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Note 13 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Disclosure of property, plant and equipment [text block]

13	Property, plant and equipment

Cost	Land and buildings		Right of use assets			Mine development, infrastructure and other			Assets under construction and decommissioning assets			Plant and equipment			Furniture and fittings			Motor vehicles			Solar plant^&			Total

Balance at January 1, 2023		15,194		525			82,154			46,453			70,485			1,563			3,314			14,138			233,826
Additions*		–		–			–			28,276			538			335			294			163			29,606
Impairments		–		–			(872	)		–			(36	)		–			–			–			(908	)
Disposals		–		–			–			–			(33	)		–			–			–			(33	)
Reallocate to assets held for sale		–		–			–			–			–			–			–			(14,301	)		(14,301	)
Reallocations between asset classes		1,492		–			37,116			(39,099	)		491			–			–			–			–
Foreign exchange movement		–		(24	)		–			(2	)		–			(37	)		(3	)		–			(66	)
Balance at December 31, 2023		16,686		501			118,398			35,628			71,445			1,861			3,605			–			248,124
Additions*		–		–			128			15,151			790			53			–			–			16,122
Disposals		–		–			–			–			–			(3	)		(128	)		–			(131	)
Reallocations between asset classes		–		–			14,048			(13,504	)		(544	)		–			–			–			–
Foreign exchange movement		–		22			–			24			–			41			3			–			90
Balance at September 30, 2024		16,686		523			132,574			37,299			71,691			1,952			3,480			–			264,205

*	Included in additions is the change in estimate for the decommissioning asset of ($722) (2023: $1,962) due to change in the Life of Mine (“LoM”) estimate to 2041.

The solar plant was fully commissioned on February 2, 2023 and the sale agreement between Caledonia Mining Corporation Plc and Caledonia Mining Services (Private) Limited was concluded for the sale of the solar plant. Depreciation on the solar plant commenced on February 2, 2023 and the power purchase agreement, between Caledonia Mining Services (Private) Limited and Blanket Mine, became effective. From September 28, 2023 the solar plant is classified as held for sale.

In December 2022, the Caledonia board approved a proposal for Caledonia Mining Services (Private) Limited (which owns the solar plant) to issue loan notes pursuant to a loan note instrument (“bonds”) up to a value of $12 million. The decision was taken in order to optimise the capital structure of the Group and provide additional debt instruments to the Zimbabwean financial market. Refer to note 21.1 for more information on these loan notes.

Accumulated depreciation and Impairment losses	Land and buildings		Right of use assets			Mine development, infrastructure and other			Assets under construction and decommissioning assets		Plant and equipment			Furniture and fittings			Motor vehicles			Solar plant			Total

Balance at January 1, 2023		8,350		230			12,368			693		29,257			1,100			2,845			–			54,843
Depreciation for the year		1,012		124			5,459			93		6,573			185			258			782			14,486
Accumulated depreciation for assets reallocated to assets held for sale		–		–			–			–		–			–			–			(782	)		(782	)
Accumulated depreciation impairments		–		–			(21	)		–		(10	)		–			–			–			(31	)
Foreign exchange movement		–		(9	)		–			–		–			(30	)		(2	)		–			(41	)
Balance at December 31, 2023		9,362		345			17,806			786		35,820			1,255			3,101			–			68,475
Depreciation for the period		830		95			5,345			70		5,471			131			164			–			12,106
Disposals		–		–			–			–		–			(2	)		(95	)		–			(97	)
Foreign exchange movement		–		20			–			–		–			35			3			–			58
Balance at September 30, 2024		10,192		460			23,151			856		41,291			1,419			3,173			–			80,542

Carrying amounts
At December 31, 2023		7,324		156			100,592			34,842		35,625			606			504			–			179,649
At September 30, 2024		6,494		63			109,423			36,443		30,400			533			307			–			183,663