JERSEY-DOMICILED miner, Caledonia Mining Corporation Plc, has delayed publishing its 2024 financial statement over auditor’s concerns on its accounting treatment of deferred tax dating back to 2019.
Caledonia was initially expected to publish its full year and quarter ended December 31, 2024, financial results today.
However, Caledonia said in a statement that it had postponed releasing the financial results to address concerns from its auditor.
According to Caledonia’s website, the firm’s auditors are BDO South Africa Inc.
“Caledonia Mining Corporation Plc announces that in the course of finalising Caledonia’s financial statements for the year ended December 31, 2024, the auditors have raised a query regarding the accounting treatment of deferred tax dating back to 2019,” the company said in a statement.
“The company is working diligently with its auditors to assess and evaluate the implications of this query. In any event, the outcome of the query will have no impact on the company’s cash position.
“Consequently, the publication of Caledonia’s audited financial statements for the year ended December 31, 2024 will be delayed until this matter is resolved, but they are expected to be published no later than March 31, 2025.”
As the accounting issue in question is non-cash in nature, Caledonia’s board expects the underlying performance of the company for the year ended December 31, 2024 to be in line with previous guidance and market expectations.
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“Chester Goodburn will remain in his role as CFO [chief financial officer] for an additional week and step down on March 31, 2025, following the publication of Caledonia’s financial results for the year to December 31, 2024,” Caledonia said.
Last month, the miner announced the appointment of Ross Jerrard as new CFO as Goodburn prepared to vacate the position, which was initially supposed to be today.
In its third quarter 2024 trading update for the period ended September 30, 2024, Caledonia revealed it was exploring ways to reduce on-mine costs at its Blanket Mine.
These costs were particularly around electricity and labour, where several initiatives are being implemented with further measures under consideration.
In the nine months ended September 30, 2024, Caledonia posted a near 872% increase in profit after tax to US$16,45 million compared to the prior year, owing to increased revenue.
