38	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 and Caledonia Mining Services (Private) Limited. The South African 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 twelve months ended December 31, 2020	Zimbabwe		South Africa		Inter-group eliminations adjustments		Corporate and other reconciling amounts		Total

Revenue	100,002		–		–		–		100,002
Inter-segmental revenue	–		23,214		(23,214	)	–		–
Royalty	(5,007	)	–		–		–		(5,007	)
Production costs	(44,032	)	(20,318	)	20,639		–		(43,711	)
Depreciation	(4,920	)	(91	)	424		(41	)	(4,628	)
Other income	4,751		14		–		–		4,765
Other expenses	(5,180	)	(114	)	–		(21	)	(5,315	)
Administrative expenses	(156	)	(2,237	)	10		(5,614	)	(7,997	)
Management fee	(2,492	)	2,492		–		–		–
Cash-settled share-based expense	–		(114	)	634		(1,933	)	(1,413	)
Net foreign exchange gain (loss)	4,618		132		(272	)	(173	)	4,305
Fair value loss on derivative assets	–		(164	)	–		(102	)	(266	)
Net finance cost	(352	)	47		–		–		(305	)
Dividends (paid) received	(2,198	)	(1,355	)	–		3,553		–
Profit before tax	45,034		1,506		(1,779	)	(4,331	)	40,430
Tax expense	(14,446	)	(854	)	380		(253	)	(15,173	)
Profit after tax	30,588		652		(1,399	)	(4,584	)	25,257

As at December 31, 2020	Zimbabwe		South Africa		Inter-group eliminations adjustments		Corporate and other reconciling amounts		Total

Geographic segment assets:
Current (excluding intercompany)	27,070		5,320		(194	)	12,390		44,586
Non-Current (excluding intercompany)	133,568		716		(4,237	)	3,287		133,334
Expenditure on property, plant and equipment (note 17)	26,391		151		(1,887	)	123		24,778
Expenditure on evaluation and exploration assets (note 18)	98		–		–		2,961		3,059
Intercompany balances	17,482		6,752		(69,144	)	44,910		–

Geographic segment liabilities:
Current (excluding intercompany)	(6,831	)	(1,797	)	–		(1,336	)	(9,964	)
Non-current (excluding intercompany)	(8,065	)	–		264		(2,112	)	(9,913	)
Intercompany balances	–		(34,020	)	69,144		(35,124	)	–

For the twelve months ended December 31, 2019	Zimbabwe		South Africa		Inter-group eliminations adjustments		Corporate and other reconciling amounts		Total

Revenue	75,826		–		–		–		75,826
Inter-segmental revenue	–		15,973		(15,194	)	(779	)	–
Royalty	(3,854	)	–		–		–		(3,854	)
Production costs	(36,278	)	(13,740	)	13,618		–		(36,400	)
Depreciation	(4,645	)	(90	)	350		(49	)	(4,434	)
Other income	2,016		258		–		–		2,274
Other expenses	(498	)	(168	)	–		–		(666	)
Administrative expenses	(126	)	(1,736	)	–		(3,775	)	(5,637	)
Management fee	(2,798	)	2,798		–		–		–
Cash-settled share-based expense	(234	)	(166	)	–		(289	)	(689	)
Net foreign exchange gain	29,634		9		–		18		29,661
Profit with sale of subsidiary	–		–		–		5,409		5,409
Fair value loss on derivative assets	–		–		–		(601	)	(601	)
Net finance cost	(299	)	57		–		44		(198	)
Dividends received	–		–		–		–		–
Profit before tax	58,744		3,195		(1,226	)	(22	)	60,691
Tax expense	(9,529	)	(825	)	192		(128	)	(10,290	)
Profit after tax	49,215		2,370		(1,034	)	(150	)	50,401

As at December 31, 2019	Zimbabwe		South Africa		Inter-group eliminations 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 17)	21,293		47		(1,165	)	248		20,423
Expenditure on evaluation and exploration assets (note 18)	172		–		–		–		172
Intercompany balances	–		8,869		(52,783	)	43,914		–

Geographic segment liabilities:
Current (excluding intercompany)	(7,177	)	(1,546	)	–		(1,156	)	(9,879	)
Non-current (excluding intercompany)	(9,085	)	(17	)	140		5		(8,957	)
Intercompany balances	(2,441	)	(32,558	)	52,783		(17,784	)	–

Major customer

Revenues from Fidelity amounted to

$100,002

(

2019:

$75,826,

2018:

$68,399

) for the

twelve

months ended

December 31, 2020.