Caledonia Mining's gross revenue for the year ended December 31, 2023, reached $146.3 million, reflecting a 3% increase compared to the previous year.
This growth was attributed to a 7.8% rise in the average realised price of gold sold.
The gross profit for the period was $41.5 million compared to the previous year’s $69.6 million due to increased production costs at the Blanket mine and operating costs at the Bilboes oxide mine in Zimbabwe.
The Bilboes oxide mine was placed under care and maintenance effective October 1, 2023.
The company's earnings before interest, taxes, depreciation, and amortisation dropped from $50.4 million in 2022 to $29.7 million.
The decline was attributed to various factors, such as the Bilboes oxide mining cost of $13.1 million and several one-off expenses.
These include higher-than-expected labour and power costs of $5.5 million, as well as foreign exchange losses amounting to $2.5 million.
The net cash from operating activities amounted to $14.8 million.
In terms of operations, the annual gold production at Blanket was 75,416 ounces, which met the expected target.
Blanket has set its gold production guidance for 2024 at 74,000 oz to 78,000 oz.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
