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Note 23 - Derivative Financial Assets | 12 Months Ended
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Dec. 31, 2020
Statement Line Items [Line Items] |
Disclosure of hedge accounting [text block] |
| 23 | Derivative financial assets
|  | 2020 |  |  | 2019 |  |  | January 1, 2019 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Gold exchange-traded fund ("Gold ETF") |  |  | 1,184 |  |  |  | – |  |  |  | – |
Gold Hedge |  |  | – |  |  |  | 102 |  |  |  | – |
|  |  | 1,184 |  |  |  | 102 |  |  |  | – |
Gold ETF In April 2020 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 African 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 USD spot gold price, amounted to $164 ( 2019: $Nil ) for the twelve months ended December 31, 2020. Foreign currency translation gains, due to the fluctuations in the Rand against the US Dollar on the translation of the foreign subsidiary, amounted to $290 ( 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, 2020 the mark-to-market valuation, that represents the fair value of the hedge, amounted to $Nil ( 2019: $102, 2018: $Nil ). The put options 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 hedge expired on June 30, 2020.
Fair value losses on derivative assets |  | 2020 |  |  | 2019 |  |  | 2018 |
Gold ETF |  |  | 164 |  |  |  | – |  |  |  | – |
Gold hedge |  |  | 102 |  |  |  | 601 |  |  |  | 360 |
|  |  | 266 |  |  |  | 601 |  |  |  | 360 |

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- Definition The disclosure of hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2020-01-01 -Paragraph 22 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_22&doctype=Standard&book=b -URIDate 2020-01-01 + Details
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