GMS UK”), Caledonia’s subsidiary, shall guarantee Caledonia’s obligations. GMS UK unconditionally and irrevocably guarantees to each of the noteholders from time to time that if, for any reason whatsoever, the aggregate outstanding principal amount of its notes (or any part of it) together with all outstanding accrued interest thereon is not not not According to management’s best estimate, the value on initial recognition and subsequent measurement of the financial guarantee contract deemed to be not not The fair value of the loan notes payable at inception, November 1, 2022, A summary of the loan notes payable is as follows: Fair value November 1, 2022 6,802 Finance cost 302 Balance December 31, 2022 7,104 Refer to note 18 |
Note 31 - Cash Flow Information
Note 31 - Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of cash flow statement [text block] | 31 Cash flow information Non-cash items and information presented separately on the Statements of cash flows statement: 2022 2021 2020 Operating profit 40,276 38,360 40,735 Adjustments for: Impairment of property, plant and equipment (note 17) 8,209 497 – Impairment of exploration and evaluation assets (note 18) 467 3,837 2,930 Unrealised foreign exchange gains (note 13) (12,736 ) (2,754 ) (8,367 ) Cash-settled share-based expense (note 12.1) 609 477 1,413 Cash-settled share-based expense included in production costs (note 9) 853 692 634 Cash portion of cash-settled share-based expense (note 12.1) (1,468 ) (420 ) (1 ) Equity-settled share-based expense (note 12.2) 484 – – Depreciation (note 17) 10,141 8,046 4,628 Fair value loss on derivative instruments (note 14) 401 240 266 Write down of inventory (note 9) 563 – – Derecognition of property, plant and equipment – (38 ) 182 Expected credit losses on deferred consideration on the disposal of subsidiary – 761 – Cash generated from operations before working capital changes 47,799 49,698 42,420 Inventories 1,915 (4,016 ) (5,707 ) Prepayments (1,375 ) (4,272 ) 816 Trade and other receivables (1,561 ) (4,746 ) 539 Trade and other payables 2,879 2,039 (101 ) Cash generated from operations 49,657 38,703 37,967 |
Note 32 - Financial Instruments
Note 32 - Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 32 Financial Instruments and risk management The Group has exposure to the following risks from its use of financial instruments: ● Credit risk; ● Liquidity risk; ● Market risk This note present information about the Group’s exposure to each of the above risks and the Group’s objectives, policies and processes for measuring and managing risk. Further quantitative disclosures are included throughout these consolidated financial statements. The Group is exposed in varying degrees to a variety of financial instrument related risks by virtue of its activities. The overall financial risk management program focuses on the preservation of capital and protecting current and future Group assets and cash flows by reducing exposure to risks posed by the uncertainties and volatilities of financial markets. 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 Exposure to 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. 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 2022 2021 Zimbabwe 9,059 4,753 Jersey, Channel Islands – – Other regions 1 23 9,060 4,776 Of the trade receivables balance at the end of the year, $7,383 ( 2021: not (b) Liquidity risk Liquidity risk is the risk that the Group does not 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, 2022 Carrying amount Total Contractual cashflow amount 12 months or less Trade and other payables 11,430 11,430 11,430 Loan notes payable 7,104 7,723 7,723 Lease liabilities 313 342 152 18,847 19,195 19,305 December 31, 2021 Carrying amount Total Contractual cashflow amount 12 months or less Trade and other payables 4,400 4,400 4,400 Lease liabilities 465 532 158 4,865 4,932 4,558 The Group regularly monitors its liquidity risk and evaluates the options available. Sensitivity analysis A reasonably possible strengthening (weakening) of the gold price will have an impact on the revenue of the Group and the fair value of the gold loan and call option at December 31, 2021. An increase or decrease of 5% December 31: Consolidated statement of financial position: 2022 2021 Derivative financial liabilities - Gold loan Increase by 5% of the gold price - 143 Decrease by 5% of the gold price - (143 ) Derivative financial liabilities - Call option Increase by 5% of the gold price - 11 Decrease by 5% of the gold price - (11 ) Derivative financial assets - Put option Increase by 5% of the gold price - - Decrease by 5% of the gold price 22 - Consolidated statement of profit or loss and other comprehensive income: Fair value loss on derivative financial instruments 2022 2021 Derivative financial liabilities - Gold loan Increase by 5% of the gold price - 143 Decrease by 5% of the gold price - (143 ) Derivative financial liabilities - Call option Increase by 5% of the gold price - 11 Decrease by 5% of the gold price - (11 ) Derivative financial assets - Put option Increase by 5% of the gold price - - Decrease by 5% of the gold price 22 - The Group’s revenues had full exposure to the gold price up to December 22, 2022 14.1 (c) Market risk (i) 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 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. 2022 2021 $'000 $'000 Functional currency Functional currency ZAR $ ZAR $ Cash and cash equivalents 60 259 59 259 Trade and other receivables - 2,607 - 2,293 Trade and other payables - (130 ) - (166 ) Overdraft - (5,239 ) - (887 ) 60 (2,503 ) 59 1,499 A reasonably possible strengthening or weakening of 5% 2022 2021 $'000 $'000 Functional currency Functional currency ZAR $ ZAR $ Cash and cash equivalents 3 27 3 40 Trade and other receivables - 124 - 109 Trade and other payables - (6 ) - (8 ) Overdraft - (249 ) - (42 ) 3 (104 ) 3 99 (ii) 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: 2022 2021 Cash and cash equivalents 6,735 17,152 Overdraft 5,239 887 Loan notes payable 7,104 – 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 2022 2021 Increase by 100 basis points 67 172 Decrease by 100 basis points (67 ) (172 ) Sensitivity analysis - Overdraft Increase by 100 basis points 52 9 Decrease by 100 basis points (52 ) (9 ) Sensitivity analysis - Loan notes payable Increase by 100 basis points 71 - Decrease by 100 basis points (71 ) - |
Note 33 - Dividends
Note 33 - Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 33 Dividends 2022 2021 2020 Dividends declared to owners of the Company (excluding NCI) 8,975 6,068 3,887 Quarterly dividend per share history: Declaration date cents per share January 16, 2020 7.5 May 14, 2020 7.5 July 16, 2020 8.5 October 15, 2020 10.0 January 14, 2021 11.0 April 15, 2021 12.0 July 15, 2021 13.0 October 14, 2021 14.0 January 13, 2022 14.0 April 18, 2022 14.0 July 14, 2022 14.0 October 13, 2022 14.0 December 30, 2022 14.0 2022 2021 2020 Dividends declared and paid (excluding NCI) 7,178 6,068 3,887 Dividends due (excluding NCI) 1,797 - - 8,975 6,068 3,887 |
Note 34 - Contingencies
Note 34 - Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of contingent liabilities [text block] | 34 Contingencies The Group may |
Note 35 - Related Parties
Note 35 - Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 35 Related parties Directors of the company, as well as certain executives, are considered key management. For entities within the Group refer to note 36. 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, 2022 2021: 2020: ● 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: The Company has entered into a consultancy agreement with SR Curtis, a director of the Board, effective July 1, 2022 December 31, 2023 July 1, 2022 December 31, 2022 January 1, 2023 December 31, 2023. December 31, 2022, 2021: $Nil 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: 2022 2021 2020 Key management salaries and bonuses 3,773 3,245 2,915 Cash-settled share-based expense* 617 540 1,280 4,390 3,785 4,195 * Amount inclusive of $354 ( 2021: 2020: Employees, officers, directors, consultants and other service providers also participate in the OEICP (see note 11 Group entities are set out in note 36. Refer to note 6 27 Refer to note 37 1983 Refer to note 30 Refer to note 11 All related party transactions occurred at arm’s length. |
Note 36 - Group Entities
Note 36 - Group Entities | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of subsidiaries [text block] | 36 Group entities Intercompany balances with holding company Functional currency Country of incorporation Legal shareholding Intercompany balances with holding company 2022 2021 2022 2021 Caledonia Holdings Zimbabwe (Private) Limited $ Zimbabwe 100 100 (6,683 ) (6,795 ) 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 (5,329 ) (1,406 ) Greenstone Management Services Holdings Limited $ United Kingdom 100 100 (36,597 ) (22,916 ) Blanket Mine (1983) (Private) Limited (2) $ Zimbabwe 64 64 561 1,030 Blanket Employee Trust Services (Private) Limited (BETS) (1) $ Zimbabwe - - - - Motapa Mining Company UK Limited $ United Kingdom 100 - - - Arraskar Investments (Private) Limited $ Zimbabwe 100 - - - ( 1 ( 2 6 2021: 2020: Intercompany transactions with holding company Loans advanced/ (repaid) Interest received Foreign exchange profits 2022 2021 2022 2021 2022 2021 Caledonia Holdings Zimbabwe (Private) Limited (424 ) (4,479 ) 536 1,263 – – Caledonia Mining Services (Private) Limited – – – – – – Caledonia Mining South Africa Proprietary Limited (4,293 ) (1,242 ) – – 370 448 Greenstone Management Services Holdings Limited (13,681 ) (2,098 ) – – – – Blanket Mine (1983) (Private) Limited (2) (509 ) 1,429 40 – – – Blanket Employee Trust Services (Private) Limited (BETS) (1) – – – – – – Motapa Mining Company UK Limited – – – – – – Arraskar Investments (Private) Limited – – – – – – (18,907 ) (6,390 ) 576 1,263 370 448 |
Note 37 - Operating Segments
Note 37 - Operating Segments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 37 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 Blanket Mine ( 1983 not Information about reportable segments For the twelve months ended December 31, 2022 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 142,082 – – – 142,082 Inter-segmental revenue – 19,885 (19,885 ) – – Royalty (7,124 ) – – – (7,124 ) Production costs (62,701 ) (18,883 ) 18,586 – (62,998 ) Depreciation (10,735 ) (153 ) 789 (42 ) (10,141 ) Other income 48 12 – – 60 Other expenses (11,289 ) (66 ) – (427 ) (11,782 ) Administrative expenses (172 ) (3,047 ) – (8,722 ) (11,941 ) Management fee (3,454 ) 3,454 – – – Cash-settled share-based expense – – 853 (1,462 ) (609 ) Equity-settled share-based expense – – – (484 ) (484 ) Net foreign exchange gain (loss) 4,415 (119 ) (291 ) 406 4,411 Fair value loss on derivative liabilities – – – (1,198 ) (1,198 ) Net finance cost (861 ) (8 ) – 229 (640 ) Dividends (paid) received (16,992 ) – – 16,992 – Profit before tax 33,217 1,075 52 5,292 39,636 Tax expense (15,785 ) (252 ) 117 (850 ) (16,770 ) Profit after tax 17,432 823 169 4,442 22,866 As at December 31, 2022 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 33,130 1,448 (83 ) 3,932 38,427 Non-Current (excluding intercompany) 181,982 822 (5,446 ) 19,406 196,764 Expenditure on property, plant and equipment (note 17) 39,635 (881 ) (1,355 ) 10,821 48,220 Expenditure on evaluation and exploration assets (note 18) 9,394 – – 4 9,398 Intercompany balances 33,468 12,202 (107,227 ) 61,557 – Geographic segment liabilities: Current (excluding intercompany) (17,451 ) (1,901 ) – (13,089 ) (32,441 ) Non-current (excluding intercompany) (8,197 ) (101 ) 116 (1,109 ) (9,291 ) Intercompany balances (12,725 ) (34,753 ) 107,227 (59,749 ) – For the twelve months ended December 31, 2021 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 121,329 – – – 121,329 Inter-segmental revenue – 21,662 (21,662 ) – – Royalty (6,083 ) – – – (6,083 ) Production costs (53,117 ) (19,902 ) 19,893 – (53,126 ) Depreciation (8,348 ) (120 ) 466 (44 ) (8,046 ) Other income 47 (1 ) – – 46 Other expenses (3,241 ) – – (3,895 ) (7,136 ) Administrative expenses (128 ) (2,867 ) (2 ) (6,094 ) (9,091 ) Management fee (2,908 ) 2,908 – – – Cash-settled share-based expense – 29 691 (1,197 ) (477 ) Net foreign exchange gain (loss) 1,182 (295 ) (92 ) 389 1,184 Fair value loss on derivative instruments – (105 ) – (135 ) (240 ) Net finance cost (1,614 ) (2 ) – 1,255 (361 ) Profit before tax 47,119 1,307 (706 ) (9,721 ) 37,999 Tax expense (14,356 ) (652 ) 151 – (14,857 ) Profit after tax 32,763 655 (555 ) (9,721 ) 23,142 As at December 31, 2021 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 34,440 2,457 (162 ) 16,198 52,933 Non-Current (excluding intercompany) 159,612 2,315 (4,880 ) 897 157,944 Expenditure on property, plant and equipment (note 17) 30,575 1,923 (1,019 ) – 31,479 Expenditure on evaluation and exploration assets (note 18) 5,554 – – 163 5,717 Intercompany balances 34,512 9,131 (91,697 ) 48,054 – Geographic segment liabilities: Current (excluding intercompany) (10,042 ) (1,606 ) – (6,040 ) (17,688 ) Non-current (excluding intercompany) (11,535 ) (313 ) 322 (1,107 ) (12,633 ) Intercompany balances (12,414 ) (35,467 ) 91,697 (43,816 ) – Major customer Revenues from Fidelity amounted to $142,082 ( 2021: 2020: twelve December 31, 2022. |
Note 38 - Defined Contribution
Note 38 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of employee benefits [text block] | 38 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, 2022 2021: 2020: |
Note 39 - Subsequent Events
Note 39 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 39 Subsequent events There were no December 31, 2022 (a) Acquisition of Bilboes On January 6, 2023 5 (b) Solar loan notes From February April 2023 CMS bonds (c) Equity Raise During March April 2023, US$16.6 (d) PUs and EPUs granted On April 7, 2023 2015 These PUs have a performance condition based on 50% three 50% three one three EPUs have a performance multiplier calculated on 50% three 50% three three |
Note 40 - Going Concern
Note 40 - Going Concern | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of going concern [text block] | 40 Going concern The directors have, at the time of approving these consolidated financial statements, a reasonable expectation that Caledonia has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 (“subsidiaries”) 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 arising from intra-group transactions are eliminated. |
Description of accounting policy for recognition of revenue [text block] | (b) Revenue Revenue from the sale of precious metals is recognised when the metal is accepted at the refinery (“Lodgment date”) by Fidelity Printers and Refiners Limited (“Fidelity”). Control is transferred and the receipt of proceeds is substantially assured at point of delivery. Revenue for each delivery is measured at the London Base Metal Association Tuesday PM price post-delivery less 1.25% and the quantities are determined on Lodgment date. On average settlement occurs within 14 days of delivery. 5% Royalties are payable on gold sales after the 1.25% discount to Fidelity. |
Description of accounting policy for impairment of assets [text block] | (c) Impairment i) Expected credit losses on financial assets The Group applies the IFRS 9 not 48 December 31, 90 90 no no not 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. 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 in future. ● 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 share-based payment transactions [text block] | (d) Share-based payment transactions i) Equity-settled share-based payments to third 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 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 the assumptions used to estimate the fair value of equity-settled share-based payment transactions are disclosed in note 12.2. 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. Additional information about significant judgements, estimates and the assumptions used to estimate the fair value of cash-settled share-based payment transactions are disclosed in note 12.1. |
Description of accounting policy for functional currency [text block] | (e) 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. 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 Dollars 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 finance income and costs [text block] | (f) 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 borrowing costs [text block] | (g) Borrowing costs 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 income tax [text block] | (h) 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 property, plant and equipment [text block] | (i) 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, borrowing costs on qualifying assets, the costs of dismantling and removing the items and restoring the site on which they are located. 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 4 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 Measured, Indicated and Inferred Mineral Resources of which the diluted Measured and Indicated Mineral Resources are converted to Mineral Reserves for extraction in 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. 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. 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 to 15 years ( 2021: 2020: ● plant and equipment 10 years ( 2021: 2020: ● fixtures and fittings including computers 4 to 10 years ( 2021: 2020: ● motor vehicles 4 years ( 2021: 2020: ● right of use assets 3 to 6 years (determined by lease term); and ● 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] | (j) Exploration and evaluation assets Qualifying exploration costs are capitalised as incurred. Costs incurred before the legal rights to explore are obtained are recognised in profit or loss. The costs related to speculative drilling on unestablished orebodies at the Blanket Mine, general administrative or overhead costs are expensed as incurred. Exploration and evaluation costs capitalised are disclosed under Exploration and evaluation assets. Qualifying direct expenditures include such costs as mineral rights, options to acquire mineral rights, materials used, surveying costs, drilling costs, payments made to contractors, direct administrative costs and depreciation on property, plant and equipment during the exploration phase. 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, at their initial cost, 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 or when an indicator of impairment is identified. Exploration and evaluations assets are not |
Description of accounting policy for measuring inventories [text block] | (k) 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 financial instruments [text block] | (l) Financial instruments i) Financial assets The Group had the following financial assets: Financial assets at amortised cost Financial assets at amortised cost comprise loans and receivables included in Trade and other receivables. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. A trade receivable without a significant financing component is initially measured at the transaction price. Refer to note 4 The Group uses a simplified approach in accounting for trade receivables and records the loss allowance as lifetime expected credit losses. When measuring expected credit losses, the Group uses reasonable and supportable forward-looking information, which is based on the assumptions for the future movement of different economic drivers and how these drivers will affect each other. Fair value through profit or loss This category comprises the Gold ETF, Gold hedge and Put options. These instruments are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in profit or loss as Fair value losses on derivative financial instruments. Transaction costs are recognised in profit or loss in the consolidated statement profit or loss and other comprehensive income immediately when incurred. The Group does not 14. ii) Financial liabilities The Group classifies its financial liabilities into one two Fair value through profit or loss 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. This category comprises the Gold loan and the Call options, estimations made and further information is referred to in note 14. Financial liabilities at amortised cost Non-derivative financial liabilities are recognised initially on the 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) 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. (iv) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three |
Description of accounting policy for issued capital [text block] | (m) 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 provisions [text block] | (n) Provisions A provision is a liability of uncertain timing and amount. A liability 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] | (o) 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, except for changes in unwinding of finance cost that are recorded in profit or loss. |
Description of accounting policy for leases [text block] | (p) 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; ● 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 the 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 as property, plant and equipment. Lease liabilities are presented separately in the statement of financial position as current- and non-current lease liabilities. The Group has elected not |
Description of accounting policy for employee benefits [text block] | (q) 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 non-current assets or disposal groups classified as held for sale [text block] | (r) 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] | (s) Standards issued but not The following standards, amendments to standards and interpretations to existing standards that impact the Group: Standard/ Interpretation Effective date and expected adoption date * Classification of Liabilities as Current or Non-current – Amendments to IAS 1 The amendments, as issued in 2020, January 1, 2023. 1 2020 no January 1, 2024. January 1, 2024 Disclosure of Accounting Policies – Amendments to IAS 1 2 The IASB amended IAS 1 not not To support this amendment, the IASB also amended IFRS Practice Statement 2 January 1, 2023 Standard/ Interpretation Effective date and expected adoption date * Definition of Accounting estimates – Amendments to IAS 8 The amendment to IAS 8 January 1, 2023 Deferred tax related to assets and liabilities arising from a single transaction – Amendments to IAS 12 The amendments to IAS 12 Income Taxes The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with: ● right-of-use assets and lease liabilities, and ● decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets. The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of equity, as appropriate. IAS 12 not January 1, 2023 * The Group has completed its assessment of the impact of the above standards and concluded that the standard amendments would not New standards, amendments to standards and interpretations adopted from 1 January 2022 no |
Note 6 - Blanket Zimbabwe Ind_2
Note 6 - Blanket Zimbabwe Indigenisation Transaction (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of indigenisation shareholder percentages and facilitation loan balances [text block] | Shareholding Effective interest & NCI recognised NCI subject to facilitation loan Balance of facilitation loan # USD December 31, 2022 December 31, 2021 NIEEF 16 % 3.2 % 12.8 % 9,414 10,359 Community Trust 10 % 10.0 % 0.0 % – – BETS ~ 10 % -* -* 5,612 6,353 36 % 13.2 % 12.8 % 15,026 16,712 |
Disclosure of movement in dividend loan [text block] | 2022 2021 Balance at January 1 16,712 19,175 Interest incurred 580 1,313 Dividends used to repay loan (2,266 ) (3,776 ) Balance at December 31 15,026 16,712 |
Note 7 - Capital Management (Ta
Note 7 - Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of capital components [text block] | 2022 2021 Total equity 193,459 180,556 |
Note 8 - Revenue (Tables)
Note 8 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Revenue from gold [text block] | 2022 2021 2020 Revenue 142,082 121,329 100,002 Revenue from silver sales 116 122 86 Revenue from gold sales 141,966 121,207 99,916 Total ounces gold sold 80,094 68,617 57,137 Net work in progress and refinery (oz) 681 (1,141 ) 762 Gold produced (oz) 80,775 67,476 57,899 Tonnes milled 752,033 665,628 597,962 Grade 3.56 3.36 3.21 Recovery 93.8 93.9 93.8 Realised gold price ($/oz) 1,772 1,766 1,749 |
Note 9 - Production Costs (Tabl
Note 9 - Production Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of components for cost of sales [text block] | 2022 2021 2020 Salaries and wages* 23,037 20,609 16,122 Consumable materials – Operations* 23,601 17,375 14,938 Consumable materials – COVID-19 311 297 824 Electricity costs* 9,634 10,407 8,312 Safety 998 774 708 Cash-settled share-based expense (note 12.1(a)) 853 692 634 On mine administration* 2,736 1,806 1,304 Security costs 1,093 826 496 Obsolete inventory (note 20) 563 36 - Pre-feasibility exploration costs 172 304 373 62,998 53,126 43,711 2022 2021 2020 Salaries and wages (151 ) 94 311 Consumable materials – Operations (226 ) 87 580 Electricity costs (43 ) 44 241 On mine administration (26 ) 18 34 (446 ) 243 1,166 |
Note 10 - Other Expenses (Table
Note 10 - Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expenses components [text block] | 2022 2021 2020 Intermediated Money Transaction Tax * 1,378 799 451 Solar evaluation cost – – 230 COVID-19 donations – 74 1,322 Community and social responsibility cost 898 1,167 382 Impairment of property, plant and equipment - plant and equipment (note 17) 8,209 498 – Impairment of exploration and evaluation assets – Connemara North and Glen Hume (note 18) 467 3,837 2,930 Expected credit losses on deferred consideration on the disposal of subsidiary – 761 – Bilboes pre-operational expenses (note 5) 830 – – 11,782 7,136 5,315 |
Note 11 - Administrative Expe_2
Note 11 - Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the components of general and administrative expense [text block] | 2022 2021 2020 Investor relations 663 439 353 Audit fee 294 267 288 Advisory services fees 1,459 614 830 Listing fees 512 609 448 Directors fees – Company 569 527 323 Directors fees – Blanket 56 51 43 Employee costs 5,855 5,462 4,065 Other office administration cost 468 177 315 Information Technology and Communication cost 391 178 183 Management liability insurance 985 551 1,032 Travel costs 689 216 117 11,941 9,091 7,997 |
Note 12 - Share-based Payments
Note 12 - Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Explanation of effect of share-based payments on entity's profit or loss [text block] | Note 2022 2021 2020 Restricted Share Units and cash-settled Performance Units 12.1(a) 609 515 1,299 Caledonia Mining South Africa employee incentive scheme – (38 ) 114 609 477 1,413 Note 2022 2021 2020 EPUs 12.2(a) 417 – – Share option programs 12.2(b) 67 – – 484 – – |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | 2022 2021 RSUs PUs RSUs PUs Risk free rate 3.88 % 3.88 % 1.52 % 1.52 % Fair value (USD) 12.52 12.42 12.06 11.63 Share price (USD) 12.40 12.42 11.71 11.71 Performance multiplier percentage – 93-100 % – 93-100 % Volatility 1.29 0.91 1.20 1.06 Share units granted: RSUs PUs RSUs PUs 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 17,585 114,668 Grant - March 31, 2020 – 1,971 – 1,971 Grant - June 1, 2020 – 1,740 – 1,740 Grant - September 9, 2020 – 1,611 – 1,611 Grant - September 14, 2020 – 20,686 – 20,686 Grant - October 5, 2020 – 514 – 514 Grant - January 11, 2021 – 78,875 – 78,875 Grant -April 1, 2021 – 770 – 770 Grant - May 14, 2021 – 2,389 – 2,389 Grant - June 1, 2021 – 1,692 – 1,692 Grant - June 14, 2021 – 507 – 507 Grant - August 13, 2021 – 2,283 – 2,283 Grant - September 1, 2021 – 553 – 553 Grant - September 6, 2021 – 531 – 531 Grant - September 20, 2021 – 526 – 526 Grant - October 1, 2021 – 2,530 – 2,530 Grant - October 11, 2021 – 500 – 500 Grant - November 12, 2021 – 1,998 – 1,998 Grant - December 1, 2021 – 936 – 936 Grant - January 11, 2022 – 96,359 – – Grant - January 12, 2022 – 825 – – Grant - May 13, 2022 – 2,040 – – Grant - June 1, 2022 – 1,297 – – Grant - July 1, 2022 – 2,375 – – Grant - October 1, 2022 – 2,024 – – RSU dividends reinvested 1,980 – 1,066 – Settlements/terminations – (254,491 ) – (30,600 ) Total awards 19,565 224,408 18,651 343,379 Grant date January 24, 2022 Number of units – at granted and reporting date 130,380 Share price (USD) – at grant date 11.50 Fair value (USD) – at grant date 10.15 Performance multiplier percentage at December 31, 2022 100 % Options granted 10,000 10,000 Grant date February 27, 2018 September 30, 2022 Expiry date August 25, 2024 September 30, 2029 Period option may be exercised from February 27, 2018 September 30, 2025 Holding period on shares issued None First anniversary from issue date Stock exchange Toronto Stock Exchange New York Stock Exchange Exercise price CAD 9.30 USD 9.49 Share price at grant date CAD 9.30 USD 9.82 Risk-free interest rate 2.86% 4% Expected stock price volatility (based on historical volatility) 32% 102% Expected option life in years 3 3 |
Note 13 - Net Foreign Exchang_2
Note 13 - Net Foreign Exchange Gain (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of foreign currency gains (losses) [text block] | 2022 2021 2020 Unrealised foreign exchange gain 12,736 2,755 8,367 Realised foreign exchange loss (8,325 ) (1,571 ) (4,062 ) Net foreign exchange gain 4,411 1,184 4,305 |
Note 14 - Derivative Financia_2
Note 14 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of fair value losses on derivative assets [text block] | Net derivative financial instrument expenses 2022 2021 2020 Put options 14.1(a) 38 – – Gold loan 14.2(a) (228 ) 21 – Call options (December 13, 2021) 14.2(a) (240 ) – – Cap and collar options and Call options 14.2(b) 832 114 – Call options transaction costs (March 9, 2022) 14.2(b) 796 – – Gold exchange-traded fund ("Gold ETF") – 105 164 Gold hedge – – 102 1,198 240 266 |
Disclosure of cash flows from derivative financial instruments [text block] | Cash flows arising from investing activities 2022 2021 2020 Acquisition of Put options 14.1(a) 478 – – 478 – – Cash flows arising from financing activities 2022 2021 2020 Gold loan (repayment) proceeds 14.2(a) (3,698 ) 2,752 – Call options (December 13, 2021) proceeds 14.2(a) – 208 – Call options (March 9, 2022) acquisition 14.2(b) (176 ) – – Call options (March 9, 2022) proceeds 14.2(b) 416 – – Gold ETF proceeds (acquisition) – 1,066 (1,058 ) (3,458 ) 4,026 (1,058 ) |
Disclosure of derivative financial assets [text block] | 2022 2021 Put options 440 – 440 – |
Disclosure of derivative financial liabilities [text block] | 2022 2021 Gold loan 14.2(a) – 2,866 Call options (December 13, 2021) 14.2(a) – 229 Cap and collar options and Call options 14.2(b) – – – 3,095 |
Allocation of proceeds received for derivative financial liabilities [text block] | December 13, 2021 Net proceeds received 2,960 Fair value of Call options 208 Fair value of Gold loan 2,752 |
Note 15 - Finance Income and _2
Note 15 - Finance Income and Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the components of finance income (cost) [text block] | 2022 2021 2020 Finance income received – Bank 17 14 62 Finance cost – Term loan – 56 386 Finance cost – Capitalised to property, plant and equipment (note 17) – (17 ) (53 ) Unwinding of rehabilitation provision (note 28) 132 – 2 Finance cost – Leases (note 19) 31 24 15 Finance cost – Overdraft 192 86 17 ZESA interest * – 226 – Finance cost – Loan notes payable (note 30) 302 – – 657 375 367 Cash – Finance income 17 14 62 Cash – Finance cost (192 ) (388 ) (405 ) Non-cash – Finance cost (465 ) 13 38 657 375 367 |
Note 16 - Tax Expense (Tables)
Note 16 - Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the components of income tax [text block] | 2022 2021 2020 Tax recognised in profit or loss Current tax 9,932 9,051 9,492 Income tax - current year 8,707 8,769 8,969 Income tax - change in tax estimates (46 ) (168 ) (54 ) Withholding tax - current year 1,271 450 577 Deferred tax expense 6,838 5,806 5,681 Origination and reversal of temporary differences 6,838 5,806 5,681 Tax expense – recognised in profit or loss 16,770 14,857 15,173 Tax recognised in other comprehensive income Income tax - current year - - - Tax expense 16,770 14,857 15,173 |
Disclosure of unrecognized deferred tax assets [text block] | 2022 2021 2020 Caledonia Holdings Zimbabwe (Private) Limited 1,800 1,800 593 Greenstone Management Services Holdings Limited 691 516 376 Tax losses carried forward 2,491 2,316 969 |
Disclosure of income taxes paid [text block] | Tax paid 2022 2021 2020 Net income tax payable at January 1 (1,461 ) (419 ) (163 ) Current tax expense (9,932 ) (9,051 ) (9,492 ) Foreign currency movement 3,244 583 2,580 Tax paid 6,866 7,426 6,656 Net income tax payable at December 31 (1,284 ) (1,461 ) (419 ) |
Disclosure of income tax reconciliation [text block] | Reconciliation of tax rate 2022 2021 2020 Profit for the year 22,866 23,142 25,257 Total tax expense 16,770 14,857 15,173 Profit before tax 39,636 37,999 40,430 Income tax at Company's domestic tax rate (1) - - - Tax rate blended in foreign jurisdictions (2) 12,600 11,847 12,405 Effect of income tax calculated in RTGS$ as required by PN26 (3) 713 590 2,004 Management fee – withholding tax on deemed dividend portion 247 342 209 Management fee – non-deductible deemed dividend 735 611 570 Management fee – withholding tax - current year 174 148 123 Withholding tax on intercompany dividends 850 - 245 Non-deductible expenditure - CSR donations 269 311 107 - Other non-deductible expenditure 656 30 57 - IMTT (4) 398 (200 ) 120 Credit export incentive income exemption - - (598 ) Change in income tax rate (5) (8 ) - (287 ) Change in tax estimates - Zimbabwean income tax - (166 ) - - South African income tax (38 ) (2 ) (54 ) Change in unrecognised deferred tax losses 174 1,346 272 Tax expense - recognised in profit or loss 16,770 14,857 15,173 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Assets Liabilities Net 2022 2021 2022 2021 2022 2021 Property, plant and equipment - - (6,323 ) (9,328 ) (6,323 ) (9,328 ) Exploration and evaluation assets - - (2 ) - (2 ) - Allowance for obsolete stock (163 ) - - (47 ) (163 ) (47 ) Prepayments - 3 (5 ) - (5 ) 3 Unrealised foreign exchange 733 - - (10 ) 733 (10 ) Trade and other payables 814 499 - - 814 499 Cash-settled share-based payments - 989 - - - 989 Provisions 25 - - - 25 - Other - 54 - - - 54 Tax assets/ (liabilities) 1,409 1,545 (6,330 ) (9,385 ) *(4,921 ) *(7,840 ) |
Disclosure of movement in recognized in deferred tax assets and liabilities [text block] | Balance January 1, 2022 Recognised in profit or loss Foreign exchange movement Balance December 31, 2022 Property, plant and equipment (9,328 ) (8,560 ) 11,565 (6,323 ) Exploration and evaluation assets (47 ) 10 35 (2 ) Allowance for obsolete stock 3 (295 ) 129 (163 ) Prepayments (10 ) 4 1 (5 ) Unrealised foreign exchange 499 1,179 (945 ) 733 Trade and other payables 989 794 (969 ) 814 Provisions 54 30 (59 ) 25 Tax (liabilities)/ assets (7,840 ) (6,838 ) 9,757 (4,921 ) Balance January 1, 2021 Recognised in profit or loss Foreign exchange movement Balance December 31, 2021 Property, plant and equipment (5,380 ) (6,439 ) 2,491 (9,328 ) Exploration and evaluation assets (29 ) (31 ) 13 (47 ) Allowance for obsolete stock 13 3 (13 ) 3 Prepayments (3 ) (8 ) 1 (10 ) Unrealised foreign exchange 530 344 (375 ) 499 Trade and other payables 639 235 115 989 Cash-settled share-based payments 8 (8 ) - - Provisions 60 123 (129 ) 54 Other 15 (25 ) 10 - Tax (liabilities)/ assets (4,147 ) (5,806 ) 2,103 (7,840 ) |
Note 17 - Property, Plant and_2
Note 17 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Cost Land and Buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar Plant & Total Balance at January 1, 2021 11,315 442 23,983 84,856 40,644 1,235 2,995 392 165,862 Additions* – 528 678 24,851 3,531 134 176 1,581 31,479 Impairments – – – (65 ) (1,565 ) – – – (1,630 ) Derecognised plant and equipment – (402 ) – – – – – – (402 ) Reallocations between asset classes # 3,120 – 49,253 (74,166 ) 21,785 8 – – – Foreign exchange movement – (25 ) – – (76 ) (35 ) (2 ) (33 ) (171 ) Balance at December 31, 2021 14,435 543 73,914 35,476 64,319 1,342 3,169 1,940 195,138 Balance at January 1, 2022 14,435 543 73,914 35,476 64,319 1,342 3,169 1,940 195,138 Additions – – – 31,711 3,049 243 147 12,198 47,348 Impairments – – (8,518 ) – (998 ) – – – (9,516 ) Reallocations between asset classes 759 – 15,886 (20,734 ) 4,089 – – – – Acquisition of Bilboes oxide assets (Tribute) – – 872 – – – – – 872 Foreign exchange movement – (18 ) – – 26 (22 ) (2 ) – (16 ) Balance at December 31, 2022 15,194 525 82,154 46,453 70,485 1,563 3,314 14,138 233,826 Accumulated depreciation and Impairment losses Land and Buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar Plant Total Balance at January 1, 2021 6,233 213 6,443 530 22,685 849 2,430 – 39,383 Depreciation for the year 1,102 115 2,467 70 3,953 136 203 – 8,046 Derecognition – (230 ) – – – – – – (230 ) Accumulated depreciation for impairments – – – – (1,133 ) – – – (1,133 ) Foreign exchange movement – (1 ) – – – (27 ) (2 ) – (30 ) Balance at December 31, 2021 7,335 97 8,910 600 25,505 958 2,631 – 46,036 Balance at January 1, 2022 7,335 97 8,910 600 25,505 958 2,631 – 46,036 Depreciation for the year 1,015 137 3,990 93 4,527 163 216 – 10,141 Accumulated depreciation for impairments – – (532 ) – (775 ) – – – (1,307 ) Foreign exchange movement – (4 ) – – – (21 ) (2 ) – (27 ) Balance at December 31, 2022 8,350 230 12,368 693 29,257 1,100 2,845 – 54,843 Carrying amounts At December 31, 2021 7,100 446 65,004 34,876 38,814 384 538 1,940 149,102 At December 31, 2022 6,844 295 69,786 45,760 41,228 463 469 14,138 178,983 |
Disclosure of non-cash items excluded from acquisition of property, plant and equipment [text block] | 2022 2021 Net Property, plant and equipment included in Prepayments (4,445 ) 893 Net Property, plant and equipment included in Trade and other payables (1,876 ) 50 Bilboes oxide project payable (note 29) (872 ) - Change in estimate - adjustment capitalised in Property, plant and equipment (note 28) 468 408 Acquisition - Maligreen included in Provisions (note 28) - (135 ) Additions to right of use assets (note 19) - (528 ) Derecognition of right of use assets (note 19) - 172 Finance cost – Capitalised to property, plant and equipment (note 15) - (17 ) Total non-cash items excluded from acquisition of Property, plant and equipment (6,725 ) 843 |
Note 18 - Exploration and Eva_2
Note 18 - Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about exploration and evaluation assets [text block] | Motapa Maligreen Connemara North Glen Hume GG Sabiwa Abercorn Valentine Total Balance at January 1, 2021 – – 300 2,661 3,523 284 – – 6,768 Acquisition costs: - Mining claims acquired – 4,000 – – – – – – 4,000 Decommissioning asset acquired – 135 – – – – – – 135 Exploration costs: - Consumables and drilling – 14 71 1,074 16 – 12 31 1,218 - Contractor – – 51 42 – – – 24 117 - Labour – 47 41 60 46 – 4 10 208 - Power – – – – 33 6 – – 39 Impairment * – – – (3,837 ) – – – – (3,837 ) Balance at December 31, 2021 – 4,196 463 – 3,618 290 16 65 8,648 Balance at January 1, 2022 – 4,196 463 – 3,618 290 16 65 8,648 Acquisition costs: - Mining claims acquired 7,844 – – – – – – – 7,844 Exploration costs: - Consumables and drilling – 1,170 – – 36 – – – 1,206 - Contractor – – 4 – – – – – 4 - Labour – 260 – – 37 – 11 – 308 - Power – – – – 32 4 – – 36 Impairment * – – (467 ) – – – – – (467 ) Balance at December 31, 2022 7,844 5,626 – – 3,723 294 27 65 17,579 |
Note 19 - Leases (Tables)
Note 19 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of quantitative information about right-of-use assets [text block] | 2022 2021 Balance at January 1 446 229 Depreciation (137 ) (115 ) Additions to right of use assets - 528 Derecognition of right of use assets - (172 ) Foreign currency movement (14 ) (24 ) Balance at December 31 295 446 |
Disclosure of quantitative information about lease liability [text block] | 2022 2021 Balance at January 1 465 239 Additions to lease liability - 527 Finance cost 31 24 Lease payments (150 ) (129 ) Foreign currency movement (33 ) (23 ) Derecognition of lease liability - (173 ) Balance at December 31 313 465 |
Disclosure of profit or loss and cash flow amounts of leases [text block] | 2022 2021 2020 Finance cost on lease liabilities (note 15) 31 24 15 Unrealised foreign exchange gain (loss) 19 1 (2 ) Depreciation (note 17) 137 115 99 187 140 112 2022 2021 2020 Total cash outflow for leases - total payment 150 129 118 Total cash outflow for leases - finance cost (31 ) (24 ) (15 ) Total cash outflow for leases - principal 119 105 103 |
Disclosure of maturity analysis of operating lease payments [text block] | 2022 2021 Less than one year 152 158 One to two years 150 165 Two to three years 40 163 Three to four years – 46 Total lease payments 342 532 Finance cost (29 ) (67 ) Present value of lease liabilities 313 465 |
Note 20 - Inventories (Tables)
Note 20 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of components of inventories [text block] | 2022 2021 Consumable stores 19,155 21,516 Gold in progress and Ore stock-pile 689 243 Provision for obsolete stock (1,510 ) (947 ) 18,334 20,812 |
Note 21 - Prepayments (Tables)
Note 21 - Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about prepayments [text block] | 2022 2021 Caledonia Mining South Africa (Proprietary) Limited (“CMSA”) suppliers 254 1,552 Blanket Mine third party suppliers 1,494 1,766 Bilboes third party suppliers (note 5) 802 – Solar prepayments 104 2,951 Bilboes pre-effective date costs (note 5) 877 – Other prepayments 162 661 3,693 6,930 |
Note 22 - Trade and Other Rec_2
Note 22 - Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the components and trade and other receivables [text block] | 2022 2021 Bullion sales receivable 7,383 4,528 VAT receivables 1,001 3,162 Solar - VAT and duty receivables 720 – Deposits for stores, equipment and other receivables 81 248 9,185 7,938 |
Note 23 - Cash and Cash Equiv_2
Note 23 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the components of cash and cash equivalents [text block] | 2022 2021 Bank balances 4,737 17,152 Restricted cash * 1,998 – Cash and cash equivalents 6,735 17,152 Bank overdrafts used for cash management purposes (5,239 ) (887 ) Net cash and cash equivalents 1,496 16,265 |
Summary quantitative data about entity's exposure to risk [text block] | Overdraft facilities Date drawn Expiry Repayment terms Principal value Interest rate Stanbic Bank - RTGS$ denomination September 2021 February 2024 On demand 300,000,000 210% Stanbic Bank - USD denomination December 2021 February 2024 On demand 1,000,000 10% CABS Bank of Zimbabwe - USD denomination April 2022 November 2023 On demand 2,000,000 *12.33% Ecobank - USD denomination November 2022 October 2023 On demand 5,000,000 6.5% |
Note 24 - Share Capital (Tables
Note 24 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Number of fully paid shares Amount January 1, 2021 12,118,823 74,696 Shares issued: - options exercised 18,000 165 - equity raise * 619,783 7,806 December 31, 2021 12,756,606 82,667 Shares issued: - share-based payment - employees (note 12.1(a)) 76,520 804 December 31, 2022 12,833,126 83,471 |
Note 25 - Reserves (Tables)
Note 25 - Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of reserves within equity [text block] | 2022 2021 Foreign currency translation reserve (9,787 ) (9,325 ) Contributed surplus 132,591 132,591 Equity-settled share-based payment reserve 14,997 14,513 Total 137,801 137,779 |
Note 26 - Earnings Per Share (T
Note 26 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | Weighted average number of shares Basic earnings per share (in number of shares) 2022 2021 2020 Issued shares at the beginning of year (note 24) 12,756,606 12,118,823 10,763,041 Weighted average shares issued 74,214 51,462 940,489 Weighted average (basic) at December 31 12,830,820 12,170,285 11,703,530 Weighted average number of shares - Diluted earnings per share (in number of shares) 2022 2021 2020 Weighted average (basic) at December 31 12,830,820 12,170,285 11,703,530 Effect of dilutive options 6,482 6,933 13,173 Weighted average number of shares (diluted) at December 31 12,837,302 12,177,218 11,716,703 2022 2021 2020 Profit for the year attributable to owners of the Company (basic and diluted) 17,903 18,405 20,780 Blanket Mine Employee Trust Adjustment (517 ) (326 ) (485 ) Profit attributable to ordinary shareholders (basic and diluted) 17,386 18,079 20,295 Basic earnings per share - $ 1.36 1.49 1.73 Diluted earnings per share - $ 1.35 1.48 1.73 |
Note 27 - Non-controlling Int_2
Note 27 - Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information in non-controlling interests [text block] | 2022 2021 2020 Current assets 30,397 33,634 24,864 Non-current assets 172,611 154,003 133,908 Current liabilities (9,583 ) (17,261 ) (7,339 ) Non-current liabilities (8,062 ) (11,535 ) (8,065 ) Net assets of Blanket Mine (100%) 185,364 158,841 143,368 Carrying amount of NCI of 13.2% (2021: 13.2%, 2020: 13.2%) 22,409 19,260 16,524 Revenue 142,082 121,329 100,002 Profit after tax 38,389 35,911 33,361 Total comprehensive income of Blanket Mine (100%) 38,389 35,911 33,361 Profit allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) 4,963 4,737 4,477 Dividend allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) (1,814 ) (2,001 ) (655 ) Net cash inflow from operating activities 50,048 41,489 36,122 Net cash outflow from investing activities (37,798 ) (29,850 ) (26,179 ) Net cash outflow from financing activities (16,506 ) (12,817 ) (9,896 ) Net cash (outflow) inflow (4,256 ) (1,178 ) 47 |
Note 28 - Provisions (Tables)
Note 28 - Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other provisions [text block] | Reconciliation of site restoration provision 2022 2021 Balance January 1 3,294 3,567 Unwinding of discount 132 – Change in estimate - adjustment capitalised in Property, plant and equipment (468 ) (408 ) Acquisition - Maligreen – 135 Balance December 31 2,958 3,294 Current – – Non-current 2,958 3,294 |
Note 29 - Trade and Other Pay_2
Note 29 - Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | 2022 2021 Trade payables and accruals 3,502 2,503 Electricity accrual 2,386 888 Audit fee 284 260 Dividends due 1,883 – Solar plant supplier accrual 1,852 – Bilboes oxide project payable (note 5)* 872 – Other payables 651 749 Financial liabilities 11,430 4,400 Production and management bonus accrual - Blanket Mine 287 899 Other employee benefits 982 657 Leave pay 2,462 2,410 Bonus provision 1,025 645 Accruals 1,268 946 Non-financial liabilities 6,024 5,557 Total 17,454 9,957 |
Note 30 - Loan Notes Payable (T
Note 30 - Loan Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Fair value November 1, 2022 6,802 Finance cost 302 Balance December 31, 2022 7,104 |
Note 31 - Cash Flow Informati_2
Note 31 - Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of the cash flow statement [text block] | 2022 2021 2020 Operating profit 40,276 38,360 40,735 Adjustments for: Impairment of property, plant and equipment (note 17) 8,209 497 – Impairment of exploration and evaluation assets (note 18) 467 3,837 2,930 Unrealised foreign exchange gains (note 13) (12,736 ) (2,754 ) (8,367 ) Cash-settled share-based expense (note 12.1) 609 477 1,413 Cash-settled share-based expense included in production costs (note 9) 853 692 634 Cash portion of cash-settled share-based expense (note 12.1) (1,468 ) (420 ) (1 ) Equity-settled share-based expense (note 12.2) 484 – – Depreciation (note 17) 10,141 8,046 4,628 Fair value loss on derivative instruments (note 14) 401 240 266 Write down of inventory (note 9) 563 – – Derecognition of property, plant and equipment – (38 ) 182 Expected credit losses on deferred consideration on the disposal of subsidiary – 761 – Cash generated from operations before working capital changes 47,799 49,698 42,420 Inventories 1,915 (4,016 ) (5,707 ) Prepayments (1,375 ) (4,272 ) 816 Trade and other receivables (1,561 ) (4,746 ) 539 Trade and other payables 2,879 2,039 (101 ) Cash generated from operations 49,657 38,703 37,967 |
Note 32 - Financial Instrumen_2
Note 32 - Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of credit risk exposure [text block] | Carrying amount 2022 2021 Zimbabwe 9,059 4,753 Jersey, Channel Islands – – Other regions 1 23 9,060 4,776 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | December 31, 2022 Carrying amount Total Contractual cashflow amount 12 months or less Trade and other payables 11,430 11,430 11,430 Loan notes payable 7,104 7,723 7,723 Lease liabilities 313 342 152 18,847 19,195 19,305 December 31, 2021 Carrying amount Total Contractual cashflow amount 12 months or less Trade and other payables 4,400 4,400 4,400 Lease liabilities 465 532 158 4,865 4,932 4,558 |
Disclosure of gold price effect on derivative financial instruments [text block] | 2022 2021 Derivative financial liabilities - Gold loan Increase by 5% of the gold price - 143 Decrease by 5% of the gold price - (143 ) Derivative financial liabilities - Call option Increase by 5% of the gold price - 11 Decrease by 5% of the gold price - (11 ) Derivative financial assets - Put option Increase by 5% of the gold price - - Decrease by 5% of the gold price 22 - Fair value loss on derivative financial instruments 2022 2021 Derivative financial liabilities - Gold loan Increase by 5% of the gold price - 143 Decrease by 5% of the gold price - (143 ) Derivative financial liabilities - Call option Increase by 5% of the gold price - 11 Decrease by 5% of the gold price - (11 ) Derivative financial assets - Put option Increase by 5% of the gold price - - Decrease by 5% of the gold price 22 - |
Sensitivity analysis for types of market risk [text block] | 2022 2021 $'000 $'000 Functional currency Functional currency ZAR $ ZAR $ Cash and cash equivalents 60 259 59 259 Trade and other receivables - 2,607 - 2,293 Trade and other payables - (130 ) - (166 ) Overdraft - (5,239 ) - (887 ) 60 (2,503 ) 59 1,499 2022 2021 $'000 $'000 Functional currency Functional currency ZAR $ ZAR $ Cash and cash equivalents 3 27 3 40 Trade and other receivables - 124 - 109 Trade and other payables - (6 ) - (8 ) Overdraft - (249 ) - (42 ) 3 (104 ) 3 99 2022 2021 Cash and cash equivalents 6,735 17,152 Overdraft 5,239 887 Loan notes payable 7,104 – Sensitivity analysis - Cash and cash equivalents 2022 2021 Increase by 100 basis points 67 172 Decrease by 100 basis points (67 ) (172 ) Sensitivity analysis - Overdraft Increase by 100 basis points 52 9 Decrease by 100 basis points (52 ) (9 ) Sensitivity analysis - Loan notes payable Increase by 100 basis points 71 - Decrease by 100 basis points (71 ) - |
Note 33 - Dividends (Tables)
Note 33 - Dividends (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of dividends paid [text block] | 2022 2021 2020 Dividends declared to owners of the Company (excluding NCI) 8,975 6,068 3,887 Declaration date cents per share January 16, 2020 7.5 May 14, 2020 7.5 July 16, 2020 8.5 October 15, 2020 10.0 January 14, 2021 11.0 April 15, 2021 12.0 July 15, 2021 13.0 October 14, 2021 14.0 January 13, 2022 14.0 April 18, 2022 14.0 July 14, 2022 14.0 October 13, 2022 14.0 December 30, 2022 14.0 2022 2021 2020 Dividends declared and paid (excluding NCI) 7,178 6,068 3,887 Dividends due (excluding NCI) 1,797 - - 8,975 6,068 3,887 |
Note 35 - Related Parties (Tabl
Note 35 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of information about key management personnel [text block] | 2022 2021 2020 Key management salaries and bonuses 3,773 3,245 2,915 Cash-settled share-based expense* 617 540 1,280 4,390 3,785 4,195 |
Note 36 - Group Entities (Table
Note 36 - Group Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of interests in subsidiaries [text block] | Functional currency Country of incorporation Legal shareholding Intercompany balances with holding company 2022 2021 2022 2021 Caledonia Holdings Zimbabwe (Private) Limited $ Zimbabwe 100 100 (6,683 ) (6,795 ) 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 (5,329 ) (1,406 ) Greenstone Management Services Holdings Limited $ United Kingdom 100 100 (36,597 ) (22,916 ) Blanket Mine (1983) (Private) Limited (2) $ Zimbabwe 64 64 561 1,030 Blanket Employee Trust Services (Private) Limited (BETS) (1) $ Zimbabwe - - - - Motapa Mining Company UK Limited $ United Kingdom 100 - - - Arraskar Investments (Private) Limited $ Zimbabwe 100 - - - |
Disclosure of transactions with subsidiaries [text block] | Loans advanced/ (repaid) Interest received Foreign exchange profits 2022 2021 2022 2021 2022 2021 Caledonia Holdings Zimbabwe (Private) Limited (424 ) (4,479 ) 536 1,263 – – Caledonia Mining Services (Private) Limited – – – – – – Caledonia Mining South Africa Proprietary Limited (4,293 ) (1,242 ) – – 370 448 Greenstone Management Services Holdings Limited (13,681 ) (2,098 ) – – – – Blanket Mine (1983) (Private) Limited (2) (509 ) 1,429 40 – – – Blanket Employee Trust Services (Private) Limited (BETS) (1) – – – – – – Motapa Mining Company UK Limited – – – – – – Arraskar Investments (Private) Limited – – – – – – (18,907 ) (6,390 ) 576 1,263 370 448 |
Note 37 - Operating Segments (T
Note 37 - Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | For the twelve months ended December 31, 2022 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 142,082 – – – 142,082 Inter-segmental revenue – 19,885 (19,885 ) – – Royalty (7,124 ) – – – (7,124 ) Production costs (62,701 ) (18,883 ) 18,586 – (62,998 ) Depreciation (10,735 ) (153 ) 789 (42 ) (10,141 ) Other income 48 12 – – 60 Other expenses (11,289 ) (66 ) – (427 ) (11,782 ) Administrative expenses (172 ) (3,047 ) – (8,722 ) (11,941 ) Management fee (3,454 ) 3,454 – – – Cash-settled share-based expense – – 853 (1,462 ) (609 ) Equity-settled share-based expense – – – (484 ) (484 ) Net foreign exchange gain (loss) 4,415 (119 ) (291 ) 406 4,411 Fair value loss on derivative liabilities – – – (1,198 ) (1,198 ) Net finance cost (861 ) (8 ) – 229 (640 ) Dividends (paid) received (16,992 ) – – 16,992 – Profit before tax 33,217 1,075 52 5,292 39,636 Tax expense (15,785 ) (252 ) 117 (850 ) (16,770 ) Profit after tax 17,432 823 169 4,442 22,866 As at December 31, 2022 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 33,130 1,448 (83 ) 3,932 38,427 Non-Current (excluding intercompany) 181,982 822 (5,446 ) 19,406 196,764 Expenditure on property, plant and equipment (note 17) 39,635 (881 ) (1,355 ) 10,821 48,220 Expenditure on evaluation and exploration assets (note 18) 9,394 – – 4 9,398 Intercompany balances 33,468 12,202 (107,227 ) 61,557 – Geographic segment liabilities: Current (excluding intercompany) (17,451 ) (1,901 ) – (13,089 ) (32,441 ) Non-current (excluding intercompany) (8,197 ) (101 ) 116 (1,109 ) (9,291 ) Intercompany balances (12,725 ) (34,753 ) 107,227 (59,749 ) – For the twelve months ended December 31, 2021 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 121,329 – – – 121,329 Inter-segmental revenue – 21,662 (21,662 ) – – Royalty (6,083 ) – – – (6,083 ) Production costs (53,117 ) (19,902 ) 19,893 – (53,126 ) Depreciation (8,348 ) (120 ) 466 (44 ) (8,046 ) Other income 47 (1 ) – – 46 Other expenses (3,241 ) – – (3,895 ) (7,136 ) Administrative expenses (128 ) (2,867 ) (2 ) (6,094 ) (9,091 ) Management fee (2,908 ) 2,908 – – – Cash-settled share-based expense – 29 691 (1,197 ) (477 ) Net foreign exchange gain (loss) 1,182 (295 ) (92 ) 389 1,184 Fair value loss on derivative instruments – (105 ) – (135 ) (240 ) Net finance cost (1,614 ) (2 ) – 1,255 (361 ) Profit before tax 47,119 1,307 (706 ) (9,721 ) 37,999 Tax expense (14,356 ) (652 ) 151 – (14,857 ) Profit after tax 32,763 655 (555 ) (9,721 ) 23,142 As at December 31, 2021 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 34,440 2,457 (162 ) 16,198 52,933 Non-Current (excluding intercompany) 159,612 2,315 (4,880 ) 897 157,944 Expenditure on property, plant and equipment (note 17) 30,575 1,923 (1,019 ) – 31,479 Expenditure on evaluation and exploration assets (note 18) 5,554 – – 163 5,717 Intercompany balances 34,512 9,131 (91,697 ) 48,054 – Geographic segment liabilities: Current (excluding intercompany) (10,042 ) (1,606 ) – (6,040 ) (17,688 ) Non-current (excluding intercompany) (11,535 ) (313 ) 322 (1,107 ) (12,633 ) Intercompany balances (12,414 ) (35,467 ) 91,697 (43,816 ) – |
Note 4 - Significant Accounti_2
Note 4 - Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Revenue recognition, variable rate | 1.25% | ||
Revenue recognition, average settlement period (Day) | 14 days | ||
Royalty on gold sales | 5% | ||
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] | |||
Useful life measured as period of time, property, plant and equipment (Year) | 10 years | 10 years | 10 years |
Buildings [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Useful life measured as period of time, property, plant and equipment (Year) | 15 years | 15 years | 15 years |
Machinery [member] | |||
Statement Line Items [Line Items] | |||
Useful life measured as period of time, property, plant and equipment (Year) | 10 years | 10 years | 10 years |
Fixtures and fittings [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Useful life measured as period of time, property, plant and equipment (Year) | 4 years | 4 years | 4 years |
Fixtures and fittings [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Useful life measured as period of time, property, plant and equipment (Year) | 10 years | 10 years | 10 years |
Motor vehicles [member] | |||
Statement Line Items [Line Items] | |||
Useful life measured as period of time, property, plant and equipment (Year) | 4 years | 4 years | 4 years |
Note 5 - Bilboes (Details Textu
Note 5 - Bilboes (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | 20 Months Ended | |||||
Jan. 06, 2023 USD ($) $ / shares shares | Jul. 21, 2022 USD ($) shares | Dec. 31, 2023 oz | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2025 oz | |
Statement Line Items [Line Items] | |||||||
Total property, plant and equipment | $ 178,983 | $ 149,102 | |||||
Other expenses | 11,782 | $ 7,136 | $ 5,315 | ||||
Assets of Bilboes Gold Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Acquisition, number of shares issuable (in shares) | shares | 5,123,044 | ||||||
Percentage of net smelter royalty | 1% | ||||||
Major purchases of assets [member] | Assets of Bilboes Gold Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Acquisition, number of shares issued (in shares) | shares | 4,425,797 | ||||||
Shares issued or issuable, price per share (in dollars per share) | $ / shares | $ 12.82 | ||||||
Issue of equity | $ 56,740 | ||||||
Acquisition, escrow shares issuable (in shares) | shares | 441,095 | ||||||
Acquisition, deferred consideration shares issuable (in shares) | shares | 256,152 | ||||||
Acquisition, maximum deferred consideration shares in event of increase (in shares) | shares | 5,497,293 | ||||||
Acquisition, consideration issued and issuable | $ 65,677,424 | ||||||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Bilboes Holdings (Private) Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tribute agreement, percentage of revenue to be received | 100% | ||||||
Tribute agreement, rate of return | 25% | ||||||
Tribute agreement, stated purchase price | $ 0 | ||||||
Prepayments | 877 | ||||||
Other expenses | 830 | ||||||
Current advances to suppliers | $ 802 | ||||||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Bilboes Holdings (Private) Limited [member] | Oxide plant [member] | |||||||
Statement Line Items [Line Items] | |||||||
Property, plant and equipment, expenditures recognised in course of its construction | 872 | ||||||
Total property, plant and equipment | $ 872 | ||||||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Bilboes Holdings (Private) Limited [member] | Entering into significant commitments or contingent liabilities [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tribute agreement, estimated mass of gold production (Ounce) | oz | 20,000 | ||||||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Bilboes Holdings (Private) Limited [member] | Bottom of range [member] | Entering into significant commitments or contingent liabilities [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tribute agreement, estimated mass of gold production (Ounce) | oz | 12,500 | ||||||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Bilboes Holdings (Private) Limited [member] | Top of range [member] | Entering into significant commitments or contingent liabilities [member] | |||||||
Statement Line Items [Line Items] | |||||||
Tribute agreement, estimated mass of gold production (Ounce) | oz | 17,000 |
Note 6 - Blanket Zimbabwe Ind_3
Note 6 - Blanket Zimbabwe Indigenisation Transaction (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||
Jan. 20, 2020 | Nov. 05, 2018 | Jun. 23, 2017 | Feb. 20, 2012 | Apr. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2012 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | |||||||||||
Proportion of ownership interests held by non-controlling interests | 51% | 36% | |||||||||
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% | 80% | |||||||||
Proportion of dividends declared accruing unconditionally | 20% | ||||||||||
Borrowings, interest rate | 7.25% | ||||||||||
Percentage of net assets recognised as NCI | 13.20% | 16.20% | 13.20% | 13.20% | 13.20% | ||||||
Proportion of ownership interest acquired | 15% | ||||||||||
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% | ||||||||||
Cash advances on dividend loans | $ 1,000 | $ 1,000 | $ 2,000 | ||||||||
NIEEF [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Proportion of ownership interests held by non-controlling interests | 16% | 16% | |||||||||
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% | ||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally | 20% | ||||||||||
Fremiro [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Proportion of ownership interests held by non-controlling interests | 15% | ||||||||||
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% | ||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally | 20% | ||||||||||
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans | 80% | ||||||||||
BETS [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Proportion of ownership interests held by non-controlling interests | [1] | 10% | |||||||||
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% | 10% | |||||||||
Community Trust [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Proportion of ownership interests held by non-controlling interests | 10% | 10% | |||||||||
Proportion of ownership interest sold | 10% | ||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally | 100% | ||||||||||
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans | 80% | ||||||||||
Non-controlling interests recognised, dividends declared accruing unconditionally employee participation | 20% | ||||||||||
[1]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 | 12 Months Ended | |||
Feb. 20, 2012 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | ||||
Shareholding | 51% | 36% | ||
NCI Recognized | 13.20% | |||
NCI subject to facilitation loans | 12.80% | |||
Faciliation loans | [1] | $ 15,026 | $ 16,712 | |
NIEEF [member] | ||||
Statement Line Items [Line Items] | ||||
Shareholding | 16% | 16% | ||
NCI Recognized | 3.20% | |||
NCI subject to facilitation loans | 12.80% | |||
Faciliation loans | [1] | $ 9,414 | 10,359 | |
Community Trust [member] | ||||
Statement Line Items [Line Items] | ||||
Shareholding | 10% | 10% | ||
NCI Recognized | 10% | |||
NCI subject to facilitation loans | 0% | |||
Faciliation loans | [1] | $ 0 | 0 | |
BETS [member] | ||||
Statement Line Items [Line Items] | ||||
Shareholding | [2] | 10% | ||
Faciliation loans | [1] | $ 5,612 | $ 6,353 | |
[1]Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable.[2]Accounted for under IAS19 Employee Benefits. |
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, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Balance | $ 16,712 | $ 19,175 |
Interest incurred | 580 | 1,313 |
Dividends used to repay loan | (2,266) | (3,776) |
Balance | $ 15,026 | $ 16,712 |
Note 7 - Capital Management - C
Note 7 - Capital Management - Components of Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||||
Total equity | $ 193,459 | $ 180,556 | $ 158,043 | $ 124,717 |
Note 8 - Revenue - Revenue from
Note 8 - Revenue - Revenue from Gold (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) oz t | Dec. 31, 2021 USD ($) oz t | Dec. 31, 2020 USD ($) oz t | |
Statement Line Items [Line Items] | |||
Revenue | $ 142,082 | $ 121,329 | $ 100,002 |
Revenue from silver sales | 116 | 122 | 86 |
Revenue from gold sales | $ 141,966 | $ 121,207 | $ 99,916 |
Total ounces gold sold (Ounce) | oz | 80,094 | 68,617 | 57,137 |
Net work in progress and refinery (oz) (Ounce) | oz | 681 | (1,141) | 762 |
Gold produced (oz) (Ounce) | oz | 80,775 | 67,476 | 57,899 |
Tonnes milled (Metric Ton) | t | 752,033 | 665,628 | 597,962 |
Grade | 3.56 | 3.36 | 3.21 |
Recovery | 93.8 | 93.9 | 93.8 |
Realised gold price ($/oz) | $ 1,772 | $ 1,766 | $ 1,749 |
Note 9 - Production Costs - Com
Note 9 - Production Costs - Components of Production Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Salaries and wages* | [1] | $ 23,037 | $ 20,609 | $ 16,122 |
Consumable materials – Operations* | [1] | 23,601 | 17,375 | 14,938 |
Consumable materials – COVID-19 | 311 | 297 | 824 | |
Electricity costs* | [1] | 9,634 | 10,407 | 8,312 |
Safety | 998 | 774 | 708 | |
Cash-settled share-based expense (note 12.1(a)) | 853 | 692 | 634 | |
On mine administration* | [1] | 2,736 | 1,806 | 1,304 |
Security costs | 1,093 | 826 | 496 | |
Obsolete inventory (note 20) | 563 | 36 | 0 | |
Pre-feasibility exploration costs | 172 | 304 | 373 | |
Cost of sales | 62,998 | 53,126 | 43,711 | |
Salaries and wages | [1] | (23,037) | (20,609) | (16,122) |
Consumable materials – Operations | [1] | (23,601) | (17,375) | (14,938) |
Cost of sales | (62,998) | (53,126) | (43,711) | |
Gold work in progress [member] | ||||
Statement Line Items [Line Items] | ||||
Salaries and wages* | 151 | 94 | 311 | |
Consumable materials – Operations* | 226 | 87 | 580 | |
Electricity costs* | (43) | 44 | 241 | |
On mine administration* | (26) | 18 | 34 | |
Cost of sales | 446 | 243 | 1,166 | |
Salaries and wages | (151) | (94) | (311) | |
Consumable materials – Operations | (226) | (87) | (580) | |
Cost of sales | $ (446) | $ (243) | $ (1,166) | |
[1]Gold work in progress included in the production cost amounts above were: 2022 2021 2020 Salaries and wages (151 ) 94 311 Consumable materials – Operations (226 ) 87 580 Electricity costs (43 ) 44 241 On mine administration (26 ) 18 34 (446 ) 243 1,166 |
Note 10 - Other Expenses (Detai
Note 10 - Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Intermediated Money Transaction Tax * | [1] | $ 1,378 | $ 799 | $ 451 |
Solar evaluation cost | 0 | 0 | 230 | |
COVID-19 donations | 0 | 74 | 1,322 | |
Community and social responsibility cost | 898 | 1,167 | 382 | |
Impairment of property, plant and equipment - plant and equipment (note 17) | 8,209 | 498 | 0 | |
Impairment of exploration and evaluation assets – Connemara North and Glen Hume (note 18) | 467 | 3,837 | 2,930 | |
Expected credit losses on deferred consideration on the disposal of subsidiary | 0 | 761 | 0 | |
Bilboes pre-operational expenses (note 5) | 830 | 0 | 0 | |
Other expenses | $ 11,782 | $ 7,136 | $ 5,315 | |
[1]Intermediated Money Transfer Tax ("IMTT”) is tax chargeable in Zimbabwe on transfer of physical money, electronically or by any other means, between two or more persons. The presidential announcement made on May 7, 2022 increased the IMTT charges on all domestic foreign currency transfers from 2% to 4%, |
Note 11 - Administrative Expe_3
Note 11 - Administrative Expenses - Components of Administrative Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Investor relations | $ 663 | $ 439 | $ 353 |
Audit fee | 294 | 267 | 288 |
Advisory services fees | 1,459 | 614 | 830 |
Listing fees | 512 | 609 | 448 |
Directors fees – Company | 569 | 527 | 323 |
Directors fees – Blanket | 56 | 51 | 43 |
Employee costs | 5,855 | 5,462 | 4,065 |
Other office administration cost | 468 | 177 | 315 |
Information Technology and Communication cost | 391 | 178 | 183 |
Management liability insurance | 985 | 551 | 1,032 |
Travel costs | 689 | 216 | 117 |
Administrative expenses | $ 11,941 | $ 9,091 | $ 7,997 |
Note 12 - Share-based Payment_2
Note 12 - Share-based Payments (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Statement Line Items [Line Items] | |||
Increase (decrease) through share-based payment transactions, equity | $ 484 | $ 216 | |
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 484 | $ 0 | 0 |
Restricted stock units (RSUs) [member] | |||
Statement Line Items [Line Items] | |||
Vesting period of other equity instruments | 3 | ||
Performance share units (PSUs) [member] | |||
Statement Line Items [Line Items] | |||
Liabilities from share-based payment transactions | $ 2,217 | 3,027 | |
Total expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets | 853 | 692 | 634 |
Value of other equity instruments exercised or vested in share-based payment arrangement | 2,272 | ||
Proceeds from issuing other equity instruments | 1,028 | $ 420 | |
Value of other equity instruments exercised or vested in share-based payment arrangement, share capital | 1,244 | 216 | |
Increase (decrease) through share-based payment transactions, equity | $ 804 | ||
Performance share units (PSUs) [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Vesting period of other equity instruments | 1 | ||
Performance probability | 93% | 93% | |
Performance multiplier | 93% | 93% | |
Performance share units (PSUs) [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Vesting period of other equity instruments | 3 | ||
Performance probability | 100% | 100% | |
Performance multiplier | 100% | 100% | |
Equity-settled performance units (EPUs) [member] | |||
Statement Line Items [Line Items] | |||
Vesting period of other equity instruments | 3 | ||
Performance probability | 100% | ||
Minimum holding period of other equity instruments (Year) | 1 year | ||
Performance multiplier | 100% | ||
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 417 | $ 0 | 0 |
Share option programs [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 | $ 67 | $ 0 | $ 0 |
Option life, share options granted | 10 | ||
Share-based compensation arrangement, percentage of outstanding stock maximum | 10% | ||
Number of share options outstanding in share-based payment arrangement at end of period | 20,000 |
Note 12 - Share-based Payment_3
Note 12 - Share-based Payments - Share-based Payments and Share-based Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Cash-settled share-based payment expense | $ 609 | $ 477 | $ 1,413 |
Equity-settled share-based payment expense | 484 | 0 | 0 |
Restricted and performance share units [member] | |||
Statement Line Items [Line Items] | |||
Cash-settled share-based payment expense | 609 | 515 | 1,299 |
Equity-settled performance units (EPUs) [member] | |||
Statement Line Items [Line Items] | |||
Equity-settled share-based payment expense | 417 | 0 | 0 |
Cash-settled awards [member] | |||
Statement Line Items [Line Items] | |||
Cash-settled share-based payment expense | 0 | (38) | 114 |
Share option programs [member] | |||
Statement Line Items [Line Items] | |||
Equity-settled share-based payment expense | $ 67 | $ 0 | $ 0 |
Note 12 - Share-based payment_4
Note 12 - Share-based payments - Inputs for Measurement of Grant Date Fair Values and Share Units Granted (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Restricted stock units (RSUs) [member] | |||
Statement Line Items [Line Items] | |||
Risk free rate | 3.88% | 3.88% | 1.52% |
Fair value (USD) | $ | $ 12.52 | $ 12.52 | $ 12.06 |
Share price (USD) (in dollars per share) | $ 12.40 | $ 11.71 | |
Volatility | 1.29% | 1.29% | 1.20% |
RSU dividends reinvested | 1,980 | 1,980 | 1,066 |
Settlements/terminations | 0 | 0 | 0 |
Total awards | 19,565 | 19,565 | 18,651 |
Restricted stock units (RSUs) [member] | January 11, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | March 23, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | June 8, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | January 11, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 17,585 | 17,585 | 17,585 |
Restricted stock units (RSUs) [member] | March 31, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | June 1, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | September 9, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | September 14, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | October 5, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | January 11, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | April 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | May 14, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | June 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | June 14, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | August 13, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | September 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | September 6, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | September 20, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | October 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | October 11, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | November 12, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | December 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | January 11, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | January 12, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | May 13, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | June 1, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | July 1, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Restricted stock units (RSUs) [member] | October 1, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 0 | 0 | 0 |
Performance share units (PSUs) [member] | |||
Statement Line Items [Line Items] | |||
Risk free rate | 3.88% | 3.88% | 1.52% |
Fair value (USD) | $ | $ 12.42 | $ 12.42 | $ 11.63 |
Share price (USD) (in dollars per share) | $ 12.42 | $ 11.71 | |
Volatility | 0.91% | 0.91% | 1.06% |
RSU dividends reinvested | 0 | 0 | 0 |
Settlements/terminations | (254,491) | (254,491) | (30,600) |
Total awards | 224,408 | 224,408 | 343,379 |
Performance share units (PSUs) [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Performance multiplier percentage | 93% | 93% | 93% |
Performance share units (PSUs) [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Performance multiplier percentage | 100% | 100% | 100% |
Performance share units (PSUs) [member] | January 11, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 95,740 | 95,740 | 95,740 |
Performance share units (PSUs) [member] | March 23, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 28,287 | 28,287 | 28,287 |
Performance share units (PSUs) [member] | June 8, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 14,672 | 14,672 | 14,672 |
Performance share units (PSUs) [member] | January 11, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 114,668 | 114,668 | 114,668 |
Performance share units (PSUs) [member] | March 31, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,971 | 1,971 | 1,971 |
Performance share units (PSUs) [member] | June 1, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,740 | 1,740 | 1,740 |
Performance share units (PSUs) [member] | September 9, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,611 | 1,611 | 1,611 |
Performance share units (PSUs) [member] | September 14, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 20,686 | 20,686 | 20,686 |
Performance share units (PSUs) [member] | October 5, 2020 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 514 | 514 | 514 |
Performance share units (PSUs) [member] | January 11, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 78,875 | 78,875 | 78,875 |
Performance share units (PSUs) [member] | April 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 770 | 770 | 770 |
Performance share units (PSUs) [member] | May 14, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 2,389 | 2,389 | 2,389 |
Performance share units (PSUs) [member] | June 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,692 | 1,692 | 1,692 |
Performance share units (PSUs) [member] | June 14, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 507 | 507 | 507 |
Performance share units (PSUs) [member] | August 13, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 2,283 | 2,283 | 2,283 |
Performance share units (PSUs) [member] | September 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 553 | 553 | 553 |
Performance share units (PSUs) [member] | September 6, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 531 | 531 | 531 |
Performance share units (PSUs) [member] | September 20, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 526 | 526 | 526 |
Performance share units (PSUs) [member] | October 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 2,530 | 2,530 | 2,530 |
Performance share units (PSUs) [member] | October 11, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 500 | 500 | 500 |
Performance share units (PSUs) [member] | November 12, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,998 | 1,998 | 1,998 |
Performance share units (PSUs) [member] | December 1, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 936 | 936 | 936 |
Performance share units (PSUs) [member] | January 11, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 96,359 | 96,359 | 0 |
Performance share units (PSUs) [member] | January 12, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 825 | 825 | 0 |
Performance share units (PSUs) [member] | May 13, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 2,040 | 2,040 | 0 |
Performance share units (PSUs) [member] | June 1, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 1,297 | 1,297 | 0 |
Performance share units (PSUs) [member] | July 1, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 2,375 | 2,375 | 0 |
Performance share units (PSUs) [member] | October 1, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Grants | 2,024 | 2,024 | 0 |
Equity-settled performance units (EPUs) [member] | |||
Statement Line Items [Line Items] | |||
Fair value (USD) | $ | $ 10.15 | $ 10.15 | |
Share price (USD) (in dollars per share) | $ 11.50 | ||
Performance multiplier percentage | 100% | 100% | |
Total awards | 130,380 | 130,380 | |
Holding period on shares issued (Year) | 1 year | 1 year | |
Share option programs [member] | |||
Statement Line Items [Line Items] | |||
Options granted | 20,000 | 20,000 | |
Expected option life in years | 10 | 10 | |
Share option programs [member] | February 27, 2018 [member] | |||
Statement Line Items [Line Items] | |||
Risk free rate | 2.86% | 2.86% | |
Share price (USD) (in dollars per share) | $ 9.30 | ||
Volatility | 32% | 32% | |
Options granted | 10,000 | 10,000 | |
Holding period on shares issued (Year) | 0 years | 0 years | |
Exercise price (in CAD per share) | $ 9.30 | ||
Expected option life in years | 3 | 3 | |
Share option programs [member] | September 30, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Risk free rate | 4% | 4% | |
Share price (USD) (in dollars per share) | $ 9.82 | ||
Volatility | 102% | 102% | |
Options granted | 10,000 | 10,000 | |
Holding period on shares issued (Year) | 1 year | 1 year | |
Exercise price (in CAD per share) | $ 9.49 | ||
Expected option life in years | 3 | 3 |
Note 13 - Net Foreign Exchang_3
Note 13 - Net Foreign Exchange Gain (Details Textual) | 12 Months Ended | |||||||||
Feb. 01, 2023 | Jul. 01, 2021 oz kg | Jan. 08, 2021 | May 26, 2020 | Nov. 12, 2018 | Oct. 01, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 20, 2019 | |
Statement Line Items [Line Items] | ||||||||||
Closing foreign exchange rate | 684.33 | 108.67 | 81.79 | 2.5 | ||||||
Foreign currency allocation, percentage | 60% | 70% | 55% | 30% | 72.70% | |||||
Foreign currency allocation, incremental revenue, percentage | 100% | |||||||||
Baseline level of production per month (Kilogram) | kg | 148.38 | |||||||||
Production per annum (Ounce) | oz | 57,000 | |||||||||
Abnormally large changes in asset prices or foreign exchange rates [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Foreign currency allocation, percentage | 75% |
Note 13 - Net Foreign Exchang_4
Note 13 - Net Foreign Exchange Gain - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Unrealised foreign exchange gain | $ 12,736 | $ 2,755 | $ 8,367 |
Realised foreign exchange loss | (8,325) | (1,571) | (4,062) |
Net foreign exchange gain | $ 4,411 | $ 1,184 | $ 4,305 |
Note 14 - Derivative Financia_3
Note 14 - Derivative Financial Instruments (Details Textual) | 1 Months Ended | |||||||
Dec. 22, 2022 USD ($) | Mar. 09, 2022 USD ($) | Feb. 17, 2022 USD ($) | Dec. 13, 2021 USD ($) oz | Apr. 30, 2022 USD ($) | Jul. 31, 2022 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | |
Auramet International LLC [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of Agreements | 2 | |||||||
Auramet International LLC [Member] | Gold loan agreement [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proceeds from derivative financial liabilities | $ 3,000,000 | |||||||
Number of Deliveries | 2 | |||||||
Repayment gold loan, delivery mass of each (Ounce) | oz | 925 | |||||||
Financial liabilities, at fair value | $ 1,833,000 | |||||||
Auramet International LLC [Member] | Call option [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Call options, mass (Ounce) | oz | 6,000 | |||||||
Strike price per ounce | $ 2,000 | |||||||
Put option [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Derivative contract, number of ounces of gold hedged | 16,672 | |||||||
Hedging instruments, protected, price | $ 1,750 | |||||||
Zero cost contract to hedge 20,000 ounces of gold [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Derivative contract, number of ounces of gold hedged | 20,000 | |||||||
Term of derivative contract (Month) | 5 months | |||||||
Hedging contract, cap | $ 1,940 | |||||||
Hedging contract, collar | $ 1,825 | |||||||
Hedging instrument, ounces of gold hedged per month | 4,000 | |||||||
Call options to hedge ounces of gold [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Strike price per ounce | $ 1,959.50 | |||||||
Hedging instrument, ounces of gold hedged per month | 4,000 | 2,400 | ||||||
Hedging instrument, liabilities | $ 796 | $ 176 | ||||||
Call options to hedge ounces of gold [member] | Auramet International LLC [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Strike price per ounce | $ 1,886 | |||||||
Hedging instrument, ounces of gold hedged per month | 2,400 | |||||||
Hedging instrument, liabilities | $ 176 | |||||||
Call options to hedge ounces of gold [member] | Abnormally large changes in asset prices or foreign exchange rates [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Strike price per ounce | $ 2,200 | $ 2,100 |
Note 14 - Derivative Financia_4
Note 14 - Derivative Financial Instruments - Fair Value Losses on Derivative assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gold hedge [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | $ 0 | $ 0 | $ 102 |
Derivative assets [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | 1,198 | 240 | 266 |
Put option [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | 38 | 0 | 0 |
Gold loan agreement [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | (228) | 21 | 0 |
Call option [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | (240) | 0 | 0 |
Cap and collar options and call options [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | 832 | 114 | 0 |
Call options transaction costs [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | 796 | 0 | 0 |
Gold ETF [member] | |||
Statement Line Items [Line Items] | |||
Fair value losses on derivative financial instruments | $ 0 | $ 105 | $ 164 |
Note 14 - Derivative Financia_5
Note 14 - Derivative Financial Instruments - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Cash flows arising from investing activities | $ 478 | $ 0 | $ 0 |
Cash flows arising from financing activities | (3,458) | 4,026 | (1,058) |
Gold loan agreement [member] | |||
Statement Line Items [Line Items] | |||
Cash flows arising from financing activities | (3,698) | 2,752 | 0 |
Call option [member] | |||
Statement Line Items [Line Items] | |||
Cash flows arising from financing activities, proceeds | 0 | 208 | 0 |
Call options acquisitions [member] | |||
Statement Line Items [Line Items] | |||
Cash flows arising from financing activities, proceeds | (176) | 0 | 0 |
Cap and collar options and call options [member] | |||
Statement Line Items [Line Items] | |||
Cash flows arising from financing activities, proceeds | 416 | 0 | 0 |
Gold ETF [member] | |||
Statement Line Items [Line Items] | |||
Cash flows arising from financing activities | 0 | $ 1,066 | $ (1,058) |
Put option [member] | |||
Statement Line Items [Line Items] | |||
Cash flows arising from investing activities | $ 478 |
Note 14 - Derivative Financia_6
Note 14 - Derivative Financial Instruments - Derivative Financial Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 440 | $ 0 |
Put option [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 440 |
Note 14 - Derivative Financia_7
Note 14 - Derivative Financial Instruments - Derivative Financial Liabilities (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Statement Line Items [Line Items] | |
Derivative liabilities | $ 3,095 |
Gold loan agreement [member] | |
Statement Line Items [Line Items] | |
Derivative liabilities | 2,866 |
Call option [member] | |
Statement Line Items [Line Items] | |
Derivative liabilities | 229 |
Cap and collar options and call options [member] | |
Statement Line Items [Line Items] | |
Derivative liabilities | $ 0 |
Note 14 - Derivative Financia_8
Note 14 - Derivative Financial Instruments - Allocation of Proceeds Received (Details) - Auramet International LLC [Member] $ in Thousands | Dec. 13, 2021 USD ($) |
Statement Line Items [Line Items] | |
Net proceeds received | $ 2,960 |
Call option [member] | |
Statement Line Items [Line Items] | |
Financial liabilities, at fair value | 208 |
Gold loan agreement [member] | |
Statement Line Items [Line Items] | |
Financial liabilities, at fair value | $ 2,752 |
Note 15 - Finance Income and _3
Note 15 - Finance Income and Finance Cost (Details Textual) | Apr. 30, 2021 |
Zimbabwe Electricity Supply Authority (“ZESA”) [member] | |
Statement Line Items [Line Items] | |
Foreign currency allocation, paid to counterparty, percentage | 60% |
Note 15 - Finance Income and _4
Note 15 - Finance Income and Finance Costs - Components of Finance Income and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Finance income received – Bank | $ 17 | $ 14 | $ 62 | |
Finance cost – Capitalised to property, plant and equipment (note 17) | 0 | (17) | (53) | |
Unwinding of rehabilitation provision (note 28) | 132 | 0 | 2 | |
Finance cost – Leases (note 19) | 31 | 24 | 15 | |
Finance cost – Overdraft | 192 | 86 | 17 | |
ZESA interest * | [1] | 0 | 226 | 0 |
Finance cost | 657 | 375 | 367 | |
Cash – Finance income | 17 | 14 | 62 | |
Cash – Finance cost | (192) | (388) | (405) | |
Non-cash – Finance cost | (465) | 13 | 38 | |
Cash and non-cash finance income (cost) | 657 | 375 | 367 | |
Term loan [member] | ||||
Statement Line Items [Line Items] | ||||
Finance cost - borrowings | 0 | 56 | 386 | |
Loan notes payable [member] | ||||
Statement Line Items [Line Items] | ||||
Finance cost - borrowings | $ 302 | $ 0 | $ 0 | |
[1]During the period from January 2021 to March 2021 it was unclear in what currency the monthly payments to the Zimbabwe Electricity Supply Authority (“ZESA”) had to be made. In April 2021 Blanket was advised that the payments had to be paid on a 60/40 basis USD/RTGS$. Interest was charged on the outstanding amounts to ZESA during the period January 2021 to March 2021 when payments were withheld. |
Note 16 - Tax Expense (Details
Note 16 - Tax Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Applicable tax rate | 0% | 0% | 0% | |
Total average effective tax rate | 35.36% | 39.10% | ||
Net deferred tax assets | $ 202 | $ 194 | ||
Net deferred tax liabilities | 5,123 | 8,034 | ||
South African operations [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax assets | 202 | 194 | ||
Zimbabwean operations [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax liabilities | $ 5,123 | $ 8,034 | ||
Zimbabwean operations [member] | ||||
Statement Line Items [Line Items] | ||||
Tax rate effect of foreign tax rates | 24.72% | 24.72% | 25.75% | |
South African operations [member] | ||||
Statement Line Items [Line Items] | ||||
Tax rate effect of foreign tax rates | 28% | 28% | 28% | |
South African 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 | 27% |
Note 16 - Tax Expense - Income
Note 16 - Tax Expense - Income Tax Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax recognised in profit or loss | |||
Current tax | $ 9,932 | $ 9,051 | $ 9,492 |
Income tax - current year | 8,707 | 8,769 | 8,969 |
Income tax - change in tax estimates | (46) | (168) | (54) |
Withholding tax - current year | 1,271 | 450 | 577 |
Deferred tax expense | 6,838 | 5,806 | 5,681 |
Origination and reversal of temporary differences | 6,838 | 5,806 | 5,681 |
Tax expense – recognised in profit or loss | 16,770 | 14,857 | 15,173 |
Income tax - current year | 0 | 0 | 0 |
Tax expense | $ 16,770 | $ 14,857 | $ 15,173 |
Note 16 - Tax Expense - Unrecog
Note 16 - Tax Expense - Unrecognised Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Caledonia Holdings Zimbabwe (Private) Limited [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | $ 1,800 | $ 1,800 | $ 593 |
Greenstone Management Services Holdings Limited [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | 691 | 516 | 376 |
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Unrecognised deferred tax assets | $ 2,491 | $ 2,316 | $ 969 |
Note 16 - Tax Expense - Tax Pai
Note 16 - Tax Expense - Tax Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Net income tax payable at January 1 | $ (1,461) | $ (419) | $ (163) |
Current tax expense | (9,932) | (9,051) | (9,492) |
Foreign currency movement | 3,244 | 583 | 2,580 |
Tax paid | 6,866 | 7,426 | 6,656 |
Net income tax payable at December 31 | $ (1,284) | $ (1,461) | $ (419) |
Note 16 - Tax Expense - Reconci
Note 16 - Tax Expense - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Profit for the year | $ 22,866 | $ 23,142 | $ 25,257 | |
Total tax expense | 16,770 | 14,857 | 15,173 | |
Profit before tax | 39,636 | 37,999 | 40,430 | |
Income tax at Company's domestic tax rate (1) | [1] | 0 | 0 | 0 |
Tax rate blended in foreign jurisdictions (2) | [2] | 12,600 | 11,847 | 12,405 |
Effect of income tax calculated in RTGS$ as required by PN26 (3) | [3] | 713 | 590 | 2,004 |
Management fee – withholding tax on deemed dividend portion | 247 | 342 | 209 | |
Management fee – non-deductible deemed dividend | 735 | 611 | 570 | |
Management fee – withholding tax - current year | 174 | 148 | 123 | |
Withholding tax on intercompany dividends | 850 | 0 | 245 | |
- CSR donations | 269 | 311 | 107 | |
- Other non-deductible expenditure | 656 | 30 | 57 | |
- IMTT (4) | [4] | 398 | (200) | 120 |
Credit export incentive income exemption | 0 | 0 | (598) | |
Change in income tax rate (5) | [5] | (8) | 0 | (287) |
Change in unrecognised deferred tax losses | 174 | 1,346 | 272 | |
Zimbabwe Area [member] | ||||
Statement Line Items [Line Items] | ||||
Change in tax estimates | 0 | (166) | 0 | |
SOUTH AFRICA | ||||
Statement Line Items [Line Items] | ||||
Change in tax estimates | $ (38) | $ (2) | $ (54) | |
[1]The tax rate in Jersey, Channel Islands is 0% (2021: 0%, 2020: 0%).[2]The effective tax rate of 35.36% (2021: 39.10%) 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 24.72% (2021: 24.72%, 2020: 25.75%) and 28.00% (2021: 28.00%, 2020: 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$.[4]The presidential announcement made on May 7, 2022 to increase the IMTT charges on all domestic foreign currency transfers from 2% to 4%.[5]The South African Government announced in the 2021 National Budget Statement that the income tax rate will be reduced from 28.00% to 27.00% and will take effect for the years of assessment ending on March 31, 2023. This resulted in a change in estimate on the deferred tax asset calculation. |
Note 16 - Tax Expense - Recogni
Note 16 - Tax Expense - Recognised Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Deferred tax asset | $ 1,409 | $ 1,545 | ||
Deferred tax liability | (6,330) | (9,385) | ||
Net deferred tax asset (liability) | (4,921) | (7,840) | $ (4,147) | |
Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | [1] | (4,921) | (7,840) | |
Property, plant, and equipment deferred tax liability [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 0 | 0 | ||
Deferred tax liability | (6,323) | (9,328) | ||
Net deferred tax asset (liability) | (6,323) | (9,328) | (5,380) | |
Property, plant, and equipment deferred tax liability [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | (6,323) | (9,328) | ||
Evaluation and exploration assets [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 0 | 0 | ||
Deferred tax liability | (2) | 0 | ||
Net deferred tax asset (liability) | (2) | (47) | (29) | |
Evaluation and exploration assets [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | (2) | 0 | ||
Allowance for obsolete stock deferred tax asset [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax liability | 0 | (47) | ||
Net deferred tax asset (liability) | (163) | 3 | 13 | |
Allowance for obsolete stock | (163) | 0 | ||
Allowance for obsolete stock deferred tax asset [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | (163) | (47) | ||
Prepayments deferred tax liability [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 0 | 3 | ||
Deferred tax liability | (5) | 0 | ||
Net deferred tax asset (liability) | (5) | (10) | (3) | |
Prepayments deferred tax liability [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | (5) | 3 | ||
Unrealised foreign exchange gains (losses) [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 733 | 0 | ||
Deferred tax liability | 0 | (10) | ||
Net deferred tax asset (liability) | 733 | 499 | 530 | |
Unrealised foreign exchange gains (losses) [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | 733 | (10) | ||
Trade and Other Payables 1 [Member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 814 | 499 | ||
Deferred tax liability | 0 | 0 | ||
Trade and Other Payables 1 [Member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | 814 | 499 | ||
Cash-settled awards [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 0 | 989 | ||
Deferred tax liability | 0 | 0 | ||
Net deferred tax asset (liability) | 0 | 8 | ||
Cash-settled awards [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | 0 | 989 | ||
Provisions [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 25 | 0 | ||
Deferred tax liability | 0 | 0 | ||
Net deferred tax asset (liability) | 25 | 54 | $ 60 | |
Provisions [member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | 25 | 0 | ||
Other Temporary Differences 1 [Member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax asset | 0 | 54 | ||
Deferred tax liability | 0 | 0 | ||
Other Temporary Differences 1 [Member] | Net tax assets (liabilities) [member] | ||||
Statement Line Items [Line Items] | ||||
Net deferred tax asset (liability) | $ 0 | $ 54 | ||
[1]The net deferred tax liability consists of a deferred tax asset of $202 (2021: $194) from the South African operation and a net deferred tax liability of $5,123 (2021: $8,034) due to the Blanket Mine operation. The amounts are in different tax jurisdictions and cannot be offset. The amounts are presented as part of Non-current assets and Non-current liabilities in the Statements of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income. |
Note 16 - Tax Expense - Movemen
Note 16 - Tax Expense - Movement in Recognised Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | $ (7,840) | $ (4,147) |
Recognised in profit or loss | (6,838) | (5,806) |
Foreign exchange movement | 9,757 | 2,103 |
Deferred tax assets (liabilities) | (4,921) | (7,840) |
Property, plant, and equipment deferred tax liability [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | (9,328) | (5,380) |
Recognised in profit or loss | (8,560) | (6,439) |
Foreign exchange movement | 11,565 | 2,491 |
Deferred tax assets (liabilities) | (6,323) | (9,328) |
Evaluation and exploration assets [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | (47) | (29) |
Recognised in profit or loss | 10 | (31) |
Foreign exchange movement | 35 | 13 |
Deferred tax assets (liabilities) | (2) | (47) |
Allowance for obsolete stock deferred tax asset [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | 3 | 13 |
Recognised in profit or loss | (295) | 3 |
Foreign exchange movement | 129 | (13) |
Deferred tax assets (liabilities) | (163) | 3 |
Prepayments deferred tax liability [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | (10) | (3) |
Recognised in profit or loss | 4 | (8) |
Foreign exchange movement | 1 | 1 |
Deferred tax assets (liabilities) | (5) | (10) |
Unrealised foreign exchange gains (losses) [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | 499 | 530 |
Recognised in profit or loss | 1,179 | 344 |
Foreign exchange movement | (945) | (375) |
Deferred tax assets (liabilities) | 733 | 499 |
Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | 989 | 639 |
Recognised in profit or loss | 794 | 235 |
Foreign exchange movement | (969) | 115 |
Deferred tax assets (liabilities) | 814 | 989 |
Provisions [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | 54 | 60 |
Recognised in profit or loss | 30 | 123 |
Foreign exchange movement | (59) | (129) |
Deferred tax assets (liabilities) | 25 | 54 |
Cash-settled awards [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | 0 | 8 |
Recognised in profit or loss | (8) | |
Foreign exchange movement | 0 | |
Deferred tax assets (liabilities) | 0 | |
Other temporary differences [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets (liabilities) | $ 0 | 15 |
Recognised in profit or loss | (25) | |
Foreign exchange movement | 10 | |
Deferred tax assets (liabilities) | $ 0 |
Note 17 - Property, Plant and_3
Note 17 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Apr. 28, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 01, 2022 | Jun. 23, 2017 | |
Statement Line Items [Line Items] | |||||||
Additions other than through business combinations, property, plant and equipment | $ 48,220 | $ 31,479 | |||||
Impairment loss recognised in profit or loss, property, plant and equipment | 8,209 | 498 | $ 0 | ||||
Total property, plant and equipment | $ 178,983 | 178,983 | 149,102 | ||||
Borrowings, interest rate | 7.25% | ||||||
Loan notes payable [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | $ 12,000 | $ 12,000 | $ 7,250 | ||||
Borrowings, interest rate | 9.50% | 9.50% | 13% | ||||
Borrowings, term (Year) | 3 years | ||||||
Loan notes payable [member] | Issuance of borrowings [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from borrowings | $ 4,500 | ||||||
Construction in progress [member] | |||||||
Statement Line Items [Line Items] | |||||||
Additions other than through business combinations, property, plant and equipment | $ 468 | 408 | |||||
Development assets [member] | |||||||
Statement Line Items [Line Items] | |||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 8,518 | ||||||
Power generating assets [member] | |||||||
Statement Line Items [Line Items] | |||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 791 | ||||||
Loader bottom decks [member] | |||||||
Statement Line Items [Line Items] | |||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 101 | ||||||
Gensets [member] | |||||||
Statement Line Items [Line Items] | |||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 1,001 | ||||||
Guide ropes [member] | |||||||
Statement Line Items [Line Items] | |||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 310 | ||||||
Impaired assets [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total property, plant and equipment | $ 0 | $ 0 | |||||
Central Shaft [member] | |||||||
Statement Line Items [Line Items] | |||||||
Increase (decrease) through transfers, property, plant and equipment | $ 18,509 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | $ 149,102 | ||||
Additions* | 48,220 | $ 31,479 | |||
Impairments@ | (8,209) | (498) | $ 0 | ||
Balance at end of period | 178,983 | 149,102 | |||
Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 195,138 | 165,862 | |||
Additions* | 47,348 | 31,479 | [1] | ||
Impairments@ | (9,516) | (1,630) | [2] | ||
Derecognised plant and equipment | (402) | ||||
Reallocations between asset classes # | 0 | 0 | [3] | ||
Foreign exchange movement | (16) | (171) | |||
Acquisition of Bilboes oxide assets (Tribute) | 872 | ||||
Balance at end of period | 233,826 | 195,138 | 165,862 | ||
Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | (1,133) | ||||
Derecognised plant and equipment | (1,307) | (230) | |||
Foreign exchange movement | (27) | (30) | |||
Balance at beginning of period | 46,036 | 39,383 | |||
Depreciation for the year | 10,141 | 8,046 | |||
Balance at end of period | 54,843 | 46,036 | 39,383 | ||
Land and buildings [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 7,100 | ||||
Balance at end of period | 6,844 | 7,100 | |||
Land and buildings [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 14,435 | 11,315 | |||
Additions* | 0 | 0 | [1] | ||
Impairments@ | 0 | 0 | [2] | ||
Derecognised plant and equipment | 0 | ||||
Reallocations between asset classes # | 759 | 3,120 | [3] | ||
Foreign exchange movement | 0 | 0 | |||
Acquisition of Bilboes oxide assets (Tribute) | 0 | ||||
Balance at end of period | 15,194 | 14,435 | 11,315 | ||
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | 0 | ||||
Derecognised plant and equipment | 0 | 0 | |||
Foreign exchange movement | 0 | 0 | |||
Balance at beginning of period | 7,335 | 6,233 | |||
Depreciation for the year | 1,015 | 1,102 | |||
Balance at end of period | 8,350 | 7,335 | 6,233 | ||
Right-of-use assets [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 446 | ||||
Balance at end of period | 295 | 446 | |||
Right-of-use assets [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 543 | 442 | |||
Additions* | 0 | 528 | [1] | ||
Impairments@ | 0 | 0 | [2] | ||
Derecognised plant and equipment | (402) | ||||
Reallocations between asset classes # | 0 | 0 | [3] | ||
Foreign exchange movement | (18) | (25) | |||
Acquisition of Bilboes oxide assets (Tribute) | 0 | ||||
Balance at end of period | 525 | 543 | 442 | ||
Right-of-use assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | 0 | ||||
Derecognised plant and equipment | 0 | (230) | |||
Foreign exchange movement | (4) | (1) | |||
Balance at beginning of period | 97 | 213 | |||
Depreciation for the year | 137 | 115 | |||
Balance at end of period | 230 | 97 | 213 | ||
Mining assets [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 65,004 | ||||
Balance at end of period | 69,786 | 65,004 | |||
Mining assets [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 73,914 | 23,983 | |||
Additions* | 0 | 678 | [1] | ||
Impairments@ | (8,518) | 0 | [2] | ||
Derecognised plant and equipment | 0 | ||||
Reallocations between asset classes # | 15,886 | 49,253 | [3] | ||
Foreign exchange movement | 0 | 0 | |||
Acquisition of Bilboes oxide assets (Tribute) | 872 | ||||
Balance at end of period | 82,154 | 73,914 | 23,983 | ||
Mining assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | 0 | ||||
Derecognised plant and equipment | (532) | 0 | |||
Foreign exchange movement | 0 | 0 | |||
Balance at beginning of period | 8,910 | 6,443 | |||
Depreciation for the year | 3,990 | 2,467 | |||
Balance at end of period | 12,368 | 8,910 | 6,443 | ||
Assets under construction and decommissioning assets [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | [4] | 34,876 | |||
Balance at end of period | [4] | 45,760 | 34,876 | ||
Assets under construction and decommissioning assets [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 35,476 | 84,856 | |||
Additions* | 31,711 | 24,851 | [1] | ||
Impairments@ | 0 | (65) | [2] | ||
Derecognised plant and equipment | 0 | ||||
Reallocations between asset classes # | (20,734) | (74,166) | [3] | ||
Foreign exchange movement | 0 | 0 | |||
Acquisition of Bilboes oxide assets (Tribute) | 0 | ||||
Balance at end of period | 46,453 | 35,476 | 84,856 | ||
Assets under construction and decommissioning assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | [4] | 0 | |||
Derecognised plant and equipment | [4] | 0 | 0 | ||
Foreign exchange movement | [4] | 0 | 0 | ||
Balance at beginning of period | [4] | 600 | 530 | ||
Depreciation for the year | [4] | 93 | 70 | ||
Balance at end of period | [4] | 693 | 600 | 530 | |
Plant and equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 38,814 | ||||
Balance at end of period | 41,228 | 38,814 | |||
Plant and equipment [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 64,319 | 40,644 | |||
Additions* | 3,049 | 3,531 | [1] | ||
Impairments@ | (998) | (1,565) | [2] | ||
Derecognised plant and equipment | 0 | ||||
Reallocations between asset classes # | 4,089 | 21,785 | [3] | ||
Foreign exchange movement | 26 | (76) | |||
Acquisition of Bilboes oxide assets (Tribute) | 0 | ||||
Balance at end of period | 70,485 | 64,319 | 40,644 | ||
Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | (1,133) | ||||
Derecognised plant and equipment | (775) | 0 | |||
Foreign exchange movement | 0 | 0 | |||
Balance at beginning of period | 25,505 | 22,685 | |||
Depreciation for the year | 4,527 | 3,953 | |||
Balance at end of period | 29,257 | 25,505 | 22,685 | ||
Fixtures and fittings [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 384 | ||||
Balance at end of period | 463 | 384 | |||
Fixtures and fittings [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 1,342 | 1,235 | |||
Additions* | 243 | 134 | [1] | ||
Impairments@ | 0 | 0 | [2] | ||
Derecognised plant and equipment | 0 | ||||
Reallocations between asset classes # | 0 | 8 | [3] | ||
Foreign exchange movement | (22) | (35) | |||
Acquisition of Bilboes oxide assets (Tribute) | 0 | ||||
Balance at end of period | 1,563 | 1,342 | 1,235 | ||
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | 0 | ||||
Derecognised plant and equipment | 0 | 0 | |||
Foreign exchange movement | (21) | (27) | |||
Balance at beginning of period | 958 | 849 | |||
Depreciation for the year | 163 | 136 | |||
Balance at end of period | 1,100 | 958 | 849 | ||
Motor vehicles [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 538 | ||||
Balance at end of period | 469 | 538 | |||
Motor vehicles [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 3,169 | 2,995 | |||
Additions* | 147 | 176 | [1] | ||
Impairments@ | 0 | 0 | [2] | ||
Derecognised plant and equipment | 0 | ||||
Reallocations between asset classes # | 0 | 0 | [3] | ||
Foreign exchange movement | (2) | (2) | |||
Acquisition of Bilboes oxide assets (Tribute) | 0 | ||||
Balance at end of period | 3,314 | 3,169 | 2,995 | ||
Motor vehicles [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | 0 | ||||
Derecognised plant and equipment | 0 | 0 | |||
Foreign exchange movement | (2) | (2) | |||
Balance at beginning of period | 2,631 | 2,430 | |||
Depreciation for the year | 216 | 203 | |||
Balance at end of period | 2,845 | 2,631 | 2,430 | ||
Solar plant [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | 1,940 | ||||
Balance at end of period | 14,138 | 1,940 | |||
Solar plant [member] | Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance at beginning of period | [5] | 1,940 | 392 | ||
Additions* | [5] | 12,198 | 1,581 | [1] | |
Impairments@ | [5] | 0 | 0 | [2] | |
Derecognised plant and equipment | [5] | 0 | |||
Reallocations between asset classes # | [5] | 0 | 0 | [3] | |
Foreign exchange movement | [5] | 0 | (33) | ||
Acquisition of Bilboes oxide assets (Tribute) | [5] | 0 | |||
Balance at end of period | [5] | 14,138 | 1,940 | 392 | |
Solar plant [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Impairments@ | 0 | ||||
Derecognised plant and equipment | 0 | 0 | |||
Foreign exchange movement | 0 | 0 | |||
Balance at beginning of period | 0 | 0 | |||
Depreciation for the year | 0 | 0 | |||
Balance at end of period | $ 0 | $ 0 | $ 0 | ||
[1]Included in additions is the change in estimate for the decommissioning asset of ($468) (2021: ($408)), refer to note 28.[2]Included in the 2022 impairments are development asset costs of $8,518 that predominantly relates to prospective areas above 750 meters at Blanket which are not included in the LoMP. Also included in the 2022 impairments are generator cost of $791 and loader bottom decks at a cost of $101, these assets were no longer in working conditions. Included in the 2021 impairments are gensets cost of $1,001 and guide ropes cost of $310 that were no longer in working condition. The carrying amount for these impaired assets were impaired to $Nil.[3]Included in the reallocation between asset classes is an amount of $18,509 for the Central Shaft that was reallocated from CWIP (Mine development, infrastructure and other) to Plant and equipment at the time of the commissioning of the Central Shaft.[4]Accumulated depreciation and depreciation under Assets under construction and decommissioning assets include depreciation on decommissioning assets.[5]The solar plant was fully commissioned on February 2, 2023 and the sale agreement between Caledonia Mining Corporation Plc and Caledonia Mining Services (Private) Limited was concluded for the sale of the solar plant. Depreciation on the solar plant started on February 2, 2023 and the power purchase agreement, between Caledonia Mining Services (Private) Limited and Blanket Mine, became effective. In December 2022, the Caledonia board approved a proposal for Caledonia Mining Services (PvT) Ltd (which owns the solar plant) to issue loan note instruments (“bonds”) up to a value of $12,000. The decision was taken in order to optimise the capital structure of the Group and provide additional debt instruments to the Zimbabwean financial market. The bonds have an interest rate of 9.5% payable bi-annually and have a tenor of 3 years from the date of issue. The bond repayments are guaranteed by the Company and post December 31, 2022 $4.5 million was issued to Zimbabwean registered commercial entities. |
Note 17 - Property, Plant ad Eq
Note 17 - Property, Plant ad Equipment - Non-cash Items Excluded From Acquisition of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Net Property, plant and equipment included in Prepayments | $ (1,375) | $ (4,272) | $ 816 |
Net Property, plant and equipment included in Trade and other payables | 2,879 | 2,039 | (101) |
Additions to right of use assets (note 19) | 0 | (528) | |
Derecognition of right of use assets (note 19) | 0 | 172 | |
Finance cost – Capitalised to property, plant and equipment (note 15) | (657) | (375) | $ (367) |
Non-cash items excluded from property, plant and equipment [member] | |||
Statement Line Items [Line Items] | |||
Net Property, plant and equipment included in Prepayments | (4,445) | 893 | |
Net Property, plant and equipment included in Trade and other payables | (1,876) | 50 | |
Bilboes oxide project payable (note 29) | (872) | 0 | |
Change in estimate - adjustment capitalised in Property, plant and equipment (note 28) | 468 | 408 | |
Acquisition - Maligreen included in Provisions (note 28) | 0 | (135) | |
Additions to right of use assets (note 19) | 0 | (528) | |
Derecognition of right of use assets (note 19) | 0 | 172 | |
Finance cost – Capitalised to property, plant and equipment (note 15) | 0 | (17) | |
Total non-cash items excluded from acquisition of Property, plant and equipment | $ (6,725) | $ 843 |
Note 18 - Exploration and Eva_3
Note 18 - Exploration and Evaluation Assets (Details Textual) $ in Thousands | 12 Months Ended | 13 Months Ended | 25 Months Ended | ||||||||
Nov. 03, 2021 USD ($) ha oz t | Dec. 16, 2020 USD ($) | Nov. 19, 2020 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Nov. 09, 2022 USD ($) | Nov. 07, 2022 oz t | Nov. 01, 2022 USD ($) oz | |
Statement Line Items [Line Items] | |||||||||||
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | $ (2,596) | $ (5,717) | $ (2,759) | ||||||||
Total trade and other current payables | 17,454 | 9,957 | $ 9,957 | $ 17,454 | |||||||
Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, exploration and evaluation assets | 467 | 3,837 | $ 2,930 | ||||||||
Motapa [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Cash transferred | $ 41,000 | $ 1,000 | |||||||||
Financial liabilities recognised as of acquisition date | $ 0 | ||||||||||
Motapa [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Historic gold mined, mass (Ounce) | oz | 300,000 | ||||||||||
Maligreen [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Historic gold mined, mass (Ounce) | oz | 20,000 | ||||||||||
Cash flows from (used in) exploration for and evaluation of mineral resources, classified as investing activities | $ (4,000) | ||||||||||
Inferred Mineral Resource (Ounce) | 940,000 | 6,170,000 | |||||||||
Exploration and evaluation work, period (Year) | 30 years | ||||||||||
Estimated meters of diamond core and percussion drilling | 60,000 | ||||||||||
Estimated bulk metallurgical test work (Metric Ton) | t | 3.5 | ||||||||||
Area of land (Hectare) | ha | 550 | ||||||||||
Indicated mineral resources (Metric Ton) | t | 8,030,000 | ||||||||||
Grade of indicated mineral resources | 1.71 | ||||||||||
Estimated gold in mineral resources (Ounce) | oz | 442,000 | ||||||||||
Grade of inferred mineral resources | 2.12 | ||||||||||
Estimated gold in inferred mineral resource (Ounce) | oz | 420,000 | ||||||||||
Maligreen [member] | Bottom of range [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Period of initial exploration and evaluation work (Month) | 18 months | ||||||||||
Connemara North [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Total trade and other current payables | $ 300 | ||||||||||
Period of option agreement (Month) | 18 months | ||||||||||
Payments for exploration and evaluation expenses | 500 | ||||||||||
Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, exploration and evaluation assets | 500 | ||||||||||
Expected exploration and evaluation of mineral resources expenses | $ 0 | $ 0 | |||||||||
Glen Hume [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Period of option agreement (Month) | 15 months | ||||||||||
Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, exploration and evaluation assets | 3,800 | 3,800 | |||||||||
Expected exploration and evaluation of mineral resources expenses | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | |||
Balance at beginning of period | $ 8,648 | $ 6,768 | |
- Mining claims acquired | 7,844 | 4,000 | |
Decommissioning asset acquired | 135 | ||
- Consumables and drilling | 1,206 | 1,218 | |
- Contractor | 4 | 117 | |
- Labour | 308 | 208 | |
- Power | 36 | 39 | |
Impairment * | [1] | (467) | (3,837) |
Balance | 17,579 | 8,648 | |
Motapa [member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 0 | 0 | |
- Mining claims acquired | 7,844 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 0 | 0 | |
- Contractor | 0 | 0 | |
- Labour | 0 | 0 | |
- Power | 0 | 0 | |
Impairment * | [1] | 0 | 0 |
Balance | 7,844 | 0 | |
Maligreen [member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 4,196 | 0 | |
- Mining claims acquired | 0 | 4,000 | |
Decommissioning asset acquired | 135 | ||
- Consumables and drilling | 1,170 | 14 | |
- Contractor | 0 | 0 | |
- Labour | 260 | 47 | |
- Power | 0 | 0 | |
Impairment * | [1] | 0 | 0 |
Balance | 5,626 | 4,196 | |
Connemara North [Member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 463 | 300 | |
- Mining claims acquired | 0 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 0 | 71 | |
- Contractor | 4 | 51 | |
- Labour | 0 | 41 | |
- Power | 0 | 0 | |
Impairment * | [1] | (467) | 0 |
Balance | 0 | 463 | |
Glen Hume [Member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 0 | 2,661 | |
- Mining claims acquired | 0 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 0 | 1,074 | |
- Contractor | 0 | 42 | |
- Labour | 0 | 60 | |
- Power | 0 | 0 | |
Impairment * | [1] | 0 | (3,837) |
Balance | 0 | 0 | |
GG [member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 3,618 | 3,523 | |
- Mining claims acquired | 0 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 36 | 16 | |
- Contractor | 0 | 0 | |
- Labour | 37 | 46 | |
- Power | 32 | 33 | |
Impairment * | [1] | 0 | 0 |
Balance | 3,723 | 3,618 | |
Sabiwa [member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 290 | 284 | |
- Mining claims acquired | 0 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 0 | 0 | |
- Contractor | 0 | 0 | |
- Labour | 0 | 0 | |
- Power | 4 | 6 | |
Impairment * | [1] | 0 | 0 |
Balance | 294 | 290 | |
Abercorn [member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 16 | 0 | |
- Mining claims acquired | 0 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 0 | 12 | |
- Contractor | 0 | 0 | |
- Labour | 11 | 4 | |
- Power | 0 | 0 | |
Impairment * | [1] | 0 | 0 |
Balance | 27 | 16 | |
Valentine [member] | |||
Statement Line Items [Line Items] | |||
Balance at beginning of period | 65 | 0 | |
- Mining claims acquired | 0 | 0 | |
Decommissioning asset acquired | 0 | ||
- Consumables and drilling | 0 | 31 | |
- Contractor | 0 | 24 | |
- Labour | 0 | 10 | |
- Power | 0 | 0 | |
Impairment * | [1] | 0 | 0 |
Balance | $ 65 | $ 65 | |
[1]Caledonia has completed sufficient work to establish that the potential orebody at the Glen Hume and Connemara North properties will not meet Caledonia’s requirements in terms of size, grade and width. Accordingly, Caledonia will not exercise the option to acquire these properties. |
Note 19 - Leases (Details Textu
Note 19 - Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
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 19 - Leases - Right of Use
Note 19 - Leases - Right of Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Balance | $ 446 | $ 229 | |
Depreciation | (137) | (115) | $ (99) |
Additions to right of use assets | 0 | 528 | |
Derecognition of right of use assets | 0 | (172) | |
Foreign currency movement | (14) | (24) | |
Balance | $ 295 | $ 446 | $ 229 |
Note 19 - Leases - Lease Liabil
Note 19 - Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Balance | $ 465 | $ 239 | |
Additions to lease liability | 0 | 527 | |
Finance cost – Leases (note 19) | 31 | 24 | $ 15 |
Lease payments | (150) | (129) | |
Foreign currency movement | (33) | (23) | |
Derecognition of lease liability | 0 | (173) | |
Balance | $ 313 | $ 465 | $ 239 |
Note 19 - Leases - Financial St
Note 19 - Leases - Financial Statement Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Finance cost on lease liabilities (note 15) | $ 31 | $ 24 | $ 15 |
Unrealised foreign exchange gain (loss) | 19 | 1 | (2) |
Depreciation (note 17) | 137 | 115 | 99 |
Lease expense | 187 | 140 | 112 |
Total cash outflow for leases - total payment | 150 | 129 | 118 |
Total cash outflow for leases - finance cost | (31) | (24) | (15) |
Total cash outflow for leases - principal | $ 119 | $ 105 | $ 103 |
Note 19 - Leases - Minimum Leas
Note 19 - Leases - Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Minimum lease payments | $ 342 | $ 532 | |
Finance cost | (29) | (67) | |
Present value of lease liabilities | 313 | 465 | $ 239 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Minimum lease payments | 152 | 158 | |
Later than one year and not later than two years [member] | |||
Statement Line Items [Line Items] | |||
Minimum lease payments | 150 | 165 | |
Later than two years and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Minimum lease payments | 40 | 163 | |
Later than three years and not later than four years [member] | |||
Statement Line Items [Line Items] | |||
Minimum lease payments | $ 0 | $ 46 |
Note 20 - Inventories (Details
Note 20 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Write-down of inventory | $ 563 | $ 0 | $ 0 |
Note 20 - Inventories - Compone
Note 20 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Consumable stores | $ 19,155 | $ 21,516 |
Gold in progress and Ore stock-pile | 689 | 243 |
Provision for obsolete stock | (1,510) | (947) |
Inventories | $ 18,334 | $ 20,812 |
Note 21 - Prepayments - Prepaym
Note 21 - Prepayments - Prepayments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Solar prepayments | $ 104 | $ 2,951 |
Other prepayments | 162 | 661 |
Current prepayments and other current assets | 3,693 | 6,930 |
South African operations [member] | ||
Statement Line Items [Line Items] | ||
Current advances to suppliers | 254 | 1,552 |
Zimbabwean operations [member] | Blanket Mine [member] | ||
Statement Line Items [Line Items] | ||
Current advances to suppliers | 1,494 | 1,766 |
Zimbabwean operations [member] | Bilboes [member] | ||
Statement Line Items [Line Items] | ||
Current advances to suppliers | 802 | 0 |
Bilboes pre-effective date costs (note 5) | $ 877 | $ 0 |
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, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Bullion sales receivable | $ 7,383 | $ 4,528 |
VAT receivables | 1,001 | 3,162 |
Solar - VAT and duty receivables | 720 | 0 |
Deposits for stores, equipment and other receivables | 81 | 248 |
Total trade and other current receivables | $ 9,185 | $ 7,938 |
Note 23 - Cash and Cash Equiv_3
Note 23 - Cash and Cash Equivalents (Details Textual) $ in Thousands, $ in Thousands | Apr. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 ZWL ($) | Dec. 31, 2021 USD ($) | |
Statement Line Items [Line Items] | |||||
Restricted cash and cash equivalents | [1] | $ 1,998 | $ 0 | ||
SOFR rate | 4.58% | 4.58% | |||
Overdraft facility for CABS Bank of Zimbabwe [member] | Secured Overnight Funding Rates (“SOFR”) [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, adjustment to interest rate basis | 7.75% | 7.75% | |||
Overdraft facility of Stanbic Bank, USD [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | $ 1,000 | ||||
Overdraft facility of Stanbic Bank, USD [member] | Issuance of borrowings [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | $ 4,000 | ||||
Overdraft facility of Ecobank [member] | Issuance of borrowings [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | 7,000 | ||||
Overdraft facility of Nedbank Zimbabwe [member] | Issuance of borrowings [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | 7,000 | ||||
Bonds [member] | Issuance of borrowings [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | $ 4,500 | ||||
Cash in bank [member] | |||||
Statement Line Items [Line Items] | |||||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 1,000 | ||||
Letter of credit [member] | Blanket Mine [member] | |||||
Statement Line Items [Line Items] | |||||
Restricted cash and cash equivalents | $ 998 | ||||
[1]Cash of $998 (denominated in RTGS$) held by Blanket Mine was earmarked by Stanbic Bank Zimbabwe as a letter of credit in favour of CMSA. The letter of credit was issued by Stanbic Bank Zimbabwe on September 15, 2022 and settled on January 10, 2023. The cash on maturity will be transferred to CMSA’s bank account, denominated in South African Rands. |
Note 23 - Cash and Cash Equiv_4
Note 23 - Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Bank balances | $ 4,737 | $ 17,152 | |||
Restricted cash * | [1] | 1,998 | 0 | ||
Cash and cash equivalents | 6,735 | 17,152 | |||
Bank overdrafts used for cash management purposes | (5,239) | (887) | |||
Net cash and cash equivalents | $ 1,496 | $ 16,265 | $ 19,092 | $ 8,893 | |
[1]Cash of $998 (denominated in RTGS$) held by Blanket Mine was earmarked by Stanbic Bank Zimbabwe as a letter of credit in favour of CMSA. The letter of credit was issued by Stanbic Bank Zimbabwe on September 15, 2022 and settled on January 10, 2023. The cash on maturity will be transferred to CMSA’s bank account, denominated in South African Rands. |
Note 23 - Cash and Cash Equiv_5
Note 23 - Cash and Cash Equivalents - Exposure to Risk (Details) | Dec. 31, 2022 USD ($) | |
Overdraft facility of Stanbic Bank, RTG [member] | ||
Statement Line Items [Line Items] | ||
Denomination | $ 300,000,000 | |
Interest rate | 210% | |
Overdraft facility of Stanbic Bank, USD [member] | ||
Statement Line Items [Line Items] | ||
Denomination | $ 1,000,000 | |
Interest rate | 10% | |
Overdraft facility for CABS Bank of Zimbabwe [member] | ||
Statement Line Items [Line Items] | ||
Denomination | $ 2,000,000 | |
Interest rate | 12.33% | [1] |
Overdraft facility of Ecobank [member] | ||
Statement Line Items [Line Items] | ||
Denomination | $ 5,000,000 | |
Interest rate | 6.50% | |
[1]Interest charges on this facility is as a rate of the 3 month Secured Overnight Funding Rates (“SOFR”) plus a margin of 7.75% per annum. The SOFR as at December 31, 2022 was 4.58%. |
Note 24 - Share Capital (Detail
Note 24 - Share Capital (Details Textual) - USD ($) $ / shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Proceeds from issuing shares | $ 0 | $ 7,806 | $ 12,538 | |
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 | |||
Depository receipts on VFEX [member] | Issued capital [member] | ||||
Statement Line Items [Line Items] | ||||
Proceeds from issuing shares | $ 7,834 | |||
Share issue related cost | 28 | |||
Proceeds from issuing shares, net | $ 7,806 |
Note 24 - Share Capital - Issue
Note 24 - Share Capital - Issued Ordinary Shares (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Balance | $ 180,556 | $ 158,043 | $ 124,717 | |
Shares issued - options exercised | 165 | 30 | ||
Increase (decrease) through share-based payment transactions, equity | 484 | 216 | ||
Balance | $ 193,459 | $ 180,556 | 158,043 | |
Issued capital [member] | ||||
Statement Line Items [Line Items] | ||||
Number of fully paid shares issued, beginning of period (in shares) | 12,756,606 | 12,118,823 | ||
Balance | $ 82,667 | $ 74,696 | 56,065 | |
Shares issued - options exercised (in shares) | 18,000 | |||
Shares issued - options exercised | $ 165 | 30 | ||
Shares issued- equity raise (in shares) | [1] | 619,783 | ||
Issue of equity | [1] | $ 7,806 | ||
Increase (decrease) through share-based payment transactions, equity | $ 0 | $ 216 | ||
Number of fully paid shares issued, end of period (in shares) | 12,833,126 | 12,756,606 | 12,118,823 | |
Balance | $ 83,471 | $ 82,667 | $ 74,696 | |
Issued capital [member] | Payments to employees [member] | ||||
Statement Line Items [Line Items] | ||||
Shares issued - share-based payment - employees (in shares) | 76,520 | |||
Increase (decrease) through share-based payment transactions, equity | $ 804 | |||
[1]Gross proceeds of $7,834 with a transaction cost of $28 were raised by issuing depository receipts on the VFEX in December 2021, resulting in a net amount of $7,806. |
Note 25 - Reserves - Reserves i
Note 25 - Reserves - Reserves in Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Foreign currency translation reserve | $ (9,787) | $ (9,325) |
Contributed surplus | 132,591 | 132,591 |
Equity-settled share-based payment reserve | 14,997 | 14,513 |
Total | $ 137,801 | $ 137,779 |
Note 26 - Earnings Per Share (D
Note 26 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Antidilutive options excluded from computation of earnings per share, amount (in shares) | 13,518 | 18,842 | 14,827 |
Options out of the money [member] | |||
Statement Line Items [Line Items] | |||
Antidilutive options excluded from computation of earnings per share, amount (in shares) | 0 | 0 | 0 |
Note 26 - Earnings Per Share -
Note 26 - Earnings Per Share - Earnings Per Share Computations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Statement Line Items [Line Items] | |||
Issued shares at the beginning of year (note 24) (in shares) | 12,756,606 | 12,118,823 | 10,763,041 |
Weighted average shares issued (in shares) | 74,214 | 51,462 | 940,489 |
Weighted average (basic) at December 31 (in shares) | 12,830,820 | 12,170,285 | 11,703,530 |
Weighted average (basic) at December 31 (in shares) | 12,830,820 | 12,170,285 | 11,703,530 |
Effect of dilutive options (in shares) | 6,482 | 6,933 | 13,173 |
Weighted average number of shares (diluted) at December 31 (in shares) | 12,837,302 | 12,177,218 | 11,716,703 |
Profit for the year attributable to owners of the Company (basic and diluted) | $ | $ 17,903 | $ 18,405 | $ 20,780 |
Blanket Mine Employee Trust Adjustment | $ | (517) | (326) | (485) |
Profit attributable to ordinary shareholders (basic and diluted) | $ | $ 17,386 | $ 18,079 | $ 20,295 |
Basic earnings per share - $ | 1.36 | 1.49 | 1.73 |
Diluted earnings per share - $ | 1.35 | 1.48 | 1.73 |
Note 27 - Non-controlling Int_3
Note 27 - Non-controlling Interests (Details Textual) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 20, 2020 | Feb. 20, 2012 |
Statement Line Items [Line Items] | |||||
Percentage of net assets recognised as NCI | 13.20% | 13.20% | 13.20% | 13.20% | 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Current assets | $ 38,427 | $ 52,933 | |
Non-current assets | 196,764 | 157,944 | |
Current liabilities | (32,441) | (17,688) | |
Non-current liabilities | (9,291) | (12,633) | |
Carrying amount of NCI of 13.2% (2021: 13.2%, 2020: 13.2%) | 22,409 | 19,260 | |
Revenue | 142,082 | 121,329 | $ 100,002 |
Profit after tax | 22,866 | 23,142 | 25,257 |
Total comprehensive income of Blanket Mine (100%) | 22,404 | 22,611 | 25,084 |
Profit allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) | 4,963 | 4,737 | 4,477 |
Net cash inflow from operating activities | 42,616 | 30,903 | 30,962 |
Net cash outflow from investing activities | (44,569) | (35,923) | (27,998) |
Net cash outflow from financing activities | (12,514) | 2,372 | 7,334 |
Blanket Mine (1983) (Private) Limited [member] | |||
Statement Line Items [Line Items] | |||
Current assets | 30,397 | 33,634 | 24,864 |
Non-current assets | 172,611 | 154,003 | 133,908 |
Current liabilities | (9,583) | (17,261) | (7,339) |
Non-current liabilities | (8,062) | (11,535) | (8,065) |
Net assets of Blanket Mine (100%) | 185,364 | 158,841 | 143,368 |
Carrying amount of NCI of 13.2% (2021: 13.2%, 2020: 13.2%) | 22,409 | 19,260 | 16,524 |
Revenue | 142,082 | 121,329 | 100,002 |
Profit after tax | 38,389 | 35,911 | 33,361 |
Total comprehensive income of Blanket Mine (100%) | 38,389 | 35,911 | 33,361 |
Profit allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) | 4,963 | 4,737 | 4,477 |
Dividend allocated to NCI of 13.2% (2021: 13.2%, 2020: 13.2%) | (1,814) | (2,001) | (655) |
Net cash inflow from operating activities | 50,048 | 41,489 | 36,122 |
Net cash outflow from investing activities | (37,798) | (29,850) | (26,179) |
Net cash outflow from financing activities | (16,506) | (12,817) | (9,896) |
Net cash (outflow) inflow | $ (4,256) | $ (1,178) | $ 47 |
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, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Major assumptions made concerning future events, other provisions, discount rate | 4.14% | 1.94% |
Major assumptions made concerning future events, other Provisions, inflation rate | 2.40% | 2.26% |
Other provisions, undiscounted cash flows | $ 3,137 | $ 3,087 |
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, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Balance January 1 | $ 3,294 | $ 3,567 |
Unwinding of discount | 132 | 0 |
Change in estimate - adjustment capitalised in Property, plant and equipment | (468) | (408) |
Acquisition - Maligreen | 0 | 135 |
Balance December 31 | 2,958 | 3,294 |
Current | 0 | 0 |
Non-current | $ 2,958 | $ 3,294 |
Note 29 - Trade and Other Pay_3
Note 29 - Trade and Other Payables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | |||
Trade payables and accruals | $ 3,502 | $ 2,503 | |
Electricity accrual | 2,386 | 888 | |
Audit fee | 284 | 260 | |
Dividends due | 1,883 | 0 | |
Solar plant supplier accrual | 1,852 | 0 | |
Bilboes oxide project payable (note 5)* | [1] | 872 | 0 |
Other payables | 651 | 749 | |
Financial liabilities | 11,430 | 4,400 | |
Production and management bonus accrual - Blanket Mine | 287 | 899 | |
Other employee benefits | 982 | 657 | |
Leave pay | 2,462 | 2,410 | |
Bonus provision | 1,025 | 645 | |
Accruals | 1,268 | 946 | |
Non-financial liabilities | 6,024 | 5,557 | |
Total | $ 17,454 | $ 9,957 | |
[1]On August 1, 2022, the purchase price to acquire the Bilboes oxide project represented the cost to repair the plant and equipment of the oxide project and restart the oxides mining process. |
Note 30 - Loan Notes Payable (D
Note 30 - Loan Notes Payable (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Nov. 01, 2022 | Dec. 31, 2021 | Jun. 23, 2017 | |
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 7.25% | ||||
Restricted cash and cash equivalents | [1] | $ 1,998 | $ 0 | ||
Loan notes payable [member] | |||||
Statement Line Items [Line Items] | |||||
Notional amount | $ 12,000 | $ 7,250 | |||
Borrowings, interest rate | 9.50% | 13% | |||
Borrowings, default interest rate | 10% | ||||
Restricted cash and cash equivalents | $ 1,000 | ||||
Total borrowings | $ 7,104 | $ 6,802 | |||
Borrowings, effective interest per annum | 12.75% | ||||
Loan notes payable [member] | At fair value [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | $ 6,802 | ||||
Loan notes payable [member] | Not later than three months [member] | |||||
Statement Line Items [Line Items] | |||||
Bank borrowings, undiscounted cash flows | 5,000 | ||||
Loan notes payable [member] | Later than three months and not later than six months [member] | |||||
Statement Line Items [Line Items] | |||||
Bank borrowings, undiscounted cash flows | $ 2,250 | ||||
[1]Cash of $998 (denominated in RTGS$) held by Blanket Mine was earmarked by Stanbic Bank Zimbabwe as a letter of credit in favour of CMSA. The letter of credit was issued by Stanbic Bank Zimbabwe on September 15, 2022 and settled on January 10, 2023. The cash on maturity will be transferred to CMSA’s bank account, denominated in South African Rands. |
Note 30 - Loan Notes Payable -
Note 30 - Loan Notes Payable - Loans (Details) - Loan notes payable [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Statement Line Items [Line Items] | |
Balance | $ 6,802 |
Finance cost | 302 |
Balance | $ 7,104 |
Note 31 - Cash Flow Informati_3
Note 31 - Cash Flow Information - Non-cash Items and Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Operating profit | $ 40,276 | $ 38,360 | $ 40,735 |
Impairment of property, plant and equipment (note 17) | 8,209 | 497 | 0 |
Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, exploration and evaluation assets | 467 | 3,837 | 2,930 |
Unrealised foreign exchange gains (note 13) | (12,736) | (2,754) | (8,367) |
Cash-settled share-based expense (note 12.1) | 609 | 477 | 1,413 |
Cash-settled share-based expense included in production costs (note 9) | 853 | 692 | 634 |
Cash portion of cash-settled share-based expense (note 12.1) | (1,468) | (420) | (1) |
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | 484 | 0 | 0 |
Depreciation (note 17) | 10,141 | 8,046 | 4,628 |
Fair value loss on derivative instruments (note 14) | 401 | 240 | 266 |
Write-down of inventory | 563 | 0 | 0 |
Derecognition of property, plant and equipment | 0 | (38) | 182 |
Expected credit losses on deferred consideration on the disposal of subsidiary | 0 | 761 | 0 |
Cash generated from operations before working capital changes | 47,799 | 49,698 | 42,420 |
Inventories | 1,915 | (4,016) | (5,707) |
Prepayments | (1,375) | (4,272) | 816 |
Trade and other receivables | (1,561) | (4,746) | 539 |
Trade and other payables | 2,879 | 2,039 | (101) |
Cash generated from operations | $ 49,657 | $ 38,703 | $ 37,967 |
Note 32 - Financial Instrumen_3
Note 32 - Financial Instruments and Risk Management (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fidelity Printers [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | $ 7,383 | $ 4,528 |
Note 32 - Financial Instrumen_4
Note 32 - Financial Instruments and Risk Management - Credit Risk (Details) - Trade and other receivables [member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Carrying amount | $ 9,060 | $ 4,776 |
Zimbabwean operations [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount | 9,059 | 4,753 |
Jersey, Channel Islands [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount | 0 | 0 |
Other [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount | $ 1 | $ 23 |
Note 32 - Financial Instrumen_5
Note 32 - Financial Instruments and Risk Management - Non-derivative Financial Liabilities Liquidity Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Present value of lease liabilities | $ 313 | $ 465 | $ 239 |
Liquidity risk [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | 11,430 | 4,400 | |
Trade and other payables | 11,430 | 4,400 | |
Loan notes payable, carrying amount | 7,104 | ||
Loan notes payable | 7,723 | ||
Present value of lease liabilities | 313 | 465 | |
Lease liabilities | 342 | 532 | |
Carrying amount | 18,847 | 4,865 | |
Non-derivative financial liabilities, undiscounted cash flows | 19,195 | 4,932 | |
Liquidity risk [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | 11,430 | 4,400 | |
Loan notes payable | 7,723 | ||
Lease liabilities | 152 | 158 | |
Non-derivative financial liabilities, undiscounted cash flows | $ 19,305 | $ 4,558 |
Note 32 - Financial Instrumen_6
Note 32 - Financial Instruments and Risk Management - Effect of Gold Prices on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Put option derivative [member] | ||
Statement Line Items [Line Items] | ||
Increase by 5% of the gold price | $ 0 | $ 0 |
Decrease by 5% of the gold price | 22 | 0 |
Increase by 5% of the gold price | 0 | 0 |
Decrease by 5% of the gold price | 22 | 0 |
Gold loan derivative [member] | ||
Statement Line Items [Line Items] | ||
Increase by 5% of the gold price | 0 | 143 |
Decrease by 5% of the gold price | 0 | (143) |
Increase by 5% of the gold price | 0 | 143 |
Decrease by 5% of the gold price | 0 | (143) |
Call option derivative [member] | ||
Statement Line Items [Line Items] | ||
Increase by 5% of the gold price | 0 | 11 |
Decrease by 5% of the gold price | 0 | (11) |
Increase by 5% of the gold price | 0 | 11 |
Decrease by 5% of the gold price | $ 0 | $ (11) |
Note 32 - Financial Instrumen_7
Note 32 - Financial Instruments and Risk Management - Exposure to Risk (Details) R in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 ZAR (R) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 ZAR (R) |
Currency risk [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | $ (2,503) | R 60 | $ 1,499 | R 59 |
Effect of possible strengthening or weakening | (104) | 3 | 99 | 3 |
Currency risk [member] | Cash and cash equivalents [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | 259 | 60 | 259 | 59 |
Effect of possible strengthening or weakening | 27 | 3 | 40 | 3 |
Currency risk [member] | Trade and other receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | 2,607 | 0 | 2,293 | 0 |
Effect of possible strengthening or weakening | 124 | 0 | 109 | 0 |
Currency risk [member] | Overdrafts [member] | ||||
Statement Line Items [Line Items] | ||||
Effect of possible strengthening or weakening | (249) | 0 | (42) | 0 |
Currency risk [member] | Trade and other payables [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | (130) | 0 | (166) | 0 |
Effect of possible strengthening or weakening | (6) | 0 | (8) | 0 |
Currency risk [member] | Overdraft [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | (5,239) | R 0 | (887) | R 0 |
Interest rate risk [member] | Cash and cash equivalents [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | 6,735 | 17,152 | ||
Interest rate risk [member] | Overdrafts [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | 5,239 | 887 | ||
Interest rate risk [member] | Loan notes payable [member] | ||||
Statement Line Items [Line Items] | ||||
Net monetary assets/(liabilities) exposed | 7,104 | 0 | ||
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 | 67 | 172 | ||
Interest rate risk , increase by 100 basis points [member] | Term loan [member] | ||||
Statement Line Items [Line Items] | ||||
Effect of possible strengthening or weakening | 52 | 9 | ||
Interest rate risk , increase by 100 basis points [member] | Overdraft [member] | ||||
Statement Line Items [Line Items] | ||||
Effect of possible strengthening or weakening | 71 | 0 | ||
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 | (67) | (172) | ||
Interest rate risk, decrease by 100 basis points [member] | Term loan [member] | ||||
Statement Line Items [Line Items] | ||||
Effect of possible strengthening or weakening | (52) | (9) | ||
Interest rate risk, decrease by 100 basis points [member] | Overdraft [member] | ||||
Statement Line Items [Line Items] | ||||
Effect of possible strengthening or weakening | $ (71) | $ 0 |
Note 33 - Dividends - Dividends
Note 33 - Dividends - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||
Dec. 30, 2022 | Oct. 13, 2022 | Jul. 14, 2022 | Apr. 18, 2022 | Jan. 13, 2022 | Oct. 14, 2021 | Jul. 15, 2021 | Apr. 15, 2021 | Jan. 14, 2021 | Oct. 15, 2020 | Jul. 16, 2020 | May 14, 2020 | Jan. 16, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||||||||||||||
Dividends declared to owners of the Company (excluding NCI) | $ 8,975 | $ 6,068 | $ 3,887 | |||||||||||||
Dividends, cents per share (in dollars per share) | $ 14 | $ 14 | $ 14 | $ 14 | $ 14 | $ 14 | $ 13 | $ 12 | $ 11 | $ 10 | $ 8.5 | $ 7.5 | $ 7.5 | |||
Dividends declared and paid (excluding NCI) | 7,178 | 6,068 | 3,887 | |||||||||||||
Dividends due (excluding NCI) | 1,797 | 0 | 0 | |||||||||||||
Dividends recognised as distributions to owners of parent | $ 8,975 | $ 6,068 | $ 3,887 |
Note 34 - Contingencies (Detail
Note 34 - Contingencies (Details Textual) $ in Thousands | Dec. 31, 2022 USD ($) |
Legal proceedings contingent liability [member] | |
Statement Line Items [Line Items] | |
Estimated financial effect of contingent liabilities | $ 0 |
Note 35 - Related Parties (Deta
Note 35 - Related Parties (Details Textual) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Statement Line Items [Line Items] | |||||
Estimated financial effect of contingent liabilities, determinate number of years for severance pay | 2 | 2 | |||
Expense from cash-settled share-based payment transactions including costs included in production costs | $ 354,000 | $ 123,000 | $ 295,000 | ||
SR Curtis [member] | |||||
Statement Line Items [Line Items] | |||||
Related party consulting, monthly fee | $ 44,100 | ||||
Related party, consulting fee | 265,000 | 0 | |||
SR Curtis [member] | Entering into significant commitments or contingent liabilities [member] | |||||
Statement Line Items [Line Items] | |||||
Related party consulting, monthly fee | $ 12,500 | ||||
Contingent liability arising from termination [member] | |||||
Statement Line Items [Line Items] | |||||
Estimated financial effect of contingent liabilities | $ 8,575,000 | $ 8,575,000 | $ 8,214,000 | $ 8,338,000 |
Note 35 - Related Parties - Key
Note 35 - Related Parties - Key Management Personnel and Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Key management salaries and bonuses | $ 3,773 | $ 3,245 | $ 2,915 | |
Cash-settled share-based expense* | [1] | 617 | 540 | 1,280 |
Key management personnel compensation | $ 4,390 | $ 3,785 | $ 4,195 | |
[1]Amount inclusive of $354 (2021: $123, 2020: $295) classified as production costs. |
Note 36 - Group Entities (Detai
Note 36 - Group Entities (Details Textual) | 12 Months Ended | |||
Feb. 20, 2012 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 51% | 36% | ||
Blanket Mine (1983) (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 13.20% | 13.20% | 13.20% |
Note 36 - Group Entities - Subs
Note 36 - Group Entities - Subsidiaries of the Company (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 20, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 64% | |||
Caledonia Holdings Zimbabwe (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100% | 100% | ||
Caledonia Holdings Zimbabwe (Private) Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ (6,683) | $ (6,795) | ||
Caledonia Mining Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100% | 100% | ||
Caledonia Mining Services Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ 0 | $ 0 | ||
Fintona Investments Proprietary Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100% | 100% | ||
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% | 100% | ||
Caledonia Mining South Africa Proprietary Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ (5,329) | $ (1,406) | ||
Greenstone Management Services Holdings Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100% | 100% | ||
Greenstone Management Services Holdings Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ (36,597) | $ (22,916) | ||
Blanket Mine (1983) (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 64% | 64% | |
Blanket Mine (1983) (Private) Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | [1] | $ 561 | $ 1,030 | |
Blanket Employee Trust Services (Private) Limited (BETS) [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [2] | 0% | 0% | |
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] | $ 0 | $ 0 | |
Motapa Mining Company UK Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100% | 0% | ||
Motapa Mining Company UK Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ 0 | $ 0 | ||
Arraskar Investments (Private) Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100% | 0% | ||
Arraskar Investments (Private) Limited [member] | Elimination of intersegment amounts [member] | ||||
Statement Line Items [Line Items] | ||||
Net assets of Blanket Mine (100%) | $ 0 | $ 0 | ||
[1]Refer to note 6 for the effective shareholding. NCI has a 13.2% (2021: 13.2%, (2020: 13.2%) interest in cash flows of Blanket only.[2]BETS and the Community Trust are consolidated as structured entities. |
Note 36 - Group Entities - Inte
Note 36 - Group Entities - Intercompany Tranasctions With Holding Company (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | $ (18,907) | $ (6,390) |
Interest received | 576 | 1,263 |
Foreign exchange profits | 370 | 448 |
Caledonia Holdings Zimbabwe (Private) Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | (424) | (4,479) |
Interest received | 536 | 1,263 |
Foreign exchange profits | 0 | 0 |
Caledonia Mining Services Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | 0 | 0 |
Interest received | 0 | 0 |
Foreign exchange profits | 0 | 0 |
Caledonia Mining South Africa Proprietary Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | (4,293) | (1,242) |
Interest received | 0 | 0 |
Foreign exchange profits | 370 | 448 |
Greenstone Management Services Holdings Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | (13,681) | (2,098) |
Interest received | 0 | 0 |
Foreign exchange profits | 0 | 0 |
Blanket Mine (1983) (Private) Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | (509) | 1,429 |
Interest received | 40 | 0 |
Foreign exchange profits | 0 | 0 |
Blanket Employee Trust Services (Private) Limited (BETS) [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | 0 | 0 |
Interest received | 0 | 0 |
Foreign exchange profits | 0 | 0 |
Motapa Mining Company UK Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | 0 | 0 |
Interest received | 0 | 0 |
Foreign exchange profits | 0 | 0 |
Arraskar Investments (Private) Limited [member] | ||
Statement Line Items [Line Items] | ||
Loans advanced (repaid) | 0 | 0 |
Interest received | 0 | 0 |
Foreign exchange profits | $ 0 | $ 0 |
Note 37 - Operating Segments (D
Note 37 - Operating Segments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Total revenue | $ 142,082 | $ 121,329 | $ 100,002 |
Fidelity Printers [member] | |||
Statement Line Items [Line Items] | |||
Total revenue | $ 142,082 | $ 121,329 | $ 100,002 |
Note 37 - Operating Segments -
Note 37 - Operating Segments - Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Revenue | $ 142,082 | $ 121,329 | $ 100,002 |
Inter-segmental revenue | 0 | 0 | |
Royalty | (7,124) | (6,083) | (5,007) |
Production costs | (62,998) | (53,126) | (43,711) |
Depreciation | (10,141) | (8,046) | (4,628) |
Other income | 60 | 46 | 4,765 |
Other expenses | (11,782) | (7,136) | (5,315) |
Administrative expenses | (11,941) | (9,091) | (7,997) |
Management fee | 0 | 0 | |
Cash-settled share-based expense | (609) | (477) | (1,413) |
Equity-settled share-based expense | (484) | 0 | 0 |
Net foreign exchange gain (loss) | 4,411 | 1,184 | 4,305 |
Fair value loss on derivative liabilities | (1,198) | (240) | (266) |
Net finance cost | (640) | (361) | |
Dividends (paid) received | 0 | ||
Profit before tax | 39,636 | 37,999 | 40,430 |
Tax expense | (16,770) | (14,857) | (15,173) |
Profit for the year | 22,866 | 23,142 | 25,257 |
Current (excluding intercompany) | 38,427 | 52,933 | |
Non-Current (excluding intercompany) | 196,764 | 157,944 | |
Additions other than through business combinations, property, plant and equipment | 48,220 | 31,479 | |
Expenditure on evaluation and exploration assets (note 18) | 9,398 | 5,717 | |
Intercompany balances | 0 | 0 | |
Current (excluding intercompany) | (32,441) | (17,688) | |
Non-current (excluding intercompany) | (9,291) | (12,633) | |
Intercompany balances | 0 | 0 | |
Administrative expenses | 11,941 | 9,091 | $ 7,997 |
Elimination of intersegment amounts [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 0 | 0 | |
Inter-segmental revenue | (19,885) | (21,662) | |
Royalty | 0 | 0 | |
Production costs | 18,586 | 19,893 | |
Depreciation | 789 | 466 | |
Other income | 0 | 0 | |
Other expenses | 0 | 0 | |
Administrative expenses | 0 | 2 | |
Management fee | 0 | 0 | |
Cash-settled share-based expense | 853 | 691 | |
Equity-settled share-based expense | 0 | ||
Net foreign exchange gain (loss) | (291) | (92) | |
Fair value loss on derivative liabilities | 0 | 0 | |
Net finance cost | 0 | 0 | |
Dividends (paid) received | 0 | ||
Profit before tax | 52 | (706) | |
Tax expense | 117 | 151 | |
Profit for the year | 169 | (555) | |
Current (excluding intercompany) | (83) | (162) | |
Non-Current (excluding intercompany) | (5,446) | (4,880) | |
Additions other than through business combinations, property, plant and equipment | (1,355) | (1,019) | |
Expenditure on evaluation and exploration assets (note 18) | 0 | 0 | |
Intercompany balances | (107,227) | (91,697) | |
Current (excluding intercompany) | 0 | 0 | |
Non-current (excluding intercompany) | 116 | 322 | |
Intercompany balances | 107,227 | 91,697 | |
Administrative expenses | 0 | (2) | |
Material reconciling items [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 0 | 0 | |
Inter-segmental revenue | 0 | 0 | |
Royalty | 0 | 0 | |
Production costs | 0 | 0 | |
Depreciation | (42) | (44) | |
Other income | 0 | 0 | |
Other expenses | (427) | (3,895) | |
Administrative expenses | (8,722) | (6,094) | |
Management fee | 0 | 0 | |
Cash-settled share-based expense | (1,462) | (1,197) | |
Equity-settled share-based expense | (484) | ||
Net foreign exchange gain (loss) | 406 | 389 | |
Fair value loss on derivative liabilities | (1,198) | (135) | |
Net finance cost | 229 | 1,255 | |
Dividends (paid) received | 16,992 | ||
Profit before tax | 5,292 | (9,721) | |
Tax expense | (850) | 0 | |
Profit for the year | 4,442 | (9,721) | |
Current (excluding intercompany) | 3,932 | 16,198 | |
Non-Current (excluding intercompany) | 19,406 | 897 | |
Additions other than through business combinations, property, plant and equipment | 10,821 | 0 | |
Expenditure on evaluation and exploration assets (note 18) | 4 | 163 | |
Intercompany balances | 61,557 | 48,054 | |
Current (excluding intercompany) | (13,089) | (6,040) | |
Non-current (excluding intercompany) | (1,109) | (1,107) | |
Intercompany balances | (59,749) | (43,816) | |
Administrative expenses | 8,722 | 6,094 | |
Zimbabwean operations [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 142,082 | 121,329 | |
Inter-segmental revenue | 0 | 0 | |
Royalty | (7,124) | (6,083) | |
Production costs | (62,701) | (53,117) | |
Depreciation | (10,735) | (8,348) | |
Other income | 48 | 47 | |
Other expenses | (11,289) | (3,241) | |
Administrative expenses | (172) | (128) | |
Management fee | (3,454) | (2,908) | |
Cash-settled share-based expense | 0 | 0 | |
Equity-settled share-based expense | 0 | ||
Net foreign exchange gain (loss) | 4,415 | 1,182 | |
Fair value loss on derivative liabilities | 0 | 0 | |
Net finance cost | (861) | (1,614) | |
Dividends (paid) received | (16,992) | ||
Profit before tax | 33,217 | 47,119 | |
Tax expense | (15,785) | (14,356) | |
Profit for the year | 17,432 | 32,763 | |
Current (excluding intercompany) | 33,130 | 34,440 | |
Non-Current (excluding intercompany) | 181,982 | 159,612 | |
Additions other than through business combinations, property, plant and equipment | 39,635 | 30,575 | |
Expenditure on evaluation and exploration assets (note 18) | 9,394 | 5,554 | |
Intercompany balances | 33,468 | 34,512 | |
Current (excluding intercompany) | (17,451) | (10,042) | |
Non-current (excluding intercompany) | (8,197) | (11,535) | |
Intercompany balances | (12,725) | (12,414) | |
Administrative expenses | 172 | 128 | |
South African operations [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 0 | 0 | |
Inter-segmental revenue | 19,885 | 21,662 | |
Royalty | 0 | 0 | |
Production costs | (18,883) | (19,902) | |
Depreciation | (153) | (120) | |
Other income | 12 | (1) | |
Other expenses | (66) | 0 | |
Administrative expenses | (3,047) | (2,867) | |
Management fee | 3,454 | 2,908 | |
Cash-settled share-based expense | 0 | 29 | |
Equity-settled share-based expense | 0 | ||
Net foreign exchange gain (loss) | (119) | (295) | |
Fair value loss on derivative liabilities | 0 | (105) | |
Net finance cost | (8) | (2) | |
Dividends (paid) received | 0 | ||
Profit before tax | 1,075 | 1,307 | |
Tax expense | (252) | (652) | |
Profit for the year | 823 | 655 | |
Current (excluding intercompany) | 1,448 | 2,457 | |
Non-Current (excluding intercompany) | 822 | 2,315 | |
Additions other than through business combinations, property, plant and equipment | (881) | 1,923 | |
Expenditure on evaluation and exploration assets (note 18) | 0 | 0 | |
Intercompany balances | 12,202 | 9,131 | |
Current (excluding intercompany) | (1,901) | (1,606) | |
Non-current (excluding intercompany) | (101) | (313) | |
Intercompany balances | (34,753) | (35,467) | |
Administrative expenses | $ 3,047 | $ 2,867 |
Note 38 - Defined Contributio_2
Note 38 - Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Zimbabwean operations [member] | |||
Statement Line Items [Line Items] | |||
Post-employment benefit expense, defined contribution plans | $ 1,022 | $ 898 | $ 796 |
Note 39 - Subsequent Events (De
Note 39 - Subsequent Events (Details Textual) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 07, 2023 | Apr. 28, 2023 USD ($) shares | Apr. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 23, 2017 | |
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 7.25% | ||||||
Proceeds from issuing shares | $ 0 | $ 7,806 | $ 12,538 | ||||
Issuance of borrowings [member] | Loan notes [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total borrowings | $ 7,000 | $ 7,000 | |||||
Borrowings, interest rate | 9.50% | 9.50% | |||||
Borrowings, term (Year) | 3 years | ||||||
Potential ordinary share transactions [member] | |||||||
Statement Line Items [Line Items] | |||||||
Increase (decrease) in number of ordinary shares issued (in shares) | shares | 1,207,514 | ||||||
Proceeds from issuing shares | $ 16,600 | ||||||
Potential ordinary share transactions [member] | Performance share units (PSUs) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of share options granted in share-based payment arrangement | 79,894 | ||||||
Potential ordinary share transactions [member] | Equity-settled performance units (EPUs) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of share options granted in share-based payment arrangement | 93,035 |