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Note 21 - Loan Note Instruments
 9 Months Ended
Sep. 30, 2024
Statement Line Items [Line Items]  
Disclosure of borrowings [text block]

21

Loan note instruments

 

Loan note instruments - finance costs

     

2024

  

2023

 
             

Solar loan notes

  21.1   624   373 

Motapa loan notes

      –   619 
       624   992 

 

Loan note instruments - financial liabilities

     

2024

  

December 31,
2023

 
             

Solar loan notes

  21.1   9,137   7,112 
       9,137   7,112 
             

Current

      855   665 

Non-current

      8,282   6,447 
       9,137   7,112 

 

21.1

Solar loan notes

 

Following the commissioning of Caledonia’s wholly owned solar plant on February 2, 2023, the decision was taken to optimise the capital structure of the Group and provide additional debt instruments to the Zimbabwean financial market by way of issuing loan notes pursuant to a loan note instrument (“bonds”). The bonds were issued by the Zimbabwean registered entity owning the solar plant, Caledonia Mining Services (Private) Limited. The bonds carry a fixed interest rate of 9.5% payable bi-annually and have a tenure of 3 years from the date of issue. The bond repayments are guaranteed by the Company. $9 million of bonds were in issue at the date of approval of these financial statements. All bonds were issued to Zimbabwean registered commercial entities. Subsequently these bonds were transferred to Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”) a subsidiary of the Company, except for the bond issued in April 2024 that were directly issued to CHZ.

 

A summary of the bonds is as follows:

 

  

2024

  

December 31,
2023

 

Opening balance

  7,112   – 

Amounts received

  2,000   7,000 

Transaction costs

  (61)  (105)

Finance cost accrued

  624   549 

Repayment - finance cost paid

  (538)  (332)

Closing balance

  9,137   7,112