Caledonia posts $21,4m profit 2018FY

CALEDONIA Mining Corporation registered a 4% increase in after tax profits to US$21,42 million in the full year to December 2018 compared to US$20,61 million in 2017, despite a fall in production.

Chief executive officer Steve Curtis said this was mainly due to “an increase in amounts due in respect of gold sales and VAT refunds from the government of Zimbabwe and a reduction in trade and other payables”.

Revenue during the period was down to US$68,4 million from US$69,76 million in the 2017 period on account of a 3% decline in production to 54 511 ounces (1,55 tonnes) from 56 133 ounces (1,59 tonnes).

This story is for NewsDay subscribers.