UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 6-K/A

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Of the Securities Exchange Act of 1934

 

For the month of September 2020

 

Commission File Number: 001-38164

 

CALEDONIA MINING CORPORATION PLC

(Translation of registrant's name into English)

 

B006 Millais House
Castle Quay
St Helier
Jersey JE2 3EF

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

 

Form 20-F      X       Form 40-F ______

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______

 

 

EXPLANATORY NOTE

 

The sole purpose of this amendment to Form 6-K, originally filed with the Securities and Exchange Commission on August 13, 2020, is to furnish Exhibit 99.1 to the Form 6-K in the form containing the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included therein.

 

No other changes have been made to the Form 6-K and the Form 6-K has not been updated to reflect events occurring subsequent to the original filing date.

 

Exhibit 99.1 included with this report on Form 6-K/A is expressly incorporated by reference into this report and is hereby incorporated by reference as an exhibit to the Registration Statement on Form F-3 of Caledonia Mining Corporation Plc (File No. 333-224784), as amended or supplemented. 

 

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

CALEDONIA MINING CORPORATION PLC

  (Registrant)  
       
  By: /s/ Steven Roy Curtis  
Dated: September 3, 2020

Name:

Steven Roy Curtis  
  Title:

Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit Index

 

Exhibit Description
   
99.1 Interim Financial Statements/Report
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

Caledonia Mining Corporation Plc

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL INFORMATION

 

To the Shareholders of Caledonia Mining Corporation Plc:

 

Management has prepared the information and representations in this interim report. The unaudited condensed consolidated interim financial statements of Caledonia Mining Corporation Plc and its subsidiaries (the “Group”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and, where appropriate, these statements include some amounts that are based on best estimates and judgment. Management has determined such amounts on a reasonable basis in order to ensure that the unaudited condensed consolidated interim financial statements are presented fairly, in all material respects.

 

The accompanying Management Discussion and Analysis (“MD&) also includes information regarding the impact of current transactions, sources of liquidity, capital resources, operating trends, risks and uncertainties. Actual results in the future may differ materially from our present assessment of this information because future events and circumstances may not occur as expected.

 

The Group maintains adequate systems of internal accounting and administrative controls, within reasonable cost. Such systems are designed to provide reasonable assurance that relevant and reliable financial information are produced.

 

Management is responsible for establishing and maintaining adequate internal controls over financial reporting (“ICFR”). Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

 

At June 30, 2020 management evaluated the effectiveness of the Group’s ICFR and concluded that such ICFR was effective.

 

The Board of Directors, through its Audit Committee, is responsible for ensuring that management fulfils its responsibilities for financial reporting and internal control. The Audit Committee is composed of three independent directors. This Committee meets periodically with management and the external auditor to review accounting, auditing, internal control and financial reporting matters.

 

These condensed consolidated interim financial statements have not been audited by the Group’s auditor.

 

The unaudited condensed consolidated interim financial statements for the period ended June 30, 2020 were approved by the Board of Directors and signed on its behalf on August 13, 2020.

 

(Signed) S. R. Curtis  (Signed) J.M. Learmonth
    
Chief Executive Officer  Chief Financial Officer

 

 

 

1

 

 

Caledonia Mining Corporation Plc

Condensed consolidated statements of profit or loss and other comprehensive income

(in thousands of United States dollars, unless indicated otherwise)

 

      For the 3 months
ended June 30
  For the 6 months
ended June 30
Unaudited   Note    2020    2019    2020    2019 
                          
Revenue        22,913    16,520    46,515    32,440 
Less: Royalties        (1,146)   (864)   (2,328)   (1,683)
Production costs   6    (11,451)   (7,571)   (22,138)   (17,340)
Depreciation        (1,141)   (1,052)   (2,314)   (2,100)
Gross profit        9,175    7,033    19,735    11,317 
Other income   7    2,791    749    4,709    2,038 
Other expenses   8    (1,314)   (220)   (1,522)   (309)
Administrative expenses   9    (1,275)   (1,309)   (2,822)   (2,705)
Cash-settled share-based expense   10    (762)   (9)   (946)   (370)
Net foreign exchange gain   11    1,486    21,645    3,709    24,925 
Profit on sale of subsidiary        -    -    -    5,409 
Fair value losses on derivative assets   15    (113)   (194)   (148)   (324)
Operating profit        9,988    27,695    22,715    39,981 
Finance income        18    44    32    50 
Finance cost        (147)   (16)   (299)   (70)
Profit before tax        9,859    27,723    22,448    39,961 
Tax expense        (3,507)   223    (6,417)   (1,296)
Profit for the period        6,352    27,946    16,031    38,665 
Other comprehensive income                         
Items that are or may be reclassified to profit or loss                         
Exchange differences on translation of foreign operations        293    144    (1,058)   - 
Reclassification of accumulated exchange differences on the sale of subsidiary        -    -    -    (2,109)
Total comprehensive income for the period        6,645    28,090    14,973    36,556 
Profit attributable to:                         
Owners of the Company        5,134    23,303    13,374    32,621 
Non-controlling interests        1,218    4,643    2,657    6,044 
Profit for the period        6,352    27,946    16,031    38,665 
Total comprehensive income attributable to:                         
Owners of the Company        5,427    23,447    12,316    30,512 
Non-controlling interests        1,218    4,643    2,657    6,044 
Total comprehensive income for the period        6,645    28,090    14,973    36,556 
                          
Earnings per share                         
Basic earnings per share ($)        0.43    2.11    1.14    2.99 
Diluted earnings per share ($)        0.43    2.11    1.14    2.99 

 

The accompanying notes on page 6 to 21 are an integral part of these condensed consolidated interim financial statements.

 

On behalf of the Board: “S.R. Curtis”- Chief Executive Officer and “J.M. Learmonth”- Chief Financial Officer.

 

 

2

 

 

Caledonia Mining Corporation Plc

Condensed consolidated statements of financial position

(in thousands of United States dollars, unless indicated otherwise)

 

Unaudited        June 30,    December 31, 
As at   Note    2020    2019 
Assets               
Property, plant and equipment   12    119,410    113,651 
Deferred tax asset        96    63 
Total non-current assets        119,506    113,714 
                
Inventories   13    12,010    11,092 
Prepayments        2,915    2,350 
Trade and other receivables   14    7,170    6,912 
Derivative financial assets   15    1,112    102 
Cash and cash equivalents        11,639    9,383 
Total current assets        34,846    29,839 
Total assets        154,352    143,553 
                
Equity and liabilities               
Share capital        62,158    56,065 
Reserves        137,425    140,730 
Retained loss        (76,687)   (88,380)
Equity attributable to shareholders        122,896    108,415 
Non-controlling interests        15,059    16,302 
Total equity        137,955    124,717 
                
Liabilities               
Provisions        3,384    3,346 
Deferred tax liability        1,457    3,129 
Term loan facility – long term portion        263    1,942 
Cash-settled share-based payments – long term portion        1,384    540 
Total non-current liabilities        6,488    8,957 
                
Term loan facility – short term portion        458    529 
Cash-settled share-based payments – short term portion        73    - 
Income tax payable        1,267    163 
Trade and other payables        8,111    8,697 
Overdraft        -    490 
Total current liabilities        9,909    9,879 
Total liabilities        16,397    18,836 
Total equity and liabilities        154,352    143,553 

 

The accompanying notes on pages 6 to 21 are an integral part of these condensed consolidated interim financial statements.

 

 

3

 

 

Caledonia Mining Corporation Plc

Condensed consolidated statements of changes in equity

(in thousands of United States dollars, unless indicated otherwise)

 

Unaudited

 

    

 

 

Notes

    Share Capital    

Foreign Currency

Translation Reserve

    Contributed Surplus    

 

Equity-settled share-based Payment Reserve

    Retained loss    Total    Non-controlling interests (NCI)    Total Equity 
                                              
Balance at December 31, 2018        55,102    (6,561)   132,591    16,760    (127,429)   70,463    8,345    78,808 
Transactions with owners:                                             
Dividends paid        -    -    -    -    (1,478)   (1,478)   (142)   (1,620)
Shares issued – share based payment   10(a)    963    -    -    -    -    963    -    963 
Total comprehensive income:                                             
Profit for the period        -    -    -    -    32,621    32,621    6,044    38,665 
Other comprehensive income for the period        -    (2,109)   -    -    -    (2,109)   -    (2,109)
Balance at June 30, 2019        56,065    (8,670)   132,591    16,760    (96,286)   100,460    14,247    114,707 
                                              
Balance at December 31, 2019        56,065    (8,621)   132,591    16,760    (88,380)   108,415    16,302    124,717 
Transactions with owners:                                             
Dividend paid        -    -    -    -    (1,681)   (1,681)   (300)   (1,981)
Shares issued – share-based payment   10(a)    216    -    -    -    -    216    -    216 
Shares issued – option exercises        30    -    -    -    -    30    -    30 
Blanket shares repurchased by shares issued   5    5,847    -    -    (2,247)   -    3,600    (3,600)   - 
Total comprehensive income:                                             
Profit for the period        -    -    -    -    13,374    13,374    2,657    16,031 
Other comprehensive income for the period        -    (1,058)   -    -    -    (1,058)   -    (1,058)
Balance at June 30, 2020        62,158    (9,679)   132,591    14,513    (76,687)   122,896    15,059    137,955 

 

 

The accompanying notes on page 6 to 21 are an integral part of these condensed consolidated interim financial statements.

 

 

 

 

 

4

 

 

Caledonia Mining Corporation Plc

Condensed consolidated statements of cash flows

(In thousands of United States dollars, unless indicated otherwise)

 

Unaudited

 

      For the 3 months
ended June 30
  For the 6 months
ended June 30
    Note    2020    2019    2020    2019 
                          
Cash generated by operations   16    5,413    2,484    16,371    9,117 
Net interest paid        (123)   16    (263)   (96)
Tax paid        (1,315)   (362)   (2,034)   (608)
Net cash from operating activities        3,975    2,138    14,074    8,413 
                          
Cash flows from investing activities                         
Acquisition of property, plant and equipment        (3,228)   (4,186)   (7,921)   (9,326)
Purchase of derivate financial asset        (1,058)   -    (1,058)   - 
Proceeds on disposal of subsidiary        -    -    900    1,000 
Net cash used in investing activities        (4,286)   (4,186)   (8,079)   (8,326)
                          
Cash flows from financing activities                         
Dividends paid        (1,012)   (882)   (1,981)   (1,620)
Payment of lease liabilities        (32)   -    (57)   - 
Proceeds from share option exercises        30    -    30    - 
Net cash used in financing activities        (1,014)   (882)   (2,008)   (1,620)
                          
Net (decrease)/ increase in cash and cash equivalents        (1,325)   (2,930)   3,987    (1,533)
Effect of exchange rate fluctuations on cash held        (861)   1,063    (1,241)   (1,779)
Net cash and cash equivalents at beginning of period        13,825    9,742    8,893    11,187 
Net cash and cash equivalents at end of period        11,639    7,875    11,639    7,875 

 

The accompanying notes on page 6 to 21 are an integral part of these condensed consolidated interim financial statements.

 

 

5

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

1       Reporting entity

 

Caledonia Mining Corporation Plc (the “Company”) is a company domiciled in Jersey, Channel Islands. The address of the Company’s registered office is B006 Millais House, Castle Quay, St Helier, Jersey, Channel Islands. These unaudited condensed consolidated interim financial statements as at and for the 6 months ended June 30, 2020 comprise the Company and its subsidiaries (the “Group”). The Group is primarily involved in the operation of a gold mine and the exploration and development of mineral properties for precious metals.

 

Caledonia’s shares are listed on the NYSE American stock exchange (symbol - “CMCL”). Depository interests in Caledonia’s shares are admitted to trading on AIM of the London Stock Exchange plc (symbol - “CMCL”).

 

2       Basis for preparation

 

i)                    Statement of compliance

 

These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all the information required for full annual financial statements. Accordingly, certain information and disclosures normally included in the annual financial statements prepared in accordance with IFRS as issued by the IASB have been omitted or condensed. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended December 31, 2019

 

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; and

 

·derivative financial assets measured at fair value.

 

iii)                Functional currency

 

These unaudited condensed consolidated interim financial statements are presented in United States dollars (“$” or “US Dollar” or “USD”), which is also the functional currency of the Company. All financial information presented in United States dollars have been rounded to the nearest thousand, unless indicated otherwise. Refer to note 11 for changes to the RTGS$ currency and the effect thereof on the statement of profit or loss and other comprehensive income.

 

3       Use of accounting assumptions, estimates and judgements

 

In preparing these unaudited condensed consolidated interim financial statements, management has made accounting assumptions, estimates and judgements that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recognised prospectively.

 

6

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

4       Significant accounting policies

 

The same accounting policies and methods of computation have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as compared to the Group’s annual financial statements for the year ended December 31, 2019. In addition, the accounting policies have been applied consistently by the Group entities.

 

5       Blanket Zimbabwe Indigenisation Transaction

 

On February 20, 2012 the Group announced it had signed a Memorandum of Understanding (“MoU”) with the Minister of Youth, Development, Indigenisation and Empowerment of the Government of Zimbabwe pursuant to which the Group agreed that indigenous Zimbabweans would acquire an effective 51% ownership interest in the Zimbabwean company owning the Blanket Mine (also referred to herein as “Blanket” or “Blanket Mine” as the context requires) for a paid transactional value of $30.09 million. Pursuant to the above, members of the Group entered into agreements with each indigenous shareholder to transfer 51% of the Group’s ownership interest in Blanket Mine whereby it:

 

·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, outstanding balances on these facilitation loans attract interest at a rate of the lower of a fixed 7.25% per annum payable quarterly or 80% of the Blanket Mine dividend in the quarter. The timing of the repayment of the loans depends on the future financial performance of Blanket Mine and the extent of future dividends declared by Blanket Mine. The facilitation loans relating to the Group were transferred as dividends in specie intra Group and now the loans and most of the interest thereon is payable to the Company.

 

 

7

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

5       Blanket Zimbabwe Indigenisation Transaction (continued)

 

Accounting treatment

 

The directors of Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”), a wholly owned subsidiary of the Company, performed a re-assessment, using the requirements of IFRS 10: Consolidated Financial Statements (IFRS 10), and concluded that CHZ should continue to consolidate Blanket Mine after the indigenisation and accordingly the subscription agreements with the indigenous shareholders have been accounted for as a transaction with non-controlling interests and as a share based payment transaction.

 

The subscription agreements, concluded on February 20, 2012, were accounted for as follows:

 

·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 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 is recognised as non-controlling interests 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 June 30, 2020 the attributable net asset value did not exceed the balance on the respective loan accounts and thus no additional NCI was recognised.
   
·The transaction with BETS is accounted for in accordance with IAS 19 Employee Benefits (profit sharing arrangement) as the ownership of the shares does not ultimately pass to the employees. The employees are entitled to participate in 20% of the dividends accruing to the 10% shareholding in Blanket Mine if they are employed at the date of such distribution. To the extent that 80% of the attributable dividends exceeds the balance on the BETS facilitation loan they will accrue to the employees at the date of such declaration.
   
·The Employee Trust and BETS are entities effectively controlled and consolidated by Blanket Mine. Accordingly, the shares held by BETS are effectively treated as treasury shares in Blanket Mine and no NCI is recognised.
   

 

Fremiro purchase agreement

 

On November 5, 2018 the Company and Fremiro entered into a sale agreement for Caledonia to purchase Fremiro’s 15% shareholding in Blanket Mine. On January 21, 2020 all substantive conditions to the transaction were satisfied and the Company issued 727,266 shares to Fremiro for the cancellation of their facilitation loan and purchase of Fremiro’s 15% shareholding in Blanket Mine. The transaction was accounted for as a repurchase of a previously vested equity instrument. As a result, the Fremiro share of the NCI of $3,600 was derecognised, shares were issued at fair value, the share based payment reserve was reduced by $2,247 and the Company’s shareholding in Blanket Mine increased to 64% on the effective date.

 

 

8

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

5       Blanket Zimbabwe Indigenisation Transaction (continued)

 

Blanket Mine’s indigenisation shareholding percentages and facilitation loan balances

 

                   Balance of facilitation loan # 
USD   Shareholding    NCI Recognised    NCI subject to facilitation loan    

June 30,

2020

    

Dec 31,

2019

 
NIEEF   16%   3.2%   12.8%   11,849    11,877 
Fremiro   -&    -&    -&    -&    11,458 
Community Trust   10%   10.0%   -    -    - 
BETS ~   10%   -*   -*   7,573    7,639 
    36%   13.2%   12.8%   19,422    30,974 

 

The balance on the facilitation loans is reconciled as follows:

 

    2020    2019 
           
Balance at January 1,   30,974    30,986 
Cancellation of Fremiro loan   (11,458)   - 
Dividends used to repay loans   (793)   (540)
Interest accrued   699    536 
Balance at June 30,   19,422    30,982 

 

* The shares held by BETS are effectively treated as treasury shares (see above).

~ Accounted for under IAS19 Employee Benefits.

& After Fremiro purchase agreement.

# Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable.

 

Advance dividend loans and balances

 

In anticipation of completion of the underlying subscription agreements, Blanket Mine agreed to advance dividend arrangements with NIEEF and the Community Trust. Advances made to the Community Trust against their right to receive dividends declared by Blanket Mine on their shareholding are as follows:

 

·a $2 million payment on or before September 30, 2012;

 

·a $1 million payment on or before February 28, 2013; and

 

·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% per annum, payable quarterly or the Blanket Mine dividend in the quarter to the advanced dividend loan holder. The loan is repayable by way of set-off of future dividends on the Blanket Mine shares owned by the Community Trust. Advances made to NIEEF as an advanced dividend loan before 2013 have been settled through Blanket Mine dividend repayments in 2014. The advance dividend payments were recognised as distributions to shareholders and they are classified as equity instruments. The loans arising are not recognised as loans receivable, because repayment is by way of uncertain future dividends.

 

 

9

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

5       Blanket Zimbabwe Indigenisation Transaction (continued)

 

Amendments to advanced dividend loan agreements

 

Advance dividend loan modification - Community Trust

 

On February 27, 2020, the Group, Blanket Mine and the indigenous shareholders of Blanket Mine reached agreement to change the repayment terms of the advance dividend loan to the Community Trust. The amendment allowed that 20% of the Community Trust share of the Blanket dividend accrue on declaration of the dividend and that the remaining 80% be applied to the advance dividend loan from February 27, 2020. The modification was not considered beneficial to the indigenous shareholders.

 

The movement in the advance dividend loan to the Community Trust is reconciled as follows:

 

    2020    2019 
           
Balance at January 1,   1,632    2,053 
Dividends used to repay advance dividends   (336)   (175)
Interest accrued   53    37 
Balance at June 30,   1,349    1,915 

 

6        Production costs

 

    2020    2019 
           
Salaries and wages   8,849    7,727 
Consumable materials   7,589    5,466 
Electricity costs   3,959    2,715 
Site restoration   -    10 
Safety   368    399 
Cash-settled share-based expense (note 10(a))   191    70 
On mine administration   1,010    797 
Pre-feasibility exploration costs   172    156 
    22,138    17,340 

 

7         Other income

 

    2020    2019 
           
Government grant – Gold sale export incentive   4,695    866 
Government grant – Gold Support price   -    1,064 
Other   14    108 
    4,709    2,038 

 

10

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

7         Other income (continued)

 

Government grant – Gold sale export incentive

The Reserve Bank of Zimbabwe (“RBZ”) first announced an export credit incentive (“ECI”) on the gold proceeds received for all large-scale gold mine producers during 2016. The ECI is calculated as a percentage of the gold proceeds less the charges of Fidelity Printers and Refiners Limited (“Fidelity”). The below table indicates when the ECI was applicable and the percentages applied, as announced by government:

 

ECI applicable periods Percentage
May 1, 2016 – January 1, 2018 3.5%
January 1, 2018 – February 1, 2018 2.5%
February 1, 2018 – February 20, 2019 10%
March 10, 2020 – June 26, 2020 25%

 

All incentives granted by the Zimbabwean government were included in other income when determined receivable and receipts were received in Blanket Mine’s RTGS$ account. ECI fell away after June 26, 2020.

 

Government grant – Gold support price

 

From March 6, 2019 it became apparent that Blanket Mine’s sales proceeds received from Fidelity were calculated at a gross price of $44,000 per kilogram ($1,368.58 per ounce), which exceeded the prevailing London Bullion Market Association (“LBMA”) price. On May 12, 2019, the Company received confirmation from Fidelity of this windfall receipt, called the “gold support price”, which has been implemented to incentivise gold producers to increase gold production. No gold support price was received as the LBMA gold price for the last 6 months was over and above $1,368.58 per ounce.

 

8         Other expenses

 

    2020    2019 
           
Intermediated Money Transaction Tax   213    165 
Solar expenses   202    - 
COVID-19 Donations   1,048    - 
Impairment of property, plant and equipment   59    144 
    1,522    309 

 

Blanket Mine donated funds towards the Zimbabwean Ministry of Mines and Development in helping to combat the spread of COVID-19 and the impacts thereof.

 

9         Administrative expenses

 

    2020    2019 
           
Investor relations   174    255 
Audit fee   124    118 
Advisory services fee   272    195 
Listing fees   190    170 
Directors fees company   140    112 
Directors fees Blanket   20    8 
Employee costs   1,588    1,383 
Other office administration costs   229    309 
Travel costs   85    138 
Eersteling Gold Mine administration costs   -    17 
    2,822    2,705 

 

 

11

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

10       Cash-settled share-based payments

 

The Group has expensed the following cash-settled share-based payment arrangements for the 6 months ended June 30:

 

    Note    2020    2019 
                
Restricted Share Units and Performance Units   10(a)    927    344 
Caledonia Mining South Africa employee incentive scheme   10(b)    19    26 
         946    370 

 

(a)         Restricted Share Units and Performance Units

 

Certain key management members were granted Restricted Share Units (“RSUs”) and Performance Units (”PUs”) pursuant to provisions of the 2015 Omnibus Equity Incentive Compensation Plan. All RSUs and PUs were granted and approved by the Compensation Committee of the Board of Directors.

 

RSUs vest three years after grant date given that the service condition of the relevant employees have been fulfilled. The value of the vested RSUs is the number of RSUs vested multiplied by the fair market value of the Company’s shares, as specified by the plan, on date of settlement.

 

PUs have a performance condition based on gold production and a performance period of three years. The number of PUs that vest will be the PUs granted multiplied by the performance multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations on the date of the award.

 

RSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional RSUs at the then applicable share price calculated at the average Bank of Canada rate immediately preceding the dividend payment. PUs have rights to dividends only after they have vested.

 

RSUs and PUs allow for settlement of the vesting date value in cash or shares issuable at fair market value or a combination of both at the discretion of the unit holder.

 

The fair value of the RSUs, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PUs, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. At the reporting date it was assumed that there is a 93%-100% probability that the performance conditions will be met and therefore a 93%-100% (2019: 93%-100%) average performance multiplier was used in calculating the estimated liability. The liability as at June 30, 2020 amounted to $1,426 (December 31, 2019: $524). Included in the liability as at June 30, 2020 is an amount of $191 (June 30, 2019: $70) that was expensed and classified as production costs; refer note 6. During the year PUs and RSUs to the value of $216 vested and were issued as share capital.

 

 

12

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

10         Cash-settled share-based payments (continued)

 

(a)         Restricted Share units and Performance Units (continued)

 

The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on:

 

   June 30,
2020
  December 31,
2019
    RSUs    PUs    RSUs    PUs 
                     
Fair value (USD)  $17.32   $17.32   $5.85    $5.49-5.79 
Share price (USD)  $17.32   $16.98   $5.85   $5.85 
Performance multiplier percentage   -    93-100%    -    93-100% 

 

Share units granted:

 

    RSUs     PUs     RSUs    PUs 
                     
Grant – January 11, 2016   -    -    60,645    242,579 
Grant- March 23, 2016   -    -    10,965    43,871 
Grant – June 8, 2016   -    -    5,117    20,470 
Grant - January 19, 2017   4,443    17,774    4,443    17,774 
Grant - January 19, 2019   -    124,027    -    124,027 
Grant - June 8, 2019   -    14,672    -    14,672 
Grant - January 11, 2020   17,585    107,640    -    - 
Grant - January 19, 2020   -    13,692    -    - 
Grant - March 31, 2020   -    1,971           
Grant – June 1, 2020   -    1,740           
RSU dividends reinvested   869    -    11,316    - 
Settlements   (5,052)   (17,774)   (87,434)   (306,920)
Total awards   17,845    263,742    5,052    156,473 

 

(b)         Caledonia Mining South Africa employee incentive scheme

 

From 2017 Caledonia Mining South Africa Proprietary Limited granted 52,282 awards to certain of its employees that entitle them to a cash pay-out at the Company’s share price on November 30, each year over a 3 year period from the grant date. The cash-settled share-based payment liability was calculated based on the number of awards expected to vest multiplied by the Company’s Black Scholes option valuation fair value of £7.44 at the reporting date and apportioned for the quantity vested over the total vesting period. The liability relating to these cash-settled share-based payment awards amounted to $31 (December 31, 2019: $16) and the expense amounted to $19 (June 30, 2019: $26) for the 6 months ended June 30, 2020. The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability for the 6 months ended June 30, 2020.

 

 

13

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

10         Cash-settled share-based payments (continued)

 

(b)         Caledonia Mining South Africa employee incentive scheme (continued)

 

    

June 30,

2020

    

December 31,

2019

 
    Awards 
Grant – July 2017 (3 year term)   -    37,330 
Grant – August 2018 (3 year term)   5,918    5,918 
Grant – August 2019 (3 year term)   9,034    9,034 
Awards paid out   (7,655)   (44,985)
Total awards outstanding   7,297    7,297 
           
Estimated awards expected to vest   100%   100%

 

11         Net foreign exchange gain

 

On October 1, 2018 the RBZ issued a directive to Zimbabwean banks to separate foreign currency from RTGS$ in the accounts held by their clients and pegged the RTGS$ at 1:1 to the US Dollar. On February 20, 2019 the RBZ issued a further monetary policy statement, which allowed inter-bank trading between RTGS$ and foreign currency. The interbank rate was introduced at 2.5 RTGS$ to 1 US Dollar and traded at 57.3582 RTGS$ to 1 US Dollar as at June 30, 2020 (December 2019: 16.77 RTG$). On June 24, 2019 the Government issued S.I. 142 which stated, “Zimbabwe dollar (RTGS$) to be the sole currency for legal tender purposes for any transactions in Zimbabwe”. Throughout these announcements and to the date of issue of these financial statements the US dollar has remained the primary currency in which the Group’s Zimbabwean entities operate and the functional currency of these entities.

 

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 clarified the Zimbabwean Government’s intentions that these liabilities were always denominated in RTGS$ and that RTGS$ would be the currency in which they would be settled. The devaluation of the deferred tax and electricity liabilities contributed the largest portion of the foreign exchange gain set out below.

 

The table below illustrates the effect the weakening of the RTGS$ and other non-RTGS$ currencies had, against the US Dollar, on the statement of profit or loss and other comprehensive income.

 

    2020    2019 
           
Unrealised foreign exchange gain   5,201    25,447 
Realised foreign exchange loss   (1,492)   (522)
Net foreign exchange gain   3,709    24,925 

 

 

14

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

12       Property, plant and equipment

 

    Land and buildings    Mine development, infrastructure and other    Exploration and Evaluation assets    Plant and equipment    Fixtures and fittings    Motor vehicles    Total 
                                    
Cost                                   
                                    
Balance at January 1, 2019   10,339    74,509    6,967    32,675    923    2,402    127,815 
Initial recognition of right of use assets   409    -    -    -    -    -    409 
Additions*   267    19,020    172    897    88    151    20,595 
Impairments   -    -    -    (144)   -    -    (144)
Disposals   (212)   -    -    -    -    (16)   (228)
Reallocations between asset classes   25    (2,989)   -    2,964    -    -    - 
Foreign exchange movement   5    2    -    3    7    1    18 
Balance at December 31, 2019   10,833    90,542    7,139    36,395    1,018    2,538    148,465 
Additions*   -    6,633    62    1,314    46    133    8,188 
Impairments   -    -    -    (59)   -    -    (59)
Reallocations between asset classes   556    (687)   -    131    -    -    - 
Foreign exchange movement   (37)   -    -    (28)   (59)   (7)   (131)
Balance at June 30, 2020   11,352    96,488    7,201    37,753    1,005    2,664    156,463 

 

* Included in additions is an amount of $6,476 (December 31, 2019: $20,093) relating to capital work in progress (“CWIP”) and contains $26 (December 31, 2019: $165) of borrowing costs capitalised from the term loan. As at period end $83,323 of CWIP was included in the cost closing balance (December 31, 2019: $76,847).

 

 

15

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

12       Property, plant and equipment (continued)

 

    Land and buildings    Mine development, infrastructure and other    Exploration and Evaluation assets    Plant and equipment    Fixtures and fittings    Motor vehicles    Total 
                                    
Accumulated depreciation and Impairment losses                                   
                                    
Balance at January 1, 2019   4,411    5,821    -    17,357    649    2,150    30,388 
Initial recognition of right of use of assets   146    -    -    -    -    -    146 
Depreciation for the year   1,005    504    -    2,693    99    133    4,434 
Impairments   -    -    -    -    -    -    - 
Disposals   (149)   -    -    -    -    (16)   (165)
Foreign exchange movement   -    -    -    -    5    6    11 
Balance at December 31, 2019   5,413    6,325    -    20,050    753    2,273    34,814 
Depreciation   507    294    -    1,396    46    71    2,314 
Foreign exchange movement   (21)   -    -    -    (52)   (2)   (75)
Balance at June 30, 2020   5,899    6,619    -    21,446    747    2,342    37,053 
Carrying amounts                                   
At December 31, 2019   5,420    84,217    7,139    16,345    265    265    113,651 
At June 30, 2020   5,453    89,869    7,201    16,307    258    322    119,410 


 

 

16

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

13         Inventories

 

    December 31, 
    2020    2019 
           
Consumable stores   12,010    10,716 
Gold in progress   -    376 
    12,010    11,092 

 

14       Trade and other receivables

 

    December 31, 
    2020    2019 
           
Bullion sales receivable   4,027    2,987 
VAT receivables   1,169    1,765 
Deferred consideration on the disposal of subsidiary   1,099    1,991 
Deposits for stores and equipment and other receivables   875    169 
    7,170    6,912 

 

The net carrying value of trade receivables is considered a reasonable approximation of fair value and are short-term in nature. No provision for expected credit losses were recognised as all scheduled payments were received up to the date of approval of these financial statements and non-payment of Trade and other receivables were not foreseen. The Bullion sales receivable was received after the quarter end.

 

15       Derivative financial assets

 

         December 31, 
    2020    2019 
           
Derivatives not designated as hedging instrument:          
Gold exchange traded fund (Gold ETF)   1,112    - 
Gold Hedge   -    102 
    1,112    102 

 

Gold ETF

 

In April 2020 the South African subsidiary, Caledonia Mining South Africa Proprietary Limited, purchased a Gold ETF through Standard Bank Limited at a cost of $1,058. The Gold ETF is denominated in South African Rand and the instrument is utilised to invest excess short term Rands on hand at the South Africa subsidiary. The Gold ETF’s value tracks the US spot gold price and was entered into to offset fluctuations in the South African Rand against the US Dollar. The total expense, representing the change in the Rand tracked US spot gold price, amounted to $46 (2019: $Nil) for the 6 months ended June 30, 2020. Foreign currency translation gains, due to the fluctuations in the Rand against the US Dollar on translation of the foreign subsidiary, amounted to $100 (2019:Nil).

 

 

 

17

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

15       Derivative financial asset (continued)

 

Gold Hedge

 

The Company entered into a hedge in November 2019 at a cost of $379. The hedge was in the form of put options in respect of 4,600 ounces of gold for the period January to June 2020 exercisable at a strike price of $1,400 per ounce. At December 31, 2019 the mark-to-market valuation, that represents the fair value of the hedge amounted to $102 (2018: Nil).   The hedges were entered into by the Company for economic hedging purposes to ensure sufficient cash availability for Blanket Mine’s capital investment plan, rather than as a speculative investment. The total expense of the derivative contract amounted to $102 (2019: $324) for the 6 months ended June 30, 2020.

 

Fair value losses on derivative assets   2020    2019 
           
Gold ETF   46    - 
Gold hedge   102    324 
    148    324 

 

16        Cash flow information

 

Non-cash items and information presented separately on the cash flow statement:

 

    2020    2019 
           
Operating profit   22,715    39,981 
Adjustments for:          
Unrealised foreign exchange gains (Note11)   (5,201)   (25,447)
Cash-settled share-based expense (Note 10)   946    370 
Cash-settled share-based expense included in production costs (Note 6)   191    70 
Settlement of cash-settled share-based payments   -    (1,280)
Gold hedge - unrealised cash portion (Note 15)   102    324 
Depreciation   2,314    2,100 
Impairment of property, plant and equipment   59    144 
Gold ETF - non-cash fair value losses loss (Note15)   46    - 
Profit on sale of subsidiary   -    (5,409)
Site restoration   -    10 
Cash generated by operations before working capital changes   21,172    10,863 
Inventories   (1,292)   (302)
Prepayments   744    (529)
Trade and other receivables   (2,595)   23 
Trade and other payables   (1,657)   (938)
Cash generated by operations   16,371    9,117 

 

 

18

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

17       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. The South Africa geographical segment comprises a gold mine, that is on care and maintenance (and now sold), as well as sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The holding company (Caledonia Mining Corporation Plc) and Greenstone Management Services Holdings Limited (a UK company) responsible for administrative functions within the group are taken into consideration in the strategic decision-making process of the CEO and are therefore included in the disclosure below. Reconciling amounts do not represent a separate segment. Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before income tax, as included in the internal management report that are reviewed by the Group's CEO. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

 

Information about reportable segments

 

For the 6 months ended June 30, 2020   Zimbabwe    South Africa    Inter-group eliminations adjustments    Corporate and other reconciling amounts    Total 
                          
Revenue   46,515    7,638    (7,638)   -    46,515 
Royalties   (2,328)   -    -    -    (2,328)
Production costs   (22,241)   (6,502)   6,605    -    (22,138)
Depreciation   (2,499)   (43)   248    (20)   (2,314)
Other income   4,705    4    -    -    4,709 
Other expenses   (1,410)   (112)   -    -    (1,522)
Administration expenses   (68)   (873)   -    (1,881)   (2,822)
Management fee   (1,279)   1,279    -    -    - 
Cash-settled share-based payment expense   -    (19)   191    (1,118)   (946)
Net foreign exchange gain   3,746    (579)   -    542    3,709 
Gold hedge fair value losses   -    -    -    (102)   (102)
Gold ETF fair value losses   -    (46)        -    (46)
Net finance costs   (298)   28    -    3    (267)
Dividends (paid)/ received   (2,198)   (1,202))   -    3,400    - 
Profit before tax   22,645    (427)   (594)   824    22,448 
Tax expense   (5,905)   (224)   (59)   (229)   (6,417)
Profit for the period   16,740    (651)   (653)   595    16,031 

 

 

 

19

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

17       Operating Segments (continued)

 

As at June 30, 2020   Zimbabwe    South Africa    Inter-group eliminations adjustments    Corporate and other reconciling amounts      
Geographic segment assets:                         
Current (excluding intercompany)   22,665    6,165    (77)   6,093    34,846 
Non-Current (excluding intercompany)   121,495    533    (2,746)   224    119,506 
Expenditure on property, plant and equipment (Note 12)   8,655    12    (479)   -    8,188 
Intercompany balances   14,962    5,214    (72,332)   52,156    - 
Geographic segment liabilities:                         
Current (excluding intercompany)   (6,910)   (2,422)   -    (577)   (9,909)
Non-current (excluding intercompany)   (5,257)   -    152    (1,383)   (6,488)
Intercompany balances   -    (32,809)   72,332    (39,523)   - 

 

For the 6 months ended June 30, 2019   Zimbabwe    South Africa    Inter-group eliminations adjustments    Corporate and other reconciling amounts    Total 
                          
Revenue   32,440    6,092    (5,878)   (214)   32,440 
Royalties   (1,683)   -    -    -    (1,683)
Production costs   (17,320)   (5,365)   5,345    -    (17,340)
Depreciation   (2,217)   (55)   172    -    (2,100)
Other income   2,036    2    -    -    2,038 
Other expenses   (309)   -    -    -    (309)
Administration expenses   (54)   (955)   -    (1,696)   (2,705)
Management fee   (1,123)   1,123    -    -    - 
Cash-settled share-based payment expense   (149)   (84)   -    (137)   (370)
Net foreign exchange gain   24,896    11    -    18    24,925 
Profit on sale of subsidiary   -    -    -    5,409    5,409 
Gold hedge fair value losses   -    -    -    (324)   (324)
Net finance costs   (62)   36    -    6    (20)
Profit before tax   36,455    805    (361)   3,062    39,961 
Tax expense   (1,026)   (253)   23    (40)   (1,296)
Profit for the period   35,429    552    (338)   3,022    38,665 

 

 

20

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

17       Operating Segments (continued)

 

As at December 31, 2019   Zimbabwe    South Africa    Inter-group elimination adjustments    Corporate and other reconciling amounts    Total 
                          
Geographic segment assets:                         
Current (excluding intercompany)   21,608    3,383    (139)   4,987    29,839 
Non-current (excluding intercompany)   115,611    315    (2,456)   244    113,714 
Expenditure on property, plant and equipment (Note 12)   21,465    47    (1,165)   248    20,595 
Intercompany balances   -    8,869    (52,783)   43,914    - 

 

Geographic segment liabilities
                         
Current (excluding intercompany)   (9,478)   -    140    (736)   (10,074)
Non-current (excluding intercompany)   (6,784)   (1,563)   -    (415)   (8,762)
Intercompany balances   (2,441)   (32,558)   52,783    (17,784)   - 

 

Major customer

 

Revenues from Fidelity amounted to $46,515 (2019: $32,440) for the 6 months ended June 30, 2020.

 

 

 

21

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

DIRECTORS AND OFFICERS at August 13, 2020

 

BOARD OF DIRECTORS OFFICERS

L.A. Wilson (2) (3) (4) (5) (7)

Chairman of the Board

S. R. Curtis (5) (6) (7)

Chief Executive Officer

Non-executive Director Johannesburg, South Africa
Florida, United States of America  
   
S. R. Curtis (5) (6) (7) D. Roets (5) (6) (7)

Chief Executive Officer

Johannesburg, South Africa

Chief Operating Officer

Johannesburg, South Africa

   
J. L. Kelly (1) (2) (3) (4) (5) (7) M. Learmonth (5) (7)

Non-executive Director

Connecticut, United States of America

Chief Financial Officer

Jersey, Channel Islands

   
J. Holtzhausen (1) (2) (4) (5) (6) (7) M. Mason (5) (7)

Chairman Audit Committee

Non-executive Director,

Cape Town, South Africa

VP Corporate Development and Investor Relations

London, England

   
M. Learmonth (5) (7) A. Chester (5)
Chief Financial Officer General Counsel, Company Secretary and Head of
Jersey, Channel Islands Risk and Compliance
  Jersey, Channel Islands
   
John McGloin (1) (3) (4) (6) (7) Board Committees
Non-executive Director (1)  Audit Committee
Bishops Stortford, United Kingdom (2)  Compensation Committee
  (3)  Corporate Governance Committee
N. Clark (4) (6) (7) (4)  Nomination Committee
Non-executive Director (5)  Disclosure Committee
East Molesey, United Kingdom

(6) Technical Committee

  (7) Strategic Planning Committee

 

 

 

22

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

(in thousands of United States dollars, unless indicated otherwise)

 

CORPORATE DIRECTORY as at August 13, 2020

 

CORPORATE OFFICES SOLICITORS
Jersey – Head and Registered Office Mourant Ozannes (Jersey)
Caledonia Mining Corporation Plc 22 Grenville Street

B006 Millais House

St Helier
Castle Quay

Jersey

St Helier Channel Islands
Jersey JE2 3NF
   
South Africa Borden Ladner Gervais LLP (Canada)
Caledonia Mining South Africa Proprietary Limited Suite 4100, Scotia Plaza
P.O. Box 4628 40 King Street West
Weltevreden park Toronto, Ontario M5H 3Y4 Canada
1715  
South Africa  
  Memery Crystal LLP (United Kingdom)
Zimbabwe 165 Fleet Street
Caledonia Holdings Zimbabwe (Private) Limited London EC4A 2DY
P.O. Box CY1277 United Kingdom
Causeway, Harare
Zimbabwe  
Dorsey & Whitney LLP (US)
Capitalisation (August 13, 2020) TD Canada Trust Tower
Authorised: Unlimited Brookfield Place
Shares, Warrants and Options Issued: 161 Bay Street
Shares: 11,820,931 Suite 4310
Options: 33,000 Toronto, Ontario
M5J 2S1 Canada
SHARE TRADING SYMBOLS  
NYSE American - Symbol “CMCL” AUDITORS
AIM - Symbol “CMCL” BDO South Africa Incorporated
Wanderers Office Park
BANKERS 52 Corlett Drive
Barclays Illovo 2196
13 Library Place South Africa
St Helier, Jersey Tel: +27(0)105907200
 
REGISTRAR & TRANSFER AGENT
Computershare
  100 University Ave, 8th Floor,
  Toronto, Ontario, M5J 2Y1
  Tel: +1416263 9483

 

 

 

 

23

 

v3.20.2
Document And Entity Information
6 Months Ended
Jun. 30, 2020
Document Information [Line Items]  
Entity Registrant Name Caledonia Mining Corp Plc
Entity Central Index Key 0000766011
Current Fiscal Year End Date --12-31
Document Type 6-K/A
Document Period End Date Jun. 30, 2020
Document Fiscal Year Focus 2020
Document Fiscal Period Focus Q2
Amendment Flag true
Amendment Description The sole purpose of this amendment to Form 6-K, originally filed with the Securities and Exchange Commission on August 13, 2020, is to furnish Exhibit 99.1 to the Form 6-K in the form containing the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included therein.
v3.20.2
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Revenue $ 22,913 $ 16,520 $ 46,515 $ 32,440
Royalties (1,146) (864) (2,328) (1,683)
Production costs (11,451) (7,571) (22,138) (17,340)
Depreciation (1,141) (1,052) (2,314) (2,100)
Gross profit 9,175 7,033 19,735 11,317
Other income 2,791 749 4,709 2,038
Other expenses (1,314) (220) (1,522) (309)
Administration expenses (1,275) (1,309) (2,822) (2,705)
Cash-settled share-based payment expense (762) (9) (946) (370)
Net foreign exchange gain 1,486 21,645 3,709 24,925
Profit on sale of subsidiary 5,409
Fair value losses on derivative assets (113) (194) (148) (324)
Operating profit 9,988 27,695 22,715 39,981
Finance income 18 44 32 50
Finance cost (147) (16) (299) (70)
Profit before tax 9,859 27,723 22,448 39,961
Tax expense (3,507) 223 (6,417) (1,296)
Profit for the period 6,352 27,946 16,031 38,665
Other comprehensive income        
Exchange differences on translation of foreign operations 293 144 (1,058)
Reclassification of accumulated exchange differences on the sale of subsidiary (2,109)
Total comprehensive income for the period 6,645 28,090 14,973 36,556
Profit attributable to:        
Owners of the Company 5,134 23,303 13,374 32,621
Non-controlling interests 1,218 4,643 2,657 6,044
Profit for the period 6,352 27,946 16,031 38,665
Total comprehensive income attributable to:        
Owners of the Company 5,427 23,447 12,316 30,512
Non-controlling interests 1,218 4,643 2,657 6,044
Total comprehensive income for the period $ 6,645 $ 28,090 $ 14,973 $ 36,556
Earnings per share        
Basic earnings per share ($) (in dollars per share) $ 0.43 $ 2.11 $ 1.14 $ 2.99
Diluted earnings per share ($) (in dollars per share) $ 0.43 $ 2.11 $ 1.14 $ 2.99
v3.20.2
Condensed Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Assets    
Property, plant and equipment $ 119,410 $ 113,651
Deferred tax asset 96 63
Total non-current assets 119,506 113,714
Inventories 12,010 11,092
Prepayments 2,915 2,350
Trade and other receivables 7,170 6,912
Derivative financial assets 1,112 102
Cash and cash equivalents 11,639 9,383
Total current assets 34,846 29,839
Total assets 154,352 143,553
Equity and liabilities    
Share capital 62,158 56,065
Reserves 137,425 140,730
Retained loss (76,687) (88,380)
Equity attributable to shareholders 122,896 108,415
Non-controlling interests 15,059 16,302
Total equity 137,955 124,717
Liabilities    
Provisions 3,384 3,346
Deferred tax liability 1,457 3,129
Term loan facility – long term portion 263 1,942
Cash-settled share-based payments – long term portion 1,384 540
Total non-current liabilities 6,488 8,957
Term loan facility – short term portion 458 529
Cash-settled share-based payments – short term portion 73
Income tax payable 1,267 163
Trade and other payables 8,111 8,697
Overdraft 490
Total current liabilities 9,909 9,879
Total liabilities 16,397 18,836
Total equity and liabilities $ 154,352 $ 143,553
v3.20.2
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Issued capital [member]
Reserve of exchange differences on translation [member]
Capital reserve [member]
Reserve of share-based payments [member]
Retained earnings [member]
Equity attributable to owners of parent [member]
Non-controlling interests [member]
Total
Balance at Dec. 31, 2018 $ 55,102 $ (6,561) $ 132,591 $ 16,760 $ (127,429) $ 70,463 $ 8,345 $ 78,808
Statement Line Items [Line Items]                
Dividends paid   (1,478) (1,478) (142) (1,620)
Shares issued – share based payment 963 963 963
Profit for the period 32,621 32,621 6,044 38,665
Other comprehensive income for the period (2,109) (2,109) (2,109)
Balance at Jun. 30, 2019 56,065 (8,670) 132,591 16,760 (96,286) 100,460 14,247 114,707
Balance at Dec. 31, 2019 56,065 (8,621) 132,591 16,760 (88,380) 108,415 16,302 124,717
Statement Line Items [Line Items]                
Dividends paid (1,681) (1,681) (300) (1,981)
Shares issued – share based payment 216 216 216
Profit for the period 13,374 13,374 2,657 16,031
Other comprehensive income for the period (1,058) (1,058) (1,058)
Shares issued – option exercises 30 30 30
Blanket shares repurchased by shares issued 5,847 (2,247) 3,600 (3,600)
Balance at Jun. 30, 2020 $ 62,158 $ (9,679) $ 132,591 $ 14,513 $ (76,687) $ 122,896 $ 15,059 $ 137,955
v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Cash generated by operations $ 5,413 $ 2,484 $ 16,371 $ 9,117
Net interest paid (123) 16 (263) (96)
Tax paid (1,315) (362) (2,034) (608)
Net cash from operating activities 3,975 2,138 14,074 8,413
Cash flows from investing activities        
Acquisition of property, plant and equipment (3,228) (4,186) (7,921) (9,326)
Purchase of derivate financial asset (1,058) (1,058)
Proceeds on disposal of subsidiary 900 1,000
Net cash used in investing activities (4,286) (4,186) (8,079) (8,326)
Cash flows from financing activities        
Dividends paid (1,012) (882) (1,981) (1,620)
Payment of lease liabilities (32) (57)
Proceeds from share option exercises 30 30
Net cash used in financing activities (1,014) (882) (2,008) (1,620)
Net (decrease)/ increase in cash and cash equivalents (1,325) (2,930) 3,987 (1,533)
Effect of exchange rate fluctuations on cash held (861) 1,063 (1,241) (1,779)
Net cash and cash equivalents at beginning of period 13,825 9,742 8,893 11,187
Net cash and cash equivalents at end of period $ 11,639 $ 7,875 $ 11,639 $ 7,875
v3.20.2
Note 1 - Reporting Entity
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of general information about financial statements [text block]
1
       Reporting entity
 
Caledonia Mining Corporation Plc (the “Company”) is a company domiciled in Jersey, Channel Islands. The address of the Company's registered office is
B006
Millais House, Castle Quay, St Helier, Jersey, Channel Islands. These unaudited condensed consolidated interim financial statements as at and for the
6 months ended
June 30, 2020
comprise the Company and its subsidiaries (the “Group”). The Group is primarily involved in the operation of a gold mine and the exploration and development of mineral properties for precious metals.
 
Caledonia's shares are listed on the NYSE American stock exchange (symbol - “CMCL”). Depository interests in Caledonia's shares are admitted to trading on AIM of the London Stock Exchange plc (symbol - “CMCL”).
v3.20.2
Note 2 - Basis for Preparation
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of basis of preparation of financial statements [text block]
2
       Basis for preparation
 
i)
                   
Statement of compliance
 
These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS
34
Interim Financial Reporting and do
not
include all the information required for full annual financial statements. Accordingly, certain information and disclosures normally included in the annual financial statements prepared in accordance with IFRS as issued by the IASB have been omitted or condensed. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended
December 31, 2019
 
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; and
 
·
derivative financial assets measured at fair value.
 
iii)
               
Functional currency
 
These unaudited condensed consolidated interim financial statements are presented in United States dollars (“$” or “US Dollar” or “USD”), which is also the functional currency of the Company. All financial information presented in United States dollars have been rounded to the nearest thousand, unless indicated otherwise. Refer to note
11
for changes to the RTGS$ currency and the effect thereof on the statement of profit or loss and other comprehensive income.
v3.20.2
Note 3 - Use of Accounting Assumptions, Estimates and Judgements
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of accounting judgements and estimates [text block]
3
       Use of accounting assumptions, estimates and judgements
 
In preparing these unaudited condensed consolidated interim financial statements, management has made accounting assumptions, estimates and judgements that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results
may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recognised prospectively.
v3.20.2
Note 4 - Significant Accounting Policies
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of significant accounting policies [text block]
4
       Significant accounting policies
 
The same accounting policies and methods of computation have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as compared to the Group's annual financial statements for the year ended
December 31, 2019.
In addition, the accounting policies have been applied consistently by the Group entities.
v3.20.2
Note 5 - Blanket Zimbabwe Indigenization Transaction
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of the Blanket Zimbabwe indigenisation transaction [text block]
5
       Blanket Zimbabwe Indigenisation Transaction
 
On
February 20, 2012
the Group announced it had signed a Memorandum of Understanding (“MoU”) with the Minister of Youth, Development, Indigenisation and Empowerment of the Government of Zimbabwe pursuant to which the Group agreed that indigenous Zimbabweans would acquire an effective
51%
ownership interest in the Zimbabwean company owning the Blanket Mine (also referred to herein as “Blanket” or “Blanket Mine” as the context requires) for a paid transactional value of
$30.09
million. Pursuant to the above, members of the Group entered into agreements with each indigenous shareholder to transfer
51%
of the Group's ownership interest in Blanket Mine whereby it:
 
·
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,
outstanding balances on these facilitation loans attract interest at a rate of the lower of a fixed
7.25%
per annum payable quarterly or
80%
of the Blanket Mine dividend in the quarter. The timing of the repayment of the loans depends on the future financial performance of Blanket Mine and the extent of future dividends declared by Blanket Mine. The facilitation loans relating to the Group were transferred as dividends in specie intra Group and now the loans and most of the interest thereon is payable to the Company.
 
Accounting treatment
 
The directors of Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”), a wholly owned subsidiary of the Company, performed a re-assessment, using the requirements of IFRS
10:
Consolidated Financial Statements (IFRS
10
), and concluded that CHZ should continue to consolidate Blanket Mine after the indigenisation and accordingly the subscription agreements with the indigenous shareholders have been accounted for as a transaction with non-controlling interests and as a share based payment transaction.
 
The subscription agreements, concluded on
February 20, 2012,
were accounted for as follows:
 
·
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 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 is recognised as non-controlling interests 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
June 30, 2020
the attributable net asset value did
not
exceed the balance on the respective loan accounts and thus
no
additional NCI was recognised.
     
·
The transaction with BETS is accounted for in accordance with IAS
19
Employee Benefits
(profit sharing arrangement) as the ownership of the shares does
not
ultimately pass to the employees. The employees are entitled to participate in
20%
of the dividends accruing to the
10%
shareholding in Blanket Mine if they are employed at the date of such distribution. To the extent that
80%
of the attributable dividends exceeds the balance on the BETS facilitation loan they will accrue to the employees at the date of such declaration.
     
·
The Employee Trust and BETS are entities effectively controlled and consolidated by Blanket Mine. Accordingly, the shares held by BETS are effectively treated as treasury shares in Blanket Mine and
no
NCI is recognised.
     
 
Fremiro purchase agreement
 
On
November 5, 2018
the Company and Fremiro entered into a sale agreement for Caledonia to purchase Fremiro's
15%
shareholding in Blanket Mine. On
January 21, 2020
all substantive conditions to the transaction were satisfied and the Company issued
727,266
shares to Fremiro for the cancellation of their facilitation loan and purchase of Fremiro's
15%
shareholding in Blanket Mine. The transaction was accounted for as a repurchase of a previously vested equity instrument. As a result, the Fremiro share of the NCI of
$3,600
was derecognised, shares were issued at fair value, the share based payment reserve was reduced by
$2,247
and the Company's shareholding in Blanket Mine increased to
64%
on the effective date.
 
Blanket Mine's indigenisation shareholding percentages and facilitation loan balances
 
                              Balance of facilitation loan #  
USD     Shareholding       NCI Recognised       NCI subject to facilitation loan      
June 30,
2020
     
Dec 31,
2019
 
NIEEF    
16
%    
3.2
%    
12.8
%    
11,849
     
11,877
 
Fremiro     -
&
      -
&
      -
&
     
-
&
     
11,458
 
Community Trust    
10
%    
10.0
%    
-
     
-
     
-
 
BETS ~    
10
%    
-
*    
-
*    
7,573
     
7,639
 
     
36
%    
13.2
%    
12.8
%    
19,422
     
30,974
 
 
The balance on the facilitation loans is reconciled as follows:
 
      2020       2019  
                 
Balance at January 1,    
30,974
     
30,986
 
Cancellation of Fremiro loan    
(11,458
)    
-
 
Dividends used to repay loans    
(793
)    
(540
)
Interest accrued    
699
     
536
 
Balance at June 30,    
19,422
     
30,982
 
 
* The shares held by BETS are effectively treated as treasury shares (see above).
~ Accounted for under
IAS19
Employee Benefits.
&
After Fremiro purchase agreement.
# Facilitation loans are accounted for as equity instruments and are accordingly
not
recognised as loans receivable.
 
Advance dividend loans and balances
 
In anticipation of completion of the underlying subscription agreements, Blanket Mine agreed to advance dividend arrangements with NIEEF and the Community Trust. Advances made to the Community Trust against their right to receive dividends declared by Blanket Mine on their shareholding are as follows:
 
·
a
$2
million payment on or before
September 30, 2012;
 
·
a
$1
million payment on or before
February 28, 2013;
and
 
·
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%
per annum, payable quarterly or the Blanket Mine dividend in the quarter to the advanced dividend loan holder. The loan is repayable by way of set-off of future dividends on the Blanket Mine shares owned by the Community Trust. Advances made to NIEEF as an advanced dividend loan before
2013
have been settled through Blanket Mine dividend repayments in
2014.
The advance dividend payments were recognised as distributions to shareholders and they are classified as equity instruments. The loans arising are
not
recognised as loans receivable, because repayment is by way of uncertain future dividends.
 
Amendments to advanced dividend loan agreements
 
Advance dividend loan modification - Community Trust
 
On
February 27, 2020,
the Group, Blanket Mine and the indigenous shareholders of Blanket Mine reached agreement to change the repayment terms of the advance dividend loan to the Community Trust. The amendment allowed that
20%
of the Community Trust share of the Blanket dividend accrue on declaration of the dividend and that the remaining
80%
be applied to the advance dividend loan from
February 27, 2020.
The modification was
not
considered beneficial to the indigenous shareholders.
 
The movement in the advance dividend loan to the Community Trust is reconciled as follows:
 
      2020       2019  
                 
Balance at January 1,    
1,632
     
2,053
 
Dividends used to repay advance dividends    
(336
)    
(175
)
Interest accrued    
53
     
37
 
Balance at June 30,    
1,349
     
1,915
 
v3.20.2
Note 6 - Production Costs
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of cost of sales [text block]
6
        Production costs
 
      2020       2019  
                 
Salaries and wages    
8,849
     
7,727
 
Consumable materials    
7,589
     
5,466
 
Electricity costs    
3,959
     
2,715
 
Site restoration    
-
     
10
 
Safety    
368
     
399
 
Cash-settled share-based expense (note 10(a))    
191
     
70
 
On mine administration    
1,010
     
797
 
Pre-feasibility exploration costs    
172
     
156
 
     
22,138
     
17,340
 
v3.20.2
Note 7 - Other Income
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of other operating income [text block]
7
        Other income
 
      2020       2019  
                 
Government grant – Gold sale export incentive    
4,695
     
866
 
Government grant – Gold Support price    
-
     
1,064
 
Other    
14
     
108
 
     
4,709
     
2,038
 
 
Government grant – Gold sale export incentive
The Reserve Bank of Zimbabwe (“RBZ”)
first
announced an export credit incentive (“ECI”) on the gold proceeds received for all large-scale gold mine producers during
2016.
The ECI is calculated as a percentage of the gold proceeds less the charges of Fidelity Printers and Refiners Limited (“Fidelity”). The below table indicates when the ECI was applicable and the percentages applied, as announced by government:
 
ECI applicable periods
Percentage
May 1, 2016 – January 1, 2018
3.5%
January 1, 2018 – February 1, 2018
2.5%
February 1, 2018 – February 20, 2019
10%
March 10, 2020 – June 26, 2020
25%
 
All incentives granted by the Zimbabwean government were included in other income when determined receivable and receipts were received in Blanket Mine's RTGS$ account. ECI fell away after
June 26, 2020.
 
Government grant – Gold support price
 
From
March 6, 2019
it became apparent that Blanket Mine's sales proceeds received from Fidelity were calculated at a gross price of
$44,000
per kilogram (
$1,368.58
per ounce), which exceeded the prevailing London Bullion Market Association (“LBMA”) price. On
May 12, 2019,
the Company received confirmation from Fidelity of this windfall receipt, called the “gold support price”, which has been implemented to incentivise gold producers to increase gold production.
No
gold support price was received as the LBMA gold price for the last
6
months was over and above
$1,368.58
per ounce.
v3.20.2
Note 8 - Other Expenses
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of other operating expense [text block]
8
        Other expenses
 
      2020       2019  
                 
Intermediated Money Transaction Tax    
213
     
165
 
Solar expenses    
202
     
-
 
COVID-19 Donations    
1,048
     
-
 
Impairment of property, plant and equipment    
59
     
144
 
     
1,522
     
309
 
 
Blanket Mine donated funds towards the Zimbabwean Ministry of Mines and Development in helping to combat the spread of COVID-
19
and the impacts thereof.
v3.20.2
Note 9 - Administrative Expenses
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of general and administrative expense [text block]
9
        Administrative expenses
 
      2020       2019  
                 
Investor relations    
174
     
255
 
Audit fee    
124
     
118
 
Advisory services fee    
272
     
195
 
Listing fees    
190
     
170
 
Directors fees company    
140
     
112
 
Directors fees Blanket    
20
     
8
 
Employee costs    
1,588
     
1,383
 
Other office administration costs    
229
     
309
 
Travel costs    
85
     
138
 
Eersteling Gold Mine administration costs    
-
     
17
 
     
2,822
     
2,705
 
v3.20.2
Note 10 - Cash-settled Share-based Payments
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of share-based payment arrangements [text block]
10
       Cash-settled share-based payments
 
The Group has expensed the following cash-settled share-based payment arrangements for the
6 months ended
June 30:
 
      Note       2020       2019  
                         
Restricted Share Units and Performance Units    
10(a)
     
927
     
344
 
Caledonia Mining South Africa employee incentive scheme    
10(b)
     
19
     
26
 
     
 
     
946
     
370
 
 
(a)         Restricted Share Units and Performance Units
 
Certain key management members were granted Restricted Share Units (“RSUs”) and Performance Units (”PUs”) pursuant to provisions of the
2015
Omnibus Equity Incentive Compensation Plan. All RSUs and PUs were granted and approved by the Compensation Committee of the Board of Directors.
 
RSUs vest
three
years after grant date given that the service condition of the relevant employees have been fulfilled. The value of the vested RSUs is the number of RSUs vested multiplied by the fair market value of the Company's shares, as specified by the plan, on date of settlement.
 
PUs have a performance condition based on gold production and a performance period of
three
years. The number of PUs that vest will be the PUs granted multiplied by the performance multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations on the date of the award.
 
RSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional RSUs at the then applicable share price calculated at the average Bank of Canada rate immediately preceding the dividend payment. PUs have rights to dividends only after they have vested.
 
RSUs and PUs allow for settlement of the vesting date value in cash or shares issuable at fair market value or a combination of both at the discretion of the unit holder.
 
The fair value of the RSUs, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PUs, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. At the reporting date it was assumed that there is a
93%
-
100%
probability that the performance conditions will be met and therefore a
93%
-
100%
(
2019:
93%
-
100%
) average performance multiplier was used in calculating the estimated liability. The liability as at
June 30, 2020
amounted to
$1,426
(
December 31, 2019:
$524
). Included in the liability as at
June 30, 2020
is an amount of
$191
(
June 30, 2019:
$70
) that was expensed and classified as production costs; refer note
6.
During the year PUs and RSUs to the value of
$216
vested and were issued as share capital.
 
The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on:
 
    June 30,
2020
  December 31,
2019
     
RSUs
     
PUs
      RSUs       PUs  
                                 
Fair value (USD)   $
17.32
    $
17.32
    $
5.85
     
5.49
9
5.79
9
 
Share price (USD)   $
17.32
    $
16.98
    $
5.85
    $
5.85
 
Performance multiplier percentage    
-
     
93
-
100%
     
-
     
93
-
100%
 
 
Share units granted:
 
     
RSUs
     
PUs
      RSUs       PUs  
                                 
Grant – January 11, 2016    
-
     
-
     
60,645
     
242,579
 
Grant- March 23, 2016    
-
     
-
     
10,965
     
43,871
 
Grant – June 8, 2016    
-
     
-
     
5,117
     
20,470
 
Grant - January 19, 2017    
4,443
     
17,774
     
4,443
     
17,774
 
Grant - January 19, 2019    
-
     
124,027
     
-
     
124,027
 
Grant - June 8, 2019    
-
     
14,672
     
-
     
14,672
 
Grant - January 11, 2020    
17,585
     
107,640
     
-
     
-
 
Grant - January 19, 2020    
-
     
13,692
     
-
     
-
 
Grant - March 31, 2020    
-
     
1,971
     
 
     
 
 
Grant – June 1, 2020    
-
     
1,740
     
 
     
 
 
RSU dividends reinvested    
869
     
-
     
11,316
     
-
 
Settlements    
(5,052
)    
(17,774
)    
(87,434
)    
(306,920
)
Total awards    
17,845
     
263,742
     
5,052
     
156,473
 
 
(b)         Caledonia Mining South Africa employee incentive scheme
 
From
2017
Caledonia Mining South Africa Proprietary Limited granted
52,282
awards to certain of its employees that entitle them to a cash pay-out at the Company's share price on
November 30,
each year over a
3
year period from the grant date. The cash-settled share-based payment liability was calculated based on the number of awards expected to vest multiplied by the Company's Black Scholes option valuation fair value of
£7.44
at the reporting date and apportioned for the quantity vested over the total vesting period. The liability relating to these cash-settled share-based payment awards amounted to
$31
(
December 31, 2019:
$16
) and the expense amounted to
$19
(
June 30, 2019:
$26
) for the
6 months ended
June 30, 2020.
The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability for the
6 months ended
June 30, 2020.
 
     
June 30,
2020
     
December 31,
2019
 
     
Awards
 
Grant – July 2017 (3 year term)    
-
     
37,330
 
Grant – August 2018 (3 year term)    
5,918
     
5,918
 
Grant – August 2019 (3 year term)    
9,034
     
9,034
 
Awards paid out    
(7,655
)    
(44,985
)
Total awards outstanding    
7,297
     
7,297
 
                 
Estimated awards expected to vest    
100
%    
100
%
v3.20.2
Note 11 - Net Foreign Exchange Gain
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of effect of changes in foreign exchange rates [text block]
11
        Net foreign exchange gain
 
On
October 1, 2018
the RBZ issued a directive to Zimbabwean banks to separate foreign currency from RTGS$ in the accounts held by their clients and pegged the RTGS$ at
1:1
to the US Dollar. On
February 20, 2019
the RBZ issued a further monetary policy statement, which allowed inter-bank trading between RTGS$ and foreign currency. The interbank rate was introduced at
2.5
RTGS$ to
1
US Dollar and traded at
57.3582
RTGS$ to
1
US Dollar as at
June 30, 2020 (
December 2019:
16.77
RTG$). On
June 24, 2019
the Government issued S.I.
142
which stated, “
Zimbabwe dollar (RTGS$) to be the sole currency for legal tender purposes for any transactions in Zimbabwe”.
Throughout these announcements and to the date of issue of these financial statements the US dollar has remained the primary currency in which the Group's Zimbabwean entities operate and the functional currency of these entities.
 
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
clarified the Zimbabwean Government's intentions that these liabilities were always denominated in RTGS$ and that RTGS$ would be the currency in which they would be settled. The devaluation of the deferred tax and electricity liabilities contributed the largest portion of the foreign exchange gain set out below.
 
The table below illustrates the effect the weakening of the RTGS$ and other non-RTGS$ currencies had, against the US Dollar, on the statement of profit or loss and other comprehensive income.
 
      2020       2019  
                 
Unrealised foreign exchange gain    
5,201
     
25,447
 
Realised foreign exchange loss    
(1,492
)    
(522
)
Net foreign exchange gain    
3,709
     
24,925
 
v3.20.2
Note 12 - Property, Plant and Equipment
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of property, plant and equipment [text block]
12
       Property, plant and equipment
 
     
Land and buildings
     
Mine development, infrastructure and other
     
Exploration and Evaluation assets
     
Plant and equipment
     
Fixtures and fittings
      Motor vehicles       Total  
                                                         
Cost                                                        
                                                         
Balance at January 1, 2019    
10,339
     
74,509
     
6,967
     
32,675
     
923
     
2,402
     
127,815
 
Initial recognition of right of use assets    
409
     
-
     
-
     
-
     
-
     
-
     
409
 
Additions*    
267
     
19,020
     
172
     
897
     
88
     
151
     
20,595
 
Impairments    
-
     
-
     
-
     
(144
)    
-
     
-
     
(144
)
Disposals    
(212
)    
-
     
-
     
-
     
-
     
(16
)    
(228
)
Reallocations between asset classes    
25
     
(2,989
)    
-
     
2,964
     
-
     
-
     
-
 
Foreign exchange movement    
5
     
2
     
-
     
3
     
7
     
1
     
18
 
Balance at December 31, 2019    
10,833
     
90,542
     
7,139
     
36,395
     
1,018
     
2,538
     
148,465
 
Additions*    
-
     
6,633
     
62
     
1,314
     
46
     
133
     
8,188
 
Impairments    
-
     
-
     
-
     
(59
)    
-
     
-
     
(59
)
Reallocations between asset classes    
556
     
(687
)    
-
     
131
     
-
     
-
     
-
 
Foreign exchange movement    
(37
)    
-
     
-
     
(28
)    
(59
)    
(7
)    
(131
)
Balance at June 30, 2020    
11,352
     
96,488
     
7,201
     
37,753
     
1,005
     
2,664
     
156,463
 
 
* Included in additions is an amount of
$6,476
(
December 31, 2019:
$20,093
) relating to capital work in progress (“CWIP”) and contains
$26
(
December 31, 2019:
$165
) of borrowing costs capitalised from the term loan. As at period end
$83,323
of CWIP was included in the cost closing balance (
December 31, 2019:
$76,847
).
 
     
Land and buildings
     
Mine development, infrastructure and other
     
Exploration and Evaluation assets
     
Plant and equipment
     
Fixtures and fittings
     
Motor vehicles
     
Total
 
                                                         
Accumulated depreciation and Impairment losses                                                        
                                                         
Balance at January 1, 2019    
4,411
     
5,821
     
-
     
17,357
     
649
     
2,150
     
30,388
 
Initial recognition of right of use of assets    
146
     
-
     
-
     
-
     
-
     
-
     
146
 
Depreciation for the year    
1,005
     
504
     
-
     
2,693
     
99
     
133
     
4,434
 
Impairments    
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Disposals    
(149
)    
-
     
-
     
-
     
-
     
(16
)    
(165
)
Foreign exchange movement    
-
     
-
     
-
     
-
     
5
     
6
     
11
 
Balance at December 31, 2019    
5,413
     
6,325
     
-
     
20,050
     
753
     
2,273
     
34,814
 
Depreciation    
507
     
294
     
-
     
1,396
     
46
     
71
     
2,314
 
Foreign exchange movement    
(21
)    
-
     
-
     
-
     
(52
)    
(2
)    
(75
)
Balance at June 30, 2020    
5,899
     
6,619
     
-
     
21,446
     
747
     
2,342
     
37,053
 
Carrying amounts                                                        
At December 31, 2019    
5,420
     
84,217
     
7,139
     
16,345
     
265
     
265
     
113,651
 
At June 30, 2020    
5,453
     
89,869
     
7,201
     
16,307
     
258
     
322
     
119,410
 
v3.20.2
Note 13 - Inventories
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of inventories [text block]
13
        Inventories
 
      December 31,  
      2020       2019  
                 
Consumable stores    
12,010
     
10,716
 
Gold in progress    
-
     
376
 
     
12,010
     
11,092
 
v3.20.2
Note 14 - Trade and Other Receivables
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of trade and other receivables [text block]
14
       Trade and other receivables
 
      December 31,  
      2020       2019  
                 
Bullion sales receivable    
4,027
     
2,987
 
VAT receivables    
1,169
     
1,765
 
Deferred consideration on the disposal of subsidiary    
1,099
     
1,991
 
Deposits for stores and equipment and other receivables    
875
     
169
 
     
7,170
     
6,912
 
 
The net carrying value of trade receivables is considered a reasonable approximation of fair value and are short-term in nature.
No
provision for expected credit losses were recognised as all scheduled payments were received up to the date of approval of these financial statements and non-payment of Trade and other receivables were
not
foreseen. The Bullion sales receivable was received after the quarter end.
v3.20.2
Note 15 - Derivative Financial Assets
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of hedge accounting [text block]
15
       Derivative financial assets
 
              December 31,  
     
2020
     
2019
 
                 
Derivatives not designated as hedging instrument:                
Gold exchange traded fund (Gold ETF)    
1,112
     
-
 
Gold Hedge    
-
     
102
 
     
1,112
     
102
 
 
Gold ETF
 
In
April 2020
the South African subsidiary, Caledonia Mining South Africa Proprietary Limited, purchased a Gold ETF through Standard Bank Limited at a cost of
$1,058.
The Gold ETF is denominated in South African Rand and the instrument is utilised to invest excess short term Rands on hand at the South Africa subsidiary. The Gold ETF's value tracks the US spot gold price and was entered into to offset fluctuations in the South African Rand against the US Dollar. The total expense, representing the change in the Rand tracked US spot gold price, amounted to
$46
(
2019:
$Nil
) for the
6 months ended
June 30, 2020.
Foreign currency translation gains, due to the fluctuations in the Rand against the US Dollar on translation of the foreign subsidiary, amounted to
$100
(
2019:Nil
).
 
Gold Hedge
 
The Company entered into a hedge in
November 2019
at a cost of
$379.
The hedge was in the form of put options in respect of
4,600
ounces of gold for the period
January
to
June 2020
exercisable at a strike price of
$1,400
per ounce. At
December 31, 2019
the mark-to-market valuation, that represents the fair value of the hedge amounted to
$102
(
2018:
Nil
).   The hedges were entered into by the Company for economic hedging purposes to ensure sufficient cash availability for Blanket Mine's capital investment plan, rather than as a speculative investment. The total expense of the derivative contract amounted to
$102
(
2019:
$324
) for the
6 months ended
June 30, 2020.
 
Fair value losses on derivative assets     2020       2019  
                 
Gold ETF    
46
     
-
 
Gold hedge    
102
     
324
 
     
148
     
324
 
v3.20.2
Note 16 - Cash Flow Information
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of cash flow statement [text block]
16
        Cash flow information
 
Non-cash items and information presented separately on the cash flow statement:
 
      2020       2019  
                 
Operating profit    
22,715
     
39,981
 
Adjustments for:                
Unrealised foreign exchange gains (Note11)    
(5,201
)    
(25,447
)
Cash-settled share-based expense (Note 10)    
946
     
370
 
Cash-settled share-based expense included in production costs (Note 6)    
191
     
70
 
Settlement of cash-settled share-based payments    
-
     
(1,280
)
Gold hedge - unrealised cash portion (Note 15)    
102
     
324
 
Depreciation    
2,314
     
2,100
 
Impairment of property, plant and equipment    
59
     
144
 
Gold ETF - non-cash fair value losses loss (Note15)    
46
     
-
 
Profit on sale of subsidiary    
-
     
(5,409
)
Site restoration    
-
     
10
 
Cash generated by operations before working capital changes    
21,172
     
10,863
 
Inventories    
(1,292
)    
(302
)
Prepayments    
744
     
(529
)
Trade and other receivables    
(2,595
)    
23
 
Trade and other payables    
(1,657
)    
(938
)
Cash generated by operations    
16,371
     
9,117
 
v3.20.2
Note 17 - Operating Segments
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of entity's operating segments [text block]
17
       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. The South Africa geographical segment comprises a gold mine, that is on care and maintenance (and now sold), as well as sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The holding company (Caledonia Mining Corporation Plc) and Greenstone Management Services Holdings Limited (a UK company) responsible for administrative functions within the group are taken into consideration in the strategic decision-making process of the CEO and are therefore included in the disclosure below. Reconciling amounts do
not
represent a separate segment. Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before income tax, as included in the internal management report that are reviewed by the Group's CEO. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.
 
Information about reportable segments
 
For the 6 months ended June 30, 2020    
Zimbabwe
     
South Africa
     
Inter-group eliminations adjustments
     
Corporate and other reconciling amounts
     
Total
 
                                         
Revenue    
46,515
     
7,638
     
(7,638
)    
-
     
46,515
 
Royalties    
(2,328
)    
-
     
-
     
-
     
(2,328
)
Production costs    
(22,241
)    
(6,502
)    
6,605
     
-
     
(22,138
)
Depreciation    
(2,499
)    
(43
)    
248
     
(20
)    
(2,314
)
Other income    
4,705
     
4
     
-
     
-
     
4,709
 
Other expenses    
(1,410
)    
(112
)    
-
     
-
     
(1,522
)
Administration expenses    
(68
)    
(873
)    
-
     
(1,881
)    
(2,822
)
Management fee    
(1,279
)    
1,279
     
-
     
-
     
-
 
Cash-settled share-based payment expense    
-
     
(19
)    
191
     
(1,118
)    
(946
)
Net foreign exchange gain    
3,746
     
(579
)    
-
     
542
     
3,709
 
Gold hedge fair value losses    
-
     
-
     
-
     
(102
)    
(102
)
Gold ETF fair value losses    
-
     
(46
)    
 
     
-
     
(46
)
Net finance costs    
(298
)    
28
     
-
     
3
     
(267
)
Dividends (paid)/ received    
(2,198
)    
(1,202
))    
-
     
3,400
     
-
 
Profit before tax    
22,645
     
(427
)    
(594
)    
824
     
22,448
 
Tax expense    
(5,905
)    
(224
)    
(59
)    
(229
)    
(6,417
)
Profit for the period    
16,740
     
(651
)    
(653
)    
595
     
16,031
 
 
As at June 30, 2020    
Zimbabwe
     
South Africa
     
Inter-group eliminations adjustments
     
Corporate and other reconciling amounts
         
Geographic segment assets:                                        
Current (excluding intercompany)    
22,665
     
6,165
     
(77
)    
6,093
     
34,846
 
Non-Current (excluding intercompany)    
121,495
     
533
     
(2,746
)    
224
     
119,506
 
Expenditure on property, plant and equipment (Note 12)    
8,655
     
12
     
(479
)    
-
     
8,188
 
Intercompany balances    
14,962
     
5,214
     
(72,332
)    
52,156
     
-
 
Geographic segment liabilities:                                        
Current (excluding intercompany)    
(6,910
)    
(2,422
)    
-
     
(577
)    
(9,909
)
Non-current (excluding intercompany)    
(5,257
)    
-
     
152
     
(1,383
)    
(6,488
)
Intercompany balances    
-
     
(32,809
)    
72,332
     
(39,523
)    
-
 
 
For the 6 months ended June 30, 2019
 
 
Zimbabwe
 
 
 
South Africa
 
 
 
Inter-group eliminations adjustments
 
 
 
Corporate and other reconciling amounts
 
 
 
Total
 
                     
 
                 
Revenue    
32,440
     
6,092
     
(5,878
)    
(214
)    
32,440
 
Royalties    
(1,683
)    
-
     
-
     
-
     
(1,683
)
Production costs    
(17,320
)    
(5,365
)    
5,345
     
-
     
(17,340
)
Depreciation    
(2,217
)    
(55
)    
172
     
-
     
(2,100
)
Other income    
2,036
     
2
     
-
     
-
     
2,038
 
Other expenses    
(309
)    
-
     
-
     
-
     
(309
)
Administration expenses    
(54
)    
(955
)    
-
     
(1,696
)    
(2,705
)
Management fee    
(1,123
)    
1,123
     
-
     
-
     
-
 
Cash-settled share-based payment expense    
(149
)    
(84
)    
-
     
(137
)    
(370
)
Net foreign exchange gain    
24,896
     
11
     
-
     
18
     
24,925
 
Profit on sale of subsidiary    
-
     
-
     
-
     
5,409
     
5,409
 
Gold hedge fair value losses    
-
     
-
     
-
     
(324
)    
(324
)
Net finance costs    
(62
)    
36
     
-
     
6
     
(20
)
Profit before tax    
36,455
     
805
     
(361
)    
3,062
     
39,961
 
Tax expense    
(1,026
)    
(253
)    
23
     
(40
)    
(1,296
)
Profit for the period    
35,429
     
552
     
(338
)    
3,022
     
38,665
 
As at December 31, 2019    
Zimbabwe
     
South Africa
     
Inter-group elimination adjustments
     
Corporate and other reconciling amounts
     
Total
 
                                         
Geographic segment assets:                                        
Current (excluding intercompany)    
21,608
     
3,383
     
(139
)    
4,987
     
29,839
 
Non-current (excluding intercompany)    
115,611
     
315
     
(2,456
)    
244
     
113,714
 
Expenditure on property, plant and equipment (Note 12)    
21,465
     
47
     
(1,165
)    
248
     
20,595
 
Intercompany balances    
-
     
8,869
     
(52,783
)    
43,914
     
-
 
 
Geographic segment liabilities
                                       
Current (excluding intercompany)    
(9,478
)    
-
     
140
     
(736
)    
(10,074
)
Non-current (excluding intercompany)    
(6,784
)    
(1,563
)    
-
     
(415
)    
(8,762
)
Intercompany balances    
(2,441
)    
(32,558
)    
52,783
     
(17,784
)    
-
 
 
Major customer
 
Revenues from Fidelity amounted to
$46,515
(
2019:
$32,440
) for the
6 months ended
June 30, 2020.
v3.20.2
Note 5 - Blanket Zimbabwe Indigenization Transaction (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of indigenisation shareholder percentages and facilitation loan balances [text block]
                              Balance of facilitation loan #  
USD     Shareholding       NCI Recognised       NCI subject to facilitation loan      
June 30,
2020
     
Dec 31,
2019
 
NIEEF    
16
%    
3.2
%    
12.8
%    
11,849
     
11,877
 
Fremiro     -
&
      -
&
      -
&
     
-
&
     
11,458
 
Community Trust    
10
%    
10.0
%    
-
     
-
     
-
 
BETS ~    
10
%    
-
*    
-
*    
7,573
     
7,639
 
     
36
%    
13.2
%    
12.8
%    
19,422
     
30,974
 
Disclosure of movement in dividend loan [text block]
      2020       2019  
                 
Balance at January 1,    
30,974
     
30,986
 
Cancellation of Fremiro loan    
(11,458
)    
-
 
Dividends used to repay loans    
(793
)    
(540
)
Interest accrued    
699
     
536
 
Balance at June 30,    
19,422
     
30,982
 
Disclosure of facilitation loans [text block]
      2020       2019  
                 
Balance at January 1,    
1,632
     
2,053
 
Dividends used to repay advance dividends    
(336
)    
(175
)
Interest accrued    
53
     
37
 
Balance at June 30,    
1,349
     
1,915
 
v3.20.2
Note 6 - Production Costs (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of components for cost of sales [text block]
      2020       2019  
                 
Salaries and wages    
8,849
     
7,727
 
Consumable materials    
7,589
     
5,466
 
Electricity costs    
3,959
     
2,715
 
Site restoration    
-
     
10
 
Safety    
368
     
399
 
Cash-settled share-based expense (note 10(a))    
191
     
70
 
On mine administration    
1,010
     
797
 
Pre-feasibility exploration costs    
172
     
156
 
     
22,138
     
17,340
 
v3.20.2
Note 7 - Other Income (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of other operating income components [text block]
      2020       2019  
                 
Government grant – Gold sale export incentive    
4,695
     
866
 
Government grant – Gold Support price    
-
     
1,064
 
Other    
14
     
108
 
     
4,709
     
2,038
 
Disclosure of ECI applicable and percentages applied [text block]
ECI applicable periods
Percentage
May 1, 2016 – January 1, 2018
3.5%
January 1, 2018 – February 1, 2018
2.5%
February 1, 2018 – February 20, 2019
10%
March 10, 2020 – June 26, 2020
25%
v3.20.2
Note 8 - Other Expenses (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of other operating expenses components [text block]
      2020       2019  
                 
Intermediated Money Transaction Tax    
213
     
165
 
Solar expenses    
202
     
-
 
COVID-19 Donations    
1,048
     
-
 
Impairment of property, plant and equipment    
59
     
144
 
     
1,522
     
309
 
v3.20.2
Note 9 - Administrative Expenses (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of the components of general and administrative expense [text block]
      2020       2019  
                 
Investor relations    
174
     
255
 
Audit fee    
124
     
118
 
Advisory services fee    
272
     
195
 
Listing fees    
190
     
170
 
Directors fees company    
140
     
112
 
Directors fees Blanket    
20
     
8
 
Employee costs    
1,588
     
1,383
 
Other office administration costs    
229
     
309
 
Travel costs    
85
     
138
 
Eersteling Gold Mine administration costs    
-
     
17
 
     
2,822
     
2,705
 
v3.20.2
Note 10 - Cash-settled Share-based Payments (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Explanation of effect of share-based payments on entity's profit or loss [text block]
      Note       2020       2019  
                         
Restricted Share Units and Performance Units    
10(a)
     
927
     
344
 
Caledonia Mining South Africa employee incentive scheme    
10(b)
     
19
     
26
 
     
 
     
946
     
370
 
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block]
    June 30,
2020
  December 31,
2019
     
RSUs
     
PUs
      RSUs       PUs  
                                 
Fair value (USD)   $
17.32
    $
17.32
    $
5.85
     
5.49
9
5.79
9
 
Share price (USD)   $
17.32
    $
16.98
    $
5.85
    $
5.85
 
Performance multiplier percentage    
-
     
93
-
100%
     
-
     
93
-
100%
 
     
RSUs
     
PUs
      RSUs       PUs  
                                 
Grant – January 11, 2016    
-
     
-
     
60,645
     
242,579
 
Grant- March 23, 2016    
-
     
-
     
10,965
     
43,871
 
Grant – June 8, 2016    
-
     
-
     
5,117
     
20,470
 
Grant - January 19, 2017    
4,443
     
17,774
     
4,443
     
17,774
 
Grant - January 19, 2019    
-
     
124,027
     
-
     
124,027
 
Grant - June 8, 2019    
-
     
14,672
     
-
     
14,672
 
Grant - January 11, 2020    
17,585
     
107,640
     
-
     
-
 
Grant - January 19, 2020    
-
     
13,692
     
-
     
-
 
Grant - March 31, 2020    
-
     
1,971
     
 
     
 
 
Grant – June 1, 2020    
-
     
1,740
     
 
     
 
 
RSU dividends reinvested    
869
     
-
     
11,316
     
-
 
Settlements    
(5,052
)    
(17,774
)    
(87,434
)    
(306,920
)
Total awards    
17,845
     
263,742
     
5,052
     
156,473
 
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block]
     
June 30,
2020
     
December 31,
2019
 
     
Awards
 
Grant – July 2017 (3 year term)    
-
     
37,330
 
Grant – August 2018 (3 year term)    
5,918
     
5,918
 
Grant – August 2019 (3 year term)    
9,034
     
9,034
 
Awards paid out    
(7,655
)    
(44,985
)
Total awards outstanding    
7,297
     
7,297
 
                 
Estimated awards expected to vest    
100
%    
100
%
v3.20.2
Note 11 - Net Foreign Exchange Gain (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of foreign currency gains (losses) [text block]
      2020       2019  
                 
Unrealised foreign exchange gain    
5,201
     
25,447
 
Realised foreign exchange loss    
(1,492
)    
(522
)
Net foreign exchange gain    
3,709
     
24,925
 
v3.20.2
Note 12 - Property, Plant and Equipment (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of detailed information about property, plant and equipment [text block]
     
Land and buildings
     
Mine development, infrastructure and other
     
Exploration and Evaluation assets
     
Plant and equipment
     
Fixtures and fittings
      Motor vehicles       Total  
                                                         
Cost                                                        
                                                         
Balance at January 1, 2019    
10,339
     
74,509
     
6,967
     
32,675
     
923
     
2,402
     
127,815
 
Initial recognition of right of use assets    
409
     
-
     
-
     
-
     
-
     
-
     
409
 
Additions*    
267
     
19,020
     
172
     
897
     
88
     
151
     
20,595
 
Impairments    
-
     
-
     
-
     
(144
)    
-
     
-
     
(144
)
Disposals    
(212
)    
-
     
-
     
-
     
-
     
(16
)    
(228
)
Reallocations between asset classes    
25
     
(2,989
)    
-
     
2,964
     
-
     
-
     
-
 
Foreign exchange movement    
5
     
2
     
-
     
3
     
7
     
1
     
18
 
Balance at December 31, 2019    
10,833
     
90,542
     
7,139
     
36,395
     
1,018
     
2,538
     
148,465
 
Additions*    
-
     
6,633
     
62
     
1,314
     
46
     
133
     
8,188
 
Impairments    
-
     
-
     
-
     
(59
)    
-
     
-
     
(59
)
Reallocations between asset classes    
556
     
(687
)    
-
     
131
     
-
     
-
     
-
 
Foreign exchange movement    
(37
)    
-
     
-
     
(28
)    
(59
)    
(7
)    
(131
)
Balance at June 30, 2020    
11,352
     
96,488
     
7,201
     
37,753
     
1,005
     
2,664
     
156,463
 
     
Land and buildings
     
Mine development, infrastructure and other
     
Exploration and Evaluation assets
     
Plant and equipment
     
Fixtures and fittings
     
Motor vehicles
     
Total
 
                                                         
Accumulated depreciation and Impairment losses                                                        
                                                         
Balance at January 1, 2019    
4,411
     
5,821
     
-
     
17,357
     
649
     
2,150
     
30,388
 
Initial recognition of right of use of assets    
146
     
-
     
-
     
-
     
-
     
-
     
146
 
Depreciation for the year    
1,005
     
504
     
-
     
2,693
     
99
     
133
     
4,434
 
Impairments    
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Disposals    
(149
)    
-
     
-
     
-
     
-
     
(16
)    
(165
)
Foreign exchange movement    
-
     
-
     
-
     
-
     
5
     
6
     
11
 
Balance at December 31, 2019    
5,413
     
6,325
     
-
     
20,050
     
753
     
2,273
     
34,814
 
Depreciation    
507
     
294
     
-
     
1,396
     
46
     
71
     
2,314
 
Foreign exchange movement    
(21
)    
-
     
-
     
-
     
(52
)    
(2
)    
(75
)
Balance at June 30, 2020    
5,899
     
6,619
     
-
     
21,446
     
747
     
2,342
     
37,053
 
Carrying amounts                                                        
At December 31, 2019    
5,420
     
84,217
     
7,139
     
16,345
     
265
     
265
     
113,651
 
At June 30, 2020    
5,453
     
89,869
     
7,201
     
16,307
     
258
     
322
     
119,410
 
v3.20.2
Note 13 - Inventories (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of components of inventories [text block]
      December 31,  
      2020       2019  
                 
Consumable stores    
12,010
     
10,716
 
Gold in progress    
-
     
376
 
     
12,010
     
11,092
 
v3.20.2
Note 14 - Trade and Other Receivables (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of the components and trade and other receivables [text block]
      December 31,  
      2020       2019  
                 
Bullion sales receivable    
4,027
     
2,987
 
VAT receivables    
1,169
     
1,765
 
Deferred consideration on the disposal of subsidiary    
1,099
     
1,991
 
Deposits for stores and equipment and other receivables    
875
     
169
 
     
7,170
     
6,912
 
v3.20.2
Note 15 - Derivative Financial Assets (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of derivative financial assets [text block]
              December 31,  
     
2020
     
2019
 
                 
Derivatives not designated as hedging instrument:                
Gold exchange traded fund (Gold ETF)    
1,112
     
-
 
Gold Hedge    
-
     
102
 
     
1,112
     
102
 
Disclosure of fair value losses on derivative assets [text block]
Fair value losses on derivative assets     2020       2019  
                 
Gold ETF    
46
     
-
 
Gold hedge    
102
     
324
 
     
148
     
324
 
v3.20.2
Note 16 - Cash Flow Information (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of detailed information of the cash flow statement [text block]
      2020       2019  
                 
Operating profit    
22,715
     
39,981
 
Adjustments for:                
Unrealised foreign exchange gains (Note11)    
(5,201
)    
(25,447
)
Cash-settled share-based expense (Note 10)    
946
     
370
 
Cash-settled share-based expense included in production costs (Note 6)    
191
     
70
 
Settlement of cash-settled share-based payments    
-
     
(1,280
)
Gold hedge - unrealised cash portion (Note 15)    
102
     
324
 
Depreciation    
2,314
     
2,100
 
Impairment of property, plant and equipment    
59
     
144
 
Gold ETF - non-cash fair value losses loss (Note15)    
46
     
-
 
Profit on sale of subsidiary    
-
     
(5,409
)
Site restoration    
-
     
10
 
Cash generated by operations before working capital changes    
21,172
     
10,863
 
Inventories    
(1,292
)    
(302
)
Prepayments    
744
     
(529
)
Trade and other receivables    
(2,595
)    
23
 
Trade and other payables    
(1,657
)    
(938
)
Cash generated by operations    
16,371
     
9,117
 
v3.20.2
Note 17 - Operating Segments (Tables)
6 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of operating segments [text block]
For the 6 months ended June 30, 2020    
Zimbabwe
     
South Africa
     
Inter-group eliminations adjustments
     
Corporate and other reconciling amounts
     
Total
 
                                         
Revenue    
46,515
     
7,638
     
(7,638
)    
-
     
46,515
 
Royalties    
(2,328
)    
-
     
-
     
-
     
(2,328
)
Production costs    
(22,241
)    
(6,502
)    
6,605
     
-
     
(22,138
)
Depreciation    
(2,499
)    
(43
)    
248
     
(20
)    
(2,314
)
Other income    
4,705
     
4
     
-
     
-
     
4,709
 
Other expenses    
(1,410
)    
(112
)    
-
     
-
     
(1,522
)
Administration expenses    
(68
)    
(873
)    
-
     
(1,881
)    
(2,822
)
Management fee    
(1,279
)    
1,279
     
-
     
-
     
-
 
Cash-settled share-based payment expense    
-
     
(19
)    
191
     
(1,118
)    
(946
)
Net foreign exchange gain    
3,746
     
(579
)    
-
     
542
     
3,709
 
Gold hedge fair value losses    
-
     
-
     
-
     
(102
)    
(102
)
Gold ETF fair value losses    
-
     
(46
)    
 
     
-
     
(46
)
Net finance costs    
(298
)    
28
     
-
     
3
     
(267
)
Dividends (paid)/ received    
(2,198
)    
(1,202
))    
-
     
3,400
     
-
 
Profit before tax    
22,645
     
(427
)    
(594
)    
824
     
22,448
 
Tax expense    
(5,905
)    
(224
)    
(59
)    
(229
)    
(6,417
)
Profit for the period    
16,740
     
(651
)    
(653
)    
595
     
16,031
 
As at June 30, 2020    
Zimbabwe
     
South Africa
     
Inter-group eliminations adjustments
     
Corporate and other reconciling amounts
         
Geographic segment assets:                                        
Current (excluding intercompany)    
22,665
     
6,165
     
(77
)    
6,093
     
34,846
 
Non-Current (excluding intercompany)    
121,495
     
533
     
(2,746
)    
224
     
119,506
 
Expenditure on property, plant and equipment (Note 12)    
8,655
     
12
     
(479
)    
-
     
8,188
 
Intercompany balances    
14,962
     
5,214
     
(72,332
)    
52,156
     
-
 
Geographic segment liabilities:                                        
Current (excluding intercompany)    
(6,910
)    
(2,422
)    
-
     
(577
)    
(9,909
)
Non-current (excluding intercompany)    
(5,257
)    
-
     
152
     
(1,383
)    
(6,488
)
Intercompany balances    
-
     
(32,809
)    
72,332
     
(39,523
)    
-
 
For the 6 months ended June 30, 2019
 
 
Zimbabwe
 
 
 
South Africa
 
 
 
Inter-group eliminations adjustments
 
 
 
Corporate and other reconciling amounts
 
 
 
Total
 
                     
 
                 
Revenue    
32,440
     
6,092
     
(5,878
)    
(214
)    
32,440
 
Royalties    
(1,683
)    
-
     
-
     
-
     
(1,683
)
Production costs    
(17,320
)    
(5,365
)    
5,345
     
-
     
(17,340
)
Depreciation    
(2,217
)    
(55
)    
172
     
-
     
(2,100
)
Other income    
2,036
     
2
     
-
     
-
     
2,038
 
Other expenses    
(309
)    
-
     
-
     
-
     
(309
)
Administration expenses    
(54
)    
(955
)    
-
     
(1,696
)    
(2,705
)
Management fee    
(1,123
)    
1,123
     
-
     
-
     
-
 
Cash-settled share-based payment expense    
(149
)    
(84
)    
-
     
(137
)    
(370
)
Net foreign exchange gain    
24,896
     
11
     
-
     
18
     
24,925
 
Profit on sale of subsidiary    
-
     
-
     
-
     
5,409
     
5,409
 
Gold hedge fair value losses    
-
     
-
     
-
     
(324
)    
(324
)
Net finance costs    
(62
)    
36
     
-
     
6
     
(20
)
Profit before tax    
36,455
     
805
     
(361
)    
3,062
     
39,961
 
Tax expense    
(1,026
)    
(253
)    
23
     
(40
)    
(1,296
)
Profit for the period    
35,429
     
552
     
(338
)    
3,022
     
38,665
 
As at December 31, 2019    
Zimbabwe
     
South Africa
     
Inter-group elimination adjustments
     
Corporate and other reconciling amounts
     
Total
 
                                         
Geographic segment assets:                                        
Current (excluding intercompany)    
21,608
     
3,383
     
(139
)    
4,987
     
29,839
 
Non-current (excluding intercompany)    
115,611
     
315
     
(2,456
)    
244
     
113,714
 
Expenditure on property, plant and equipment (Note 12)    
21,465
     
47
     
(1,165
)    
248
     
20,595
 
Intercompany balances    
-
     
8,869
     
(52,783
)    
43,914
     
-
 
Geographic segment liabilities
                                       
Current (excluding intercompany)    
(9,478
)    
-
     
140
     
(736
)    
(10,074
)
Non-current (excluding intercompany)    
(6,784
)    
(1,563
)    
-
     
(415
)    
(8,762
)
Intercompany balances    
(2,441
)    
(32,558
)    
52,783
     
(17,784
)    
-
 
v3.20.2
Note 5 - Blanket Zimbabwe Indigenization Transaction (Details Textual) - USD ($)
$ in Thousands
2 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Jan. 21, 2020
Nov. 05, 2018
Jun. 23, 2017
Feb. 20, 2012
Apr. 30, 2013
Feb. 28, 2013
Sep. 30, 2012
Dec. 31, 2019
Jun. 30, 2020
Feb. 27, 2020
Statement Line Items [Line Items]                    
Proportion of ownership interests held by non-controlling interests       51.00%       36.00%    
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent       $ 30,090            
Non-controlling interest, non-refundable donation       $ 1,000            
Dividend loans, Percentage of dividend as payment of interest     80.00% 80.00%            
Proportion of dividends declared accruing unconditionally       20.00%            
Borrowings, interest rate     7.25%              
Percentage of net assets recognised as NCI       16.20%         13.20%  
Proportion of ownership interest acquired   15.00%                
Number of instruments or interests issued or issuable for cancellation of loan (in shares) 727,266                  
Non-controlling interests derecognized $ 3,600                  
Reserve of share-based payments, increase (decrease) during period $ 2,247                  
Proportion of ownership interest in subsidiary 64.00%                  
Cash advances on dividend loans         $ 1,000 $ 1,000 $ 2,000      
Advancement of dividend loan [member]                    
Statement Line Items [Line Items]                    
Dividend loan, percent accrual                   20.00%
Dividend loan, percent repaid                   80.00%
NIEEF [member]                    
Statement Line Items [Line Items]                    
Proportion of ownership interests held by non-controlling interests       16.00%       16.00%    
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent       $ 11,740            
Proportion of ownership interest sold       16.00%            
Non-controlling interests recognised, dividends declared accruing unconditionally       20.00%            
Fremiro [member]                    
Statement Line Items [Line Items]                    
Proportion of ownership interests held by non-controlling interests       15.00%       [1]    
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent       $ 11,010            
Proportion of ownership interest sold       15.00%            
Non-controlling interests recognised, dividends declared accruing unconditionally       20.00%            
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans       80.00%            
BETS [member]                    
Statement Line Items [Line Items]                    
Proportion of ownership interests held by non-controlling interests [2]               10.00%    
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent       $ 7,340            
Proportion of ownership interest sold       10.00%            
Community Trust [member]                    
Statement Line Items [Line Items]                    
Proportion of ownership interests held by non-controlling interests       10.00%       10.00%    
Proportion of ownership interest sold       10.00%            
Non-controlling interests recognised, dividends declared accruing unconditionally       100.00%            
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans       80.00%            
Non-controlling interests recognised, dividends declared accruing unconditionally employee participation       20.00%            
[1] After Fremiro purchase agreement.
[2] Accounted for under IAS19 Employee Benefits.
v3.20.2
Note 5 - Blanket Zimbabwe Indigenization Transaction - Shareholder Percentages and Facilitation Loan Balances (Details) - USD ($)
$ in Thousands
12 Months Ended
Feb. 20, 2012
Dec. 31, 2019
Jun. 30, 2020
Statement Line Items [Line Items]      
Shareholding 51.00% 36.00%  
NCI Recognized   13.20%  
NCI subject to facilitation loans   12.80%  
Faciliation loans   $ 30,974 [1] $ 19,422
NIEEF [member]      
Statement Line Items [Line Items]      
Shareholding 16.00% 16.00%  
NCI Recognized   3.20%  
NCI subject to facilitation loans   12.80%  
Faciliation loans   $ 11,877 [1] 11,849
Fremiro [member]      
Statement Line Items [Line Items]      
Shareholding 15.00% [2]  
NCI Recognized [2]    
NCI subject to facilitation loans [2]    
Faciliation loans   $ 11,458 [1] [2]
Community Trust [member]      
Statement Line Items [Line Items]      
Shareholding 10.00% 10.00%  
NCI Recognized   10.00%  
NCI subject to facilitation loans    
Faciliation loans   [1]
BETS [member]      
Statement Line Items [Line Items]      
Shareholding [3]   10.00%  
NCI Recognized [4]    
NCI subject to facilitation loans [4]    
Faciliation loans   $ 7,639 [1] $ 7,573
[1] Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable.
[2] After Fremiro purchase agreement.
[3] Accounted for under IAS19 Employee Benefits.
[4] The shares held by BETS are effectively treated as treasury shares (see above).
v3.20.2
Note 5 - Blanket Zimbabwe Indigenization Transaction - Movement in Advance Dividend Loan (Details) - Reserve of share-based payments [member] - Faciliation Loans [Member] - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]    
Balance at January 1, $ 30,974 $ 30,986
Cancellation of Fremiro loan (11,458)
Dividends used to repay loans (793) (540)
Interest accrued 699 536
Balance at June 30, $ 19,422 $ 30,982
v3.20.2
Note 5 - Blanket Zimbabwe Indigenization Transaction - Facilitation Loans (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]    
Balance at January 1, [1] $ 30,974  
Balance at June 30, 19,422  
Reserve of share-based payments [member] | Facilitation loans [member]    
Statement Line Items [Line Items]    
Balance at January 1, 1,632 $ 2,053
Dividends used to repay loans (336) (175)
Interest accrued 53 37
Balance at June 30, $ 1,349 $ 1,915
[1] Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable.
v3.20.2
Note 6 - Production Costs - Components of Production Costs (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Salaries and wages     $ 8,849 $ 7,727
Consumable materials     7,589 5,466
Electricity costs     3,959 2,715
Site restoration     10
Safety     368 399
Cash-settled share-based expense (note 10(a))     191 70
On mine administration     1,010 797
Pre-feasibility exploration costs     172 156
Cost of sales $ 11,451 $ 7,571 $ 22,138 $ 17,340
v3.20.2
Note 7 - Other Income (Details Textual) - Blanket Mine [member]
Mar. 06, 2019
Statement Line Items [Line Items]  
Gross, gold, price per kilogram 44,000
Gross, gold, price per ounce 1,368.58
v3.20.2
Note 7 - Other Income - Components of Other Income (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Other     $ 14 $ 108
Other income $ 2,791 $ 749 4,709 2,038
Gold sale export incentive [member]        
Statement Line Items [Line Items]        
Government grant     4,695 866
Gold support price [member]        
Statement Line Items [Line Items]        
Government grant     $ 1,064
v3.20.2
Note 7 - Other Income - Government Grant (Details)
1 Months Ended 4 Months Ended 13 Months Ended 20 Months Ended
Feb. 01, 2018
Jun. 26, 2020
Feb. 20, 2019
Jan. 01, 2018
Statement Line Items [Line Items]        
Percentage 2.50% 25.00% 10.00% 3.50%
v3.20.2
Note 8 - Other Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Intermediated Money Transaction Tax     $ 213 $ 165
Solar expenses     202
COVID-19 Donations     1,048
Impairment of property, plant and equipment     59 144
Other expenses $ 1,314 $ 220 $ 1,522 $ 309
v3.20.2
Note 9 - Administrative Expenses - Components of Administrative Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Investor relations     $ 174 $ 255
Audit fee     124 118
Advisory services fee     272 195
Listing fees     190 170
Directors fees company     140 112
Directors fees Blanket     20 8
Employee costs     1,588 1,383
Other office administration costs     229 309
Travel costs     85 138
Eersteling Gold Mine administration costs     17
Administrative expenses $ 1,275 $ 1,309 $ 2,822 $ 2,705
v3.20.2
Note 10 - Cash-settled Share-based Payments (Details Textual)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2017
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Jun. 30, 2019
GBP (£)
Statement Line Items [Line Items]              
Liabilities from share-based payment transactions   $ 31,000   $ 31,000   $ 16,000  
Weighted average fair value at measurement date, other equity instruments granted | £             £ 7.44
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets   762,000 $ 9,000 $ 946,000 $ 370,000    
Restricted stock units (RSUs) [member]              
Statement Line Items [Line Items]              
Vesting period of other equity instruments       3      
Weighted average fair value at measurement date, other equity instruments granted   17.32   $ 17.32   5.85  
Restricted stock units (RSUs) [member] | Top of range [member]              
Statement Line Items [Line Items]              
Weighted average fair value at measurement date, other equity instruments granted           5.79  
Performance share units (PSUs) [member]              
Statement Line Items [Line Items]              
Vesting period of other equity instruments       3      
Liabilities from share-based payment transactions   1,426,000   $ 1,426,000   $ 524,000  
Value of other equity instruments exercised or vested in share-based payment arrangement, share capital       216,000      
Weighted average fair value at measurement date, other equity instruments granted   17.32   $ 17.32      
Performance share units (PSUs) [member] | Bottom of range [member]              
Statement Line Items [Line Items]              
Performance probability       93.00%   93.00%  
Weighted average fair value at measurement date, other equity instruments granted           $ 5.49  
Performance share units (PSUs) [member] | Top of range [member]              
Statement Line Items [Line Items]              
Performance probability       100.00%   100.00%  
Cash-settled awards [member]              
Statement Line Items [Line Items]              
Vesting period of other equity instruments 3            
Liabilities from share-based payment transactions   $ 191,000 $ 70,000 $ 191,000 70,000    
Number of other equity instruments granted in share-based payment arrangement 52,282            
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets       $ 19,000 $ 26,000    
v3.20.2
Note 10 - Cash-settled Share-based Payments - Share-based Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Cash-settled share-based payment expense $ 762 $ 9 $ 946 $ 370
Restricted and performance share units [member]        
Statement Line Items [Line Items]        
Cash-settled share-based payment expense     927 344
Cash-settled awards [member]        
Statement Line Items [Line Items]        
Cash-settled share-based payment expense     $ 19 $ 26
v3.20.2
Note 10 - Cash-settled Share-based Payments - Inputs for Measurement of Grant Date Fair Values and Share Units Granted (Details)
6 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
$ / shares
Jun. 30, 2019
GBP (£)
Statement Line Items [Line Items]      
Fair value (USD) | £     £ 7.44
Restricted stock units (RSUs) [member]      
Statement Line Items [Line Items]      
Fair value (USD) $ 17.32 $ 5.85  
Share price (USD) (in dollars per share) | $ / shares $ 17.32 $ 5.85  
RSU dividends reinvested 869 11,316  
Awards paid out (5,052) (87,434)  
Total awards outstanding 17,845 5,052  
Restricted stock units (RSUs) [member] | January 11, 2016 [member]      
Statement Line Items [Line Items]      
Grants 60,645  
Restricted stock units (RSUs) [member] | March 23, 2016 [member]      
Statement Line Items [Line Items]      
Grants 10,965  
Restricted stock units (RSUs) [member] | June 8, 2016 [member]      
Statement Line Items [Line Items]      
Grants 5,117  
Restricted stock units (RSUs) [member] | January 19, 2017 [member]      
Statement Line Items [Line Items]      
Grants 4,443 4,443  
Restricted stock units (RSUs) [member] | January 19, 2019 [member]      
Statement Line Items [Line Items]      
Grants  
Restricted stock units (RSUs) [member] | June 8, 2019 [member]      
Statement Line Items [Line Items]      
Grants  
Restricted stock units (RSUs) [member] | January 11, 2020 [member]      
Statement Line Items [Line Items]      
Grants 17,585  
Restricted stock units (RSUs) [member] | January 19, 2020 [member]      
Statement Line Items [Line Items]      
Grants  
Restricted stock units (RSUs) [member] | March 31, 2020 [member]      
Statement Line Items [Line Items]      
Grants  
Restricted stock units (RSUs) [member] | June 1, 2020 [member]      
Statement Line Items [Line Items]      
Grants  
Restricted stock units (RSUs) [member] | Top of range [member]      
Statement Line Items [Line Items]      
Fair value (USD)   $ 5.79  
Performance multiplier percentage   100.00%  
Performance share units (PSUs) [member]      
Statement Line Items [Line Items]      
Fair value (USD) $ 17.32    
Share price (USD) (in dollars per share) | $ / shares $ 16.98    
RSU dividends reinvested  
Awards paid out (17,774) (306,920)  
Total awards outstanding 263,742 156,473  
Performance share units (PSUs) [member] | January 11, 2016 [member]      
Statement Line Items [Line Items]      
Grants 242,579  
Performance share units (PSUs) [member] | March 23, 2016 [member]      
Statement Line Items [Line Items]      
Grants 43,871  
Performance share units (PSUs) [member] | June 8, 2016 [member]      
Statement Line Items [Line Items]      
Grants 20,470  
Performance share units (PSUs) [member] | January 19, 2017 [member]      
Statement Line Items [Line Items]      
Grants 17,774 17,774  
Performance share units (PSUs) [member] | January 19, 2019 [member]      
Statement Line Items [Line Items]      
Grants 124,027 124,027  
Performance share units (PSUs) [member] | June 8, 2019 [member]      
Statement Line Items [Line Items]      
Grants 14,672 14,672  
Performance share units (PSUs) [member] | January 11, 2020 [member]      
Statement Line Items [Line Items]      
Grants 107,640  
Performance share units (PSUs) [member] | January 19, 2020 [member]      
Statement Line Items [Line Items]      
Grants 13,692  
Performance share units (PSUs) [member] | March 31, 2020 [member]      
Statement Line Items [Line Items]      
Grants 1,971  
Performance share units (PSUs) [member] | June 1, 2020 [member]      
Statement Line Items [Line Items]      
Grants 1,740  
Performance share units (PSUs) [member] | Bottom of range [member]      
Statement Line Items [Line Items]      
Fair value (USD)   $ 5.49  
Performance multiplier percentage 93.00% 93.00%  
Performance share units (PSUs) [member] | Top of range [member]      
Statement Line Items [Line Items]      
Performance multiplier percentage 100.00%    
v3.20.2
Note 10 - Cash-settled Share-based Payments - Other Equity Share Units Granted (Details) - Cash-settled awards [member]
1 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2017
Jun. 30, 2020
Dec. 31, 2019
Statement Line Items [Line Items]      
Grants 52,282    
Awards paid out   (7,655) (44,985)
Total awards outstanding   7,297 7,297
Estimated awards expected to vest   100.00% 100.00%
July 2017 [member]      
Statement Line Items [Line Items]      
Grants   37,330
August 2018 [member]      
Statement Line Items [Line Items]      
Grants   5,918 5,918
August 2019 [member]      
Statement Line Items [Line Items]      
Grants   9,034 9,034
v3.20.2
Note 11 - Net Foreign Exchange Gain (Details Textual)
Jun. 30, 2020
Dec. 31, 2019
Statement Line Items [Line Items]    
Closing foreign exchange rate 57.3582 16.77
v3.20.2
Note 11 - Net Foreign Exchange Gain - Foreign Exchange Gain (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Unrealised foreign exchange gain     $ 5,201 $ 25,447
Realised foreign exchange loss     (1,492) (522)
Net foreign exchange gain $ 1,486 $ 21,645 $ 3,709 $ 24,925
v3.20.2
Note 12 - Property, Plant and Equipment (Details Textual) - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Statement Line Items [Line Items]    
Additions other than through business combinations, property, plant and equipment $ 8,188,000 $ 20,595,000
Borrowing costs capitalised 26,000 165,000
Total property, plant and equipment 119,410,000 113,651,000
Construction in progress [member]    
Statement Line Items [Line Items]    
Additions other than through business combinations, property, plant and equipment 6,476 20,093,000
Total property, plant and equipment $ 83,323 $ 76,847,000
v3.20.2
Note 12 - Property, Plant, and Equipment - Reconciliation of Changes in Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Statement Line Items [Line Items]      
Balance at beginning of period $ 113,651    
Additions* 8,188   $ 20,595
Impairments (59) $ (144)  
Balance at end of period 119,410   113,651
Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 148,465 127,815 127,815
Initial recognition of right of use assets     409
Additions* [1] 8,188   20,595
Impairments (59)   (144)
Disposals     (228)
Reallocations between asset classes  
Foreign exchange movement (131)   18
Balance at end of period 156,463   148,465
Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets     146
Impairments    
Foreign exchange movement (75)   11
Balance at January 1, 2019 34,814 30,388 30,388
Depreciation for the year 2,314   4,434
Disposals     (165)
Balance at December 31, 2019 37,053   34,814
Land and buildings [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 5,420    
Balance at end of period 5,453   5,420
Land and buildings [member] | Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 10,833 10,339 10,339
Initial recognition of right of use assets     409
Additions* [1]   267
Impairments  
Disposals     (212)
Reallocations between asset classes 556   25
Foreign exchange movement (37)   5
Balance at end of period 11,352   10,833
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets     146
Impairments    
Foreign exchange movement (21)  
Balance at January 1, 2019 5,413 4,411 4,411
Depreciation for the year 507   1,005
Disposals     (149)
Balance at December 31, 2019 5,899   5,413
Mining assets [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 84,217    
Balance at end of period 89,869   84,217
Mining assets [member] | Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 90,542 74,509 74,509
Initial recognition of right of use assets    
Additions* [1] 6,633   19,020
Impairments  
Disposals    
Reallocations between asset classes (687)   (2,989)
Foreign exchange movement   2
Balance at end of period 96,488   90,542
Mining assets [member] | Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets    
Impairments    
Foreign exchange movement  
Balance at January 1, 2019 6,325 5,821 5,821
Depreciation for the year 294   504
Disposals    
Balance at December 31, 2019 6,619   6,325
Tangible exploration and evaluation assets [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 7,139    
Balance at end of period 7,201   7,139
Tangible exploration and evaluation assets [member] | Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 7,139 6,967 6,967
Initial recognition of right of use assets    
Additions* [1] 62   172
Impairments  
Disposals    
Reallocations between asset classes  
Foreign exchange movement  
Balance at end of period 7,201   7,139
Tangible exploration and evaluation assets [member] | Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets    
Impairments    
Foreign exchange movement  
Balance at January 1, 2019
Depreciation for the year  
Disposals    
Balance at December 31, 2019  
Machinery [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 16,345    
Balance at end of period 16,307   16,345
Machinery [member] | Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 36,395 32,675 32,675
Initial recognition of right of use assets    
Additions* [1] 1,314   897
Impairments (59)   (144)
Disposals    
Reallocations between asset classes 131   2,964
Foreign exchange movement (28)   3
Balance at end of period 37,753   36,395
Machinery [member] | Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets    
Impairments    
Foreign exchange movement  
Balance at January 1, 2019 20,050 17,357 17,357
Depreciation for the year 1,396   2,693
Disposals    
Balance at December 31, 2019 21,446   20,050
Fixtures and fittings [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 265    
Balance at end of period 258   265
Fixtures and fittings [member] | Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 1,018 923 923
Initial recognition of right of use assets    
Additions* [1] 46   88
Impairments  
Disposals    
Reallocations between asset classes  
Foreign exchange movement (59)   7
Balance at end of period 1,005   1,018
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets    
Impairments    
Foreign exchange movement (52)   5
Balance at January 1, 2019 753 649 649
Depreciation for the year 46   99
Disposals    
Balance at December 31, 2019 747   753
Motor vehicles [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 265    
Balance at end of period 322   265
Motor vehicles [member] | Gross carrying amount [member]      
Statement Line Items [Line Items]      
Balance at beginning of period 2,538 2,402 2,402
Initial recognition of right of use assets    
Additions* [1] 133   151
Impairments  
Disposals     (16)
Reallocations between asset classes  
Foreign exchange movement (7)   1
Balance at end of period 2,664   2,538
Motor vehicles [member] | Accumulated depreciation, amortisation and impairment [member]      
Statement Line Items [Line Items]      
Initial recognition of right of use assets    
Impairments    
Foreign exchange movement (2)   6
Balance at January 1, 2019 2,273 $ 2,150 2,150
Depreciation for the year 71   133
Disposals     (16)
Balance at December 31, 2019 $ 2,342   $ 2,273
[1] Included in additions is an amount of $6,476 (December 31, 2019: $20,093) relating to capital work in progress ("CWIP") and contains $26 (December 31, 2019: $165) of borrowing costs capitalised from the term loan. As at period end $83,323 of CWIP was included in the cost closing balance (December 31, 2019: $76,847).
v3.20.2
Note 13 - Inventories - Components of Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Statement Line Items [Line Items]    
Consumable stores $ 12,010 $ 10,716
Gold in progress 376
Inventories $ 12,010 $ 11,092
v3.20.2
Note 14 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Statement Line Items [Line Items]    
Bullion sales receivable $ 4,027 $ 2,987
VAT receivables 1,169 1,765
Deferred consideration on the disposal of subsidiary 1,099 1,991
Deposits for stores and equipment and other receivables 875 169
Total trade and other current receivables $ 7,170 $ 6,912
v3.20.2
Note 15 - Derivative Financial Assets (Details Textual)
1 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Apr. 30, 2020
USD ($)
Commodity price risk [member] | Derivative contract for 4,600 ounces of Gold [member]          
Statement Line Items [Line Items]          
Hedging instruments, participation, price $ 379        
Derivative contract, number of ounces of gold hedged 4,600        
Hedging instruments, protected, price $ 1,400        
Hedged item, assets       $ 102,000  
Hedging gains (losses) for hedge of group of items with offsetting risk positions   $ (102,000) $ (324,000)    
Gold ETF [member]          
Statement Line Items [Line Items]          
Derivative instrument, notional amount         $ 1,058,000
Trading income (expense) on foreign exchange contracts   (46,000)      
Gains (losses) on change in value of foreign currency basis spreads, net of tax   $ 100,000    
v3.20.2
Note 15 - Derivative Financial Assets - Derivative financial assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Statement Line Items [Line Items]    
Derivative financial assets $ 1,112 $ 102
Glod exchange traded fund [member]    
Statement Line Items [Line Items]    
Derivative financial assets 1,112
Gold hedge [member]    
Statement Line Items [Line Items]    
Derivative financial assets $ 102
v3.20.2
Note 15 - Derivative Financial Assets - Fair Value Losses on Derivative assets (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]    
Fair value losses on derivative assets $ 148 $ 324
Gold ETF [member]    
Statement Line Items [Line Items]    
Fair value losses on derivative assets 46
Gold hedge [member]    
Statement Line Items [Line Items]    
Fair value losses on derivative assets $ 102 $ 324
v3.20.2
Note 16 - Cash Flow Information - Non-cash Items and Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Operating profit $ 9,988 $ 27,695 $ 22,715 $ 39,981
Unrealised foreign exchange gains (Note11)     (5,201) (25,447)
Cash-settled share-based expense (Note 10)     946 370
Cash-settled share-based expense included in production costs (Note 6)     191 70
Settlement of cash-settled share-based payments     (1,280)
Depreciation     2,314 2,100
Impairment of property, plant and equipment     59 144
Profit on sale of subsidiary     (5,409)
Site restoration     10
Cash generated by operations before working capital changes     21,172 10,863
Inventories     (1,292) (302)
Prepayments     744 (529)
Trade and other receivables     (2,595) 23
Trade and other payables     (1,657) (938)
Cash generated by operations $ 5,413 $ 2,484 16,371 9,117
Gold hedge [member]        
Statement Line Items [Line Items]        
Gold hedge - unrealised cash portion (Note 15)     102 324
Gold ETF [member]        
Statement Line Items [Line Items]        
Gold ETF - non-cash fair value losses loss (Note15)     $ 46
v3.20.2
Note 17 - Operating Segments (Details Textual) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Line Items [Line Items]        
Total revenue $ 22,913,000 $ 16,520,000 $ 46,515,000 $ 32,440,000
Fidelity Printers [member]        
Statement Line Items [Line Items]        
Total revenue     $ 46,515 $ 32,440
v3.20.2
Note 17 - Operating Segments - Financial Statements (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Statement Line Items [Line Items]          
Revenue $ 22,913 $ 16,520 $ 46,515 $ 32,440  
Royalties (1,146) (864) (2,328) (1,683)  
Production costs (11,451) (7,571) (22,138) (17,340)  
Depreciation (1,141) (1,052) (2,314) (2,100)  
Other income 2,791 749 4,709 2,038  
Other expenses (1,314) (220) (1,522) (309)  
Administration expenses (1,275) (1,309) (2,822) (2,705)  
Management fee      
Cash-settled share-based payment expense (762) (9) (946) (370)  
Net foreign exchange gain 1,486 21,645 3,709 24,925  
Fair value losses     (148) (324)  
Net finance costs     (267) (20)  
Dividends (paid)/ received        
Profit before tax 9,859 27,723 22,448 39,961  
Tax expense (3,507) 223 (6,417) (1,296)  
Profit for the period 6,352 $ 27,946 16,031 38,665  
Current (excluding intercompany) 34,846   34,846   $ 29,839
Non-Current (excluding intercompany) 119,506   119,506   113,714
Additions other than through business combinations, property, plant and equipment     8,188   20,595
Intercompany balances    
Current (excluding intercompany) (9,909)   (9,909)   (9,879)
Non-current (excluding intercompany) (6,488)   (6,488)   (8,957)
Intercompany balances    
Profit on sale of subsidiary       5,409  
Gold hedge [member]          
Statement Line Items [Line Items]          
Fair value losses     (102) (324)  
Gold ETF [member]          
Statement Line Items [Line Items]          
Fair value losses     (46)  
Elimination of intersegment amounts [member]          
Statement Line Items [Line Items]          
Revenue     (7,638) (5,878)  
Royalties      
Production costs     6,605 5,345  
Depreciation     248 172  
Other income      
Other expenses      
Administration expenses      
Management fee      
Cash-settled share-based payment expense     191  
Net foreign exchange gain      
Net finance costs      
Dividends (paid)/ received        
Profit before tax     (594) (361)  
Tax expense     (59) 23  
Profit for the period     (653) (338)  
Current (excluding intercompany) (77)   (77)   (139)
Non-Current (excluding intercompany) (2,746)   (2,746)   (2,456)
Additions other than through business combinations, property, plant and equipment     (479)   (1,165)
Intercompany balances (72,332)   (72,332)   (52,783)
Current (excluding intercompany)     140
Non-current (excluding intercompany) 152   152  
Intercompany balances 72,332   72,332   52,783
Profit on sale of subsidiary        
Elimination of intersegment amounts [member] | Gold hedge [member]          
Statement Line Items [Line Items]          
Fair value losses      
Elimination of intersegment amounts [member] | Gold ETF [member]          
Statement Line Items [Line Items]          
Fair value losses        
Corporate and other reconciling amounts [member]          
Statement Line Items [Line Items]          
Revenue     (214)  
Royalties      
Production costs      
Depreciation     (20)  
Other income      
Other expenses      
Administration expenses     (1,881) (1,696)  
Management fee      
Cash-settled share-based payment expense     (1,118) (137)  
Net foreign exchange gain     542 18  
Net finance costs     3 6  
Dividends (paid)/ received     3,400    
Profit before tax     824 3,062  
Tax expense     (229) (40)  
Profit for the period     595 3,022  
Current (excluding intercompany) 6,093   6,093   4,987
Non-Current (excluding intercompany) 224   224   244
Additions other than through business combinations, property, plant and equipment       248
Intercompany balances 52,156   52,156   43,914
Current (excluding intercompany) (577)   (577)   (736)
Non-current (excluding intercompany) (1,383)   (1,383)   (415)
Intercompany balances (39,523)   (39,523)   (17,784)
Profit on sale of subsidiary       5,409  
Corporate and other reconciling amounts [member] | Gold hedge [member]          
Statement Line Items [Line Items]          
Fair value losses     (102) (324)  
Corporate and other reconciling amounts [member] | Gold ETF [member]          
Statement Line Items [Line Items]          
Fair value losses        
Zimbabwean operations [member]          
Statement Line Items [Line Items]          
Revenue     46,515 32,440  
Royalties     (2,328) (1,683)  
Production costs     (22,241) (17,320)  
Depreciation     (2,499) (2,217)  
Other income     4,705 2,036  
Other expenses     (1,410) (309)  
Administration expenses     (68) (54)  
Management fee     (1,279) (1,123)  
Cash-settled share-based payment expense     (149)  
Net foreign exchange gain     3,746 24,896  
Net finance costs     (298) (62)  
Dividends (paid)/ received     (2,198)    
Profit before tax     22,645 36,455  
Tax expense     (5,905) (1,026)  
Profit for the period     16,740 35,429  
Current (excluding intercompany) 22,665   22,665   21,608
Non-Current (excluding intercompany) 121,495   121,495   115,611
Additions other than through business combinations, property, plant and equipment     8,655   21,465
Intercompany balances 14,962   14,962  
Current (excluding intercompany) (6,910)   (6,910)   (9,478)
Non-current (excluding intercompany) (5,257)   (5,257)   (6,784)
Intercompany balances     (2,441)
Profit on sale of subsidiary        
Zimbabwean operations [member] | Gold hedge [member]          
Statement Line Items [Line Items]          
Fair value losses      
Zimbabwean operations [member] | Gold ETF [member]          
Statement Line Items [Line Items]          
Fair value losses        
South African operations [member]          
Statement Line Items [Line Items]          
Revenue     7,638 6,092  
Royalties      
Production costs     (6,502) (5,365)  
Depreciation     (43) (55)  
Other income     4 2  
Other expenses     (112)  
Administration expenses     (873) (955)  
Management fee     1,279 1,123  
Cash-settled share-based payment expense     (19) (84)  
Net foreign exchange gain     (579) 11  
Net finance costs     28 36  
Dividends (paid)/ received     (1,202)    
Profit before tax     (427) 805  
Tax expense     (224) (253)  
Profit for the period     (651) 552  
Current (excluding intercompany) 6,165   6,165   3,383
Non-Current (excluding intercompany) 533   533   315
Additions other than through business combinations, property, plant and equipment     12   47
Intercompany balances 5,214   5,214   8,869
Current (excluding intercompany) (2,422)   (2,422)  
Non-current (excluding intercompany)     (1,563)
Intercompany balances $ (32,809)   (32,809)   $ (32,558)
Profit on sale of subsidiary        
South African operations [member] | Gold hedge [member]          
Statement Line Items [Line Items]          
Fair value losses      
South African operations [member] | Gold ETF [member]          
Statement Line Items [Line Items]          
Fair value losses     $ (46)