Nyashadzashe Ndoro
Chief Reporter
Caledonia Mining Corporation Plc has disclosed that it made total payments of US$19.2 million to the government in 2023 through taxes, royalties, and other duties.
The Victoria Falls Stock Exchange listed mining giant has released its 2023 environmental, social, and governance report, revealing that the company made significant contributions to the Zimbabwean government's revenue through various payments.
According to the report, the payments comprised income tax on profits, income tax deducted from employee wages and benefits, royalties on gold revenues, withholding taxes on international payments, and other customs, duties, levies, and charges.
The company pledged its commitment to transparent disclosure, stating that it believes reliable and transparent reporting is essential for good governance and business success.
The company says it has consistently submitted regulatory reports on payments to governments, initially pursuant to Canada's Extractive Sector Transparency Measures Act and now through its United Kingdom subsidiary under the UK's Reports on Payments to Governments Regulations 2014.
The report also highlighted the company's operating costs, employee wages and benefits, payments to capital providers, and community investments, totaling US$54.9 million, US$27.8 million, US$12 million, and US$1.5 million, respectively.
Caledonia Mining Corporation Plc is a mining and exploration company. Its asset portfolio comprises a 64% interest in the operational Blanket Mine, as well as 100% ownership of the Bilboes mine and the Motapa and Maligreen gold mining claims, all located in Zimbabwe.
Recently, Caledonia reported strong gold production results for the second quarter and half year ended June 30, 2024, from its flagship Blanket Mine. Gold production for Q2 2024 was 20,773 ounces, a 19% increase compared to the same quarter in 2023, while half-year production was 37,823 ounces, a 13% increase compared to the first half of 2023.
Caledonia Mining's CEO, Mark Learmonth, attributed the excellent production results to the solid foundation provided by the Blanket Mine, which he said would support the company's growth as it becomes a multi-asset gold producer.
The company has also announced the issuance of new shares and the admission of depositary interests to trading on AIM, increasing the total number of shares in issue to 19,199,860.
The mining industry in Zimbabwe is one of the key drivers of the economy, contributing about 13% of GDP and more than 60% of annual foreign currency earnings.
During the second quarter of 2024, a notable uptick in mining licenses was observed, with 65 new licenses granted, totaling US$282.74 million. This development positioned the mining sector as a frontrunner in license issuance, surpassing other industries.
The Zimbabwe Investment and Development Agency issued a total of 154 licenses across various sectors, with a combined value of US$1.8 billion.
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