Caledonia Mining (CMCL) 20-F 2 Apr 18 2017 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document Information [Line Items]
Entity Registrant Name	Caledonia Mining Corp Plc
Entity Central Index Key	766,011
Trading Symbol	cmcl
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)	10,603,153
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Prof

Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Revenue	$ 69,762	$ 61,992	$ 48,977
Royalties	(3,498)	(2,923)	(2,455)
Production costs	(36,180)	(32,086)	(30,019)
Depreciation	(3,763)	(3,491)	(3,322)
Gross profit	26,321	23,492	13,181
Other income	2,594	1,330	110
Other expenses	(195)	(55)
Administrative expenses	(5,911)	(7,263)	(7,622)
Equity-settled share-based payment expense	(835)	(170)	(24)
Cash settled share-based payment expense	(976)	(618)
Sale of Blanket Mine treasury		3,202
Net Foreign exchange gain	(380)	(505)	2,850
Loss on settlement of hedge		(435)
Operating profit	20,618	18,978	8,495
Finance income	38	16	1
Finance expense	(69)	(192)	(536)
Profit before tax	20,587	18,802	7,960
Tax expense	(8,691)	(7,717)	(2,370)
Profit for the year	11,896	11,085	5,590
Other comprehensive income
Foreign currency translation differences of foreign operations	373	262	(3,291)
Tax on other comprehensive income			199
Total comprehensive income for the year	12,269	11,347	2,498
Profit attributable to:
Owners of the Company	9,384	8,526	4,779
Non-controlling interests	2,512	2,559	811
Profit for the year	11,896	11,085	5,590
Total comprehensive income attributable to:
Owners of the Company	9,757	8,788	1,687
Non-controlling interests	2,512	2,559	811
Total comprehensive income for the year	$ 12,269	$ 11,347	$ 2,498
Earnings per share
Basic earnings -per share ($) (in dollars per share)	$ 0.86	$ 0.79	$ 0.45
Diluted earnings - per share ($) (in dollars per share)	$ 0.86	$ 0.79	$ 0.45

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Property, plant and equipment	$ 82,078	$ 64,873
Deferred tax asset	65	44
Total non-current assets	82,143	64,917
Inventories	9,175	7,222
Prepayments	709	810
Trade and other receivables	4,962	3,425
Cash and cash equivalents in the statement of financial position	13,067	14,335
Total current assets	27,913	25,792
Total assets	110,056	90,709
Equity and liabilities
Share capital	55,102	55,002
Reserves	143,452	142,374
Retained loss	(135,287)	(141,767)
Equity attributable to shareholders	63,267	55,609
Carrying amount of NCI	5,944	3,708
Total equity	69,211	59,317
Liabilities
Provisions	3,797	3,456
Deferred tax liability	19,620	15,909
Non-current portion of term loan facility		1,577
Cash settled share based payments	1,826	618
Total non-current liabilities	25,243	21,560
Current portion of term loan facility	1,486	1,410
Trade and other payables	12,660	8,077
Income tax payable	1,145	345
Overdraft	311
Total current liabilities	15,602	9,832
Total liabilities	40,845	31,392
Total equity and liabilities	$ 110,056	$ 90,709

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Issued capital [member]	Reserve of exchange differences on translation [member]	Capital reserve [member]	Reserve of share-based payments [member]	Retained earnings [member]	Equity attributable to owners of parent [member]	Non-controlling interests [member]	Total
Issued amount, beginning of period at Dec. 31, 2014	$ 54,569	$ (3,229)	$ 132,591	$ 15,847	$ (150,128)	$ 49,650	$ 693	$ 50,343
Transactions with owners:
Equity settled share-based expense				24		24		24
Dividends paid					(2,504)	(2,504)		(2,504)
Total comprehensive income:
Profit for the year					4,779	4,779	811	5,590
Other comprehensive income for the year		(3,291)			199	(3,092)		(3,092)
Issued amount, end of period at Dec. 31, 2015	54,569	(6,520)	132,591	15,871	(147,654)	48,857	1,504	50,361
Transactions with owners:
Equity settled share-based expense				170		170		170
Dividends paid					(2,639)	(2,639)	(355)	(2,994)
Shares issued – Option exercises (note 23.1)	433					433		433
Total comprehensive income:
Profit for the year					8,526	8,526	2,559	11,085
Other comprehensive income for the year		262				262		262
Issued amount, end of period at Dec. 31, 2016	55,002	(6,258)	132,591	16,041	(141,767)	55,609	3,708	59,317
Transactions with owners:
Equity settled share-based expense				705		705	130	835
Dividends paid					(2,904)	(2,904)	(406)	(3,310)
Shares issued – Option exercises (note 23.1)	246					246		246
Shares repurchased (note 19)	(146)					(146)		(146)
Total comprehensive income:
Profit for the year					9,384	9,384	2,512	11,896
Other comprehensive income for the year		373				373		373
Issued amount, end of period at Dec. 31, 2017	$ 55,102	$ (5,885)	$ 132,591	$ 16,746	$ (135,287)	$ 63,267	$ 5,944	$ 69,211

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Cash flows from operating activities	$ 28,885	$ 25,671	$ 8,823
Interest received	38	16	1
Interest paid	(199)	(210)	(493)
Tax paid	(4,212)	(2,466)	(1,462)
Net cash from operating activities	24,512	23,011	6,869
Cash flows from investing activities
Acquisition of property, plant and equipment	(21,639)	(19,885)	(16,567)
Proceeds from sale of property, plant and equipment		3
Net cash used in investing activities	(21,639)	(19,882)	(16,567)
Cash flows from financing activities
Dividends paid	(3,310)	(2,994)	(2,504)
Term loan repayments	(1,500)
Term loan proceeds		3,000
Term loan transaction costs		(73)
Proceeds from issue of share capital	246	433
Share repurchase cost	(146)
Net cash (used in)/from financing activities	(4,710)	366	(2,504)
Net (decrease)/increase in cash and cash equivalents	(1,837)	3,495	(12,202)
Effect of exchange rate fluctuation on cash held	258	(40)
Net cash and cash equivalents at beginning of year	14,335	10,880	23,082
Net cash and cash equivalents at year end	$ 12,756	$ 14,335	$ 10,880

Note 1 - Reporting Entity

Note 1 - Reporting Entity	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of general information about financial statements [text block]	1 Reporting entity Caledonia Mining Corporation Plc (the “Company”) is a company domiciled in Jersey, Channel Islands. The address of the Company’s registered office is 3rd December 31, 2017 December 31, 2016 Caledonia’s shares are listed on the NYSE American stock exchange (symbol - “CMCL”) and on the Toronto Stock Exchange (symbol - “CAL”). Depositary interests in Caledonia’s shares are admitted to trading on AIM of the London Stock Exchange plc (symbol - “CMCL”).

Note 2 - Basis for Preparation

Note 2 - Basis for Preparation	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of basis of preparation of financial statements [text block]	2 Basis for preparation (i) Statement of compliance The consolidated financial statements have been prepared on a going concern basis, in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorised for issue by the Board of Directors on March 21, 2018. (ii) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for: · equity-settled share-based payment arrangements measured at fair value on grant date; · cash-settled share-based payment arrangement measured at fair value on the grant and re-measurement dates; and · derivative financial instruments measured at fair value. (iii) Functional currency These consolidated financial statements are presented in United States dollars (“$”), which is also the functional currency of the Company. All financial information presented in United States dollars have been rounded to the nearest thousand, unless indicated otherwise.

Note 3 - Use of Accounting Assu

Note 3 - Use of Accounting Assumptions, Estimates and Judgements	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of accounting judgements and estimates [text block]	3 Use of accounting assumptions, estimates and judgements In preparing these consolidated financial statements, management has made accounting assumptions, estimates and judgements that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may (a) Assumptions and estimation uncertainties i) Depreciation of Property, plant and equipment Depreciation on mine development, infrastructure and other assets in the production phase is computed on the units-of-production method over the life-of-mine based on the estimated quantities of reserves (proven and probable) and resources (measured, indicated and inferred), which are planned to be extracted in the future from known mineral deposits. Where items have a shorter useful life than the life-of-mine, the mine development, infrastructure and other assets are depreciated over their useful life. Confidence in the existence, commercial viability and economical recovery of reserves and resources included in the life-of-mine may Other items of property, plant and equipment are depreciated as described in note 4 Useful lives (ii) Mineral reserves and resources Mineral reserves and resources are estimates of the amount of product that can be economically and legally extracted. In order to calculate the reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including but not may may The Group estimates its reserves (proven and probable) and resources (measured, indicated and inferred) based on information compiled by a Qualified Person in terms of the Canadian National Instrument 43 101 43 101” · correlation between drill-holes intersections where multiple reefs are intersected; · continuity of mineralization between drill-hole intersections within recognized reefs; and · appropriateness of the planned mining methods. The Group estimates and reports reserves and resources in accordance with NI 43 101 CIM Definition Standards for Mineral Resources and Mineral Reserves 43 101 · the gold price based on current market price and the Group’s assessment of future prices; · estimated future on-mine costs, sustaining and non-sustaining capital expenditures; · future non-sustaining capital expenditures; · cut-off grade; · dimensions and extent, determined both from drilling and mine development, of ore bodies; and · planned future production from measured, indicated and inferred resources. Changes in reported reserves and resources may · asset carrying values may · depreciation and amortisation charges to profit or loss may · decommissioning, site restoration and environmental provisions may may iii) Blanket mine’s indigenisation transaction The initial indigenisation transaction and modifications to the indigenisation transaction of the Blanket Mine ( 1983 5. iv) Site restoration provisions The site restoration provision has been calculated for the Blanket Mine based on an independent analysis of the rehabilitation costs as performed in 2015 2016 2017. may 22 v) Exploration and evaluation (“E&E”) assets The Group also makes assumptions and estimates regarding the possible impairment of E&E assets by evaluating whether it is likely that future economic benefits will flow to the Group, which may may The recoverability of the carrying amount of exploration and evaluation assets depends on the availability of sufficient funding to bring the properties into commercial production, the price of the products to be recovered and the undertaking of profitable mining operations. As a result of these uncertainties, the actual amount recovered may vi) Income taxes Significant assumptions and estimates are required in determining the provision for income taxes. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Group records its best estimate of the tax liability including the related interest and penalties in the current tax provision. Management believes they have adequately provided for the probable outcome of these matters; however, the final outcome may may vii) Share-based payment transactions Equity-settled share-based payment arrangements The Group measures the cost of equity-settled share-based payment transactions with employees, directors and Blanket’s indigenous shareholders (refer notes 5 23.1 23.1. Option pricing models require the input of assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate, and therefore the existing models may not . Cash-settled share-based payment arrangements The fair value of the amount payable to employees in respect of share-based awards, which will be settled in cash, is recognised as an expense with a corresponding increase in liabilities, over the period over which the employee becomes unconditionally entitled to payment. The liability is re-measured at each reporting date. Any changes in the fair value of the liability are recognised as an expense in profit or loss. Additional information about significant assumptions and estimates used to determine the fair value of cash settled share-based payment transactions are disclosed in note 23.2. viii) Impairment At each reporting date, the Group determines if impairment indicators exist, and if present, performs an impairment review of the non-financial assets held in the Group. The exercise is subject to various assumptions and estimates. Financial assets are also reviewed regularly for impairment. 3 Judgement is required when assessing whether an entity is controlled by the group or not. 4 5.

Note 4 - Significant Accounting

Note 4 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of significant accounting policies [text block]	4 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. (a) Basis of consolidation i) Subsidiaries and structured entities Subsidiaries and certain structured entities are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variability in returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ii) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related Non-controlling interests (“NCI”) and other components of equity. Any gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. iii) Non-controlling interests NCI are measured at their proportionate share of the carrying amounts of the acquiree’s identifiable net assets at fair value at the acquisition date. Changes in the Group’s interest in a subsidiary that do not iv) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no (b) Foreign currency i) Foreign operations As stated in note 2 · assets and liabilities are translated · income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in Other Comprehensive Income (“OCI”). If settlement is planned or likely in the foreseeable future, foreign exchange gains and losses are included in profit or loss. When settlement occurs, settlement will not not When the Group disposes of its entire interest in a foreign operation, or loses control over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are reclassified to profit or loss. If the Group disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are reattributed between controlling and non-controlling interests. All resulting translation differences are reported in OCI and accumulated in the foreign currency translation reserve. ii) Foreign currency translation In preparing the financial statements of the Group entities, transactions in currencies other than the functional currency (foreign currencies) of these Group entities are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities are translated using the current foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in profit or loss for the year. (c) Financial instruments i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that which they originate. All other financial assets are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not The Group has the following non-derivative financial assets: trade and other receivables that includes cash and cash equivalents. Loans and receivables Loans and receivables include trade and other receivables and cash and cash equivalents. Loans and receivables are financial assets with fixed or determinable payments that are not Cash and cash equivalents comprise cash balances and call deposits with original maturities of three ii) Non-derivative financial liabilities Financial liabilities are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities consist of bank overdrafts, loans and borrowings and trade and other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method. iii) Derivative financial instruments During 2016 not iv) Offsetting Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. (d) Share capital Share capital is classified as equity. Incremental costs directly attributable to the issue, consolidation and repurchase of fractional items of shares and share options are recognised as a deduction from equity, net of any tax effects. (e) Property, plant and equipment i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised in profit or loss. ii) Exploration and evaluation assets Exploration costs are capitalised as incurred, unless the exploration costs are related to speculative drilling on unestablished orebodies, general administrative or overhead costs associated with exploration drilling. The costs related to speculative drilling on unestablished orebodies, general administrative or overhead costs are expensed as incurred. Exploration and evaluation costs capitalised are disclosed under property, plant and equipment. Direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, direct administrative costs and depreciation on plant and equipment during the exploration phase. Costs not Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and moved to the mine development, infrastructure and other asset category within Property, plant and equipment. Capitalised direct costs related to the acquisition, exploration and development of mineral properties remain capitalized until the properties to which they relate are ready for their intended use, sold, abandoned or management has determined there to be impairment. Exploration and evaluation assets are tested for impairment before the assets are transferred to mine development, infrastructure and other assets. iii) Subsequent costs The cost of replacing a part of an item of Property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. iv) Depreciation Depreciation is calculated to write off the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. not not For other categories, depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Inferred resources are included in the LoMP to the extent that there is a successful history of upgrading inferred resources. Blanket reports its resources inclusive of reserves. As a result, resources included in the LoMP and hence in the calculation of depreciation include material from measured, indicated and inferred resource classes as detailed below under the following types of resources: · Measured resources – all proven reserve blocks plus 50% · Indicated resources – all probable reserves plus indicated resources which occur within the mine extent as defined by the LoMP infrastructure. · Inferred resources – inferred resources (discounted by approximately 30% In addition, inferred resources are included in the LoMP if it is expected that the inferred resources can be economically recovered in the future. Economic recovery is expected if a history can be proven that the recovered grade of the inferred resources exceeded the pay limit grade and when this trend can be expected in the future. Refer to note 15 Land is not The calculation of the units of production rate could be affected to the extent that actual production in the future is different from the current forecast production based on reserves and resources. This would generally result from the extent to which there are significant changes in any of the factors or assumptions used in estimating mineral reserves and resources. These factors include: · changes in mineral reserves and resources; · differences between actual commodity prices ad commodity price assumptions; · unforeseen operational issues at mine sites; and · changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Useful lives The estimated useful lives for the current and comparative periods are as follows: · buildings 10 15 2016: 10 15 · plant and equipment 10 2016: 10 · fixtures and fittings including computers 4 10 2016: 4 10 · motor vehicles 4 2016: 4 · mine development, infrastructure and other assets in production, units-of-production method. Depreciation methods, useful lives and residual values are reviewed each financial year and adjusted if appropriate. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. (f) Inventories Consumable stores are measured at the lower of cost and net realisable value. The cost of consumable stores is based on the weighted average cost principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Gold in process is measured at the lower of cost and net realisable value. The cost of gold in process includes an appropriate share of production overheads based on normal operating capacity and is valued on the weighted average cost principle. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. (g) Impairment i) Non-derivative financial assets (including receivables) A financial asset not not not not not ii) Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The Group’s corporate assets do not may An impairment loss is recognised if the carrying amount of a CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated to reduce the carrying amount of assets in the unit (group of units) on a pro rata no not no iii) Impairment of exploration and evaluation (“E&E”) assets The test for impairment of E&E assets not can combine several CGUs as long as the combination is not E&E assets are only assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may · The entity's right to explore in the specific area has expired or will expire in the near future and is not · Substantive expenditure on further E&E activities in the specific area is neither budgeted nor planned. · The entity has not · Even if development is likely to proceed, the entity has sufficient data indicating that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale. (h) Employee benefits i) Short-term employee benefits Short-term employee benefits are expensed when the related services are provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. ii) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no 12 (I) Share-based payment transactions i) Equity-settled share-based payments to employees and directors The grant date fair value of equity-settled share-based payment awards granted to employees and directors is recognised as an expense, with a corresponding increase in equity, over the vesting period of the award. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market vesting conditions at the vesting date. Where the terms and conditions of equity-settled share-based payments are modified, the increase in the fair value, measured immediately before and after the modification date, is charged to profit or loss over the remaining vesting period or immediately for vested awards. Similarly where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss. Additional information about significant estimates and the assumptions used in the quantifying of the equity-settled share-based payment transactions and modification are disclosed in note 23.1. ii) Cash-settled share-based payments to employees and directors The grant date fair value of cash-settled awards granted to employees and directors is recognised as an expense, with a corresponding increase in the liability, over the vesting period of the awards. At each reporting date the fair value of the awards are re-measured with a corresponding adjustment to profit or loss. The method of calculating the fair value of the cash-settled share-based payments changed during quarter 1 2017 not 23.2. (j) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability if the time value of money is considered significant. The unwinding of the discount is recognised as finance cost. (k) Site restoration The Group recognises liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of property, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of these assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to mineral properties along with a corresponding increase in the rehabilitation provision in the period incurred. Future rehabilitation costs are discounted using a pre-tax risk free rate that reflects the time-value of money. The Group’s estimates of rehabilitation costs, which are reviewed annually, could change as a result of changes in regulatory requirements, discount rates, effects of inflation and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mineral properties with a corresponding entry to the rehabilitation provision. Changes resulting from an increased footprint due to gold production are charged to profit or loss for the year. The cost of on-going current programs to prevent and control pollution is charged against profit or loss as incurred. (l) Revenue Revenue from the sale of precious metals is recognized when the metal is accepted at the refinery, risk and benefits of ownership are transferred and when the receipt of proceeds are substantially assured. Revenue is measured at the fair value of the receivable at the date of the transaction. (m) Government grants The Company recognises an unconditional government grant related to gold proceeds in profit or loss as other income when the grant becomes receivable. Government grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received. (n) Finance income and finance costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Finance costs comprise interest expense on the rehabilitation provisions, interest on bank overdraft balances, effective interest on loans and borrowings and also include commitment costs on overdraft facilities. (o) Income tax Tax expense comprises current and deferred tax. Current tax and deferred tax expense are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. (p) Current tax Current tax is the tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date. Current tax also includes withholding tax on management fees and dividends paid between companies within the Group. (q) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not not not no (r) Earnings per share The Group presents basic and diluted earnings per share (“EPS”) data for its shares. Basic EPS is calculated by dividing the adjusted profit or loss attributable to shareholders of the Group (see note 21 (s) Borrowing cost General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and recognised as finance costs. (t) T he following standards, amendments to standards and interpretations to existing standards may Standard/Interpretation Effective date and expected adoption date* IFRS 15 In May 2014, 15 15” 15 11 18 13 15 18 31 January 1, 2018. The standard contains a single model that applies to contracts with customers and two five may 15 January 1, 2018 The Group has completed its assessment of the impact of IFRS 15 no January 1, 2018 IFRS 9 In July 2014, 9 9” 39 39” 9 January 1, 2018. 9 January 1, 2018 IFRS 9 9 9 39 The Group has performed a preliminary assessment and expects no January 1, 2018 Standard/Interpretation Effective date and expected adoption date* IFRS 16 In January 2016, 16 16” 17 January 1, 2019, 15 16. IFRS 16 The Group will adopt IFRS 16 January 1, 2019. no January 1, 2019 IFRIC 22 In December 2016, 22 22” 22 January 1, 2018, IFRIC 22 The Group will adopt IFRIC 22 January 1, 2018 The Group has completed its assessment of the impact of IFRIC 22 not January 1, 2018 * Annual periods ending on or after

Note 5 - Blanket Zimbabwe Indig

Note 5 - Blanket Zimbabwe Indigenisation Transaction	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of the Blanket Zimbabwe indigenisation transaction [text block]	5 Blanket Zimbabwe Indigenisation Transaction On February 20, 2012 51% $30.09 51% · sold a 16% $11.74 · sold a 15% $11.01 · sold a 10% $7.34 · donated a 10% $1 The Group facilitated the vendor funding of these transactions which is repaid by way of dividends from Blanket Mine. 80% 20% Accounting treatment The directors of Caledonia Holding Zimbabwe (Private) Limited (“CHZ”), a wholly owned subsidiary of the Company, performed an assessment, using the requirements of IFRS 10: Consolidated Financial Statements 10 · Non-controlling interests (NCI) are recognised on the portion of shareholding upon which dividends declared by Blanket Mine accrue unconditionally to equity holders as follows: - 20% 16% - 20% 15% - 100% 10% · This effectively means that NCI is recognised at Blanket Mine level at 16.2% · The remaining 80% December 31, 2017 not no · The transaction with the BETS is accounted for in accordance with IAS 19 Employee Benefits not 20% 10% 80% · The Employee Trust and BETS are structured entities which are effectively controlled and consolidated by Blanket Mine. Accordingly, the shares held by BETS are effectively treated as treasury shares in Blanket Mine and no Amendments to the facilitation and advanced dividend loan agreements Interest modification On June 23, 2017, 12 10% 7.25% 80% $806 June 23, 2017 January 1, 2017. 23.1. Dividend and interest moratorium Blanket Mine suspended dividend payments from January 1, 2015 August 1, 2016 no December 31, 2014 July 31, 2016. August 1, 2016, not Blanket’s indigenisation shareholding percentages and facilitation loan balances Balance of facilitation loan # USD 000's Shareholding NCI Recognised NCI subject to facilitation loan Dec, 31, 2017 Dec, 31 2016 NIEEF 16 % 3.2 % 12.8 % 11,879 11,990 Fremiro 15 % 3.0 % 12.0 % 11,504 11,682 Community Trust 10 % 10.0 % - - - BETS 10 % - * - * 7,669 7,788 51 % 16.2 % 24.8 % 31,052 31,460 The balance on the facilitation loans is reconciled as follows: Balance at January 1, 2016 31,336 Interest accrued 1,359 Dividends used to repay loans (1,235 ) Balance at December 31, 2016 31,460 Interest accrued 1,136 Dividends used to repay loans (1,544 ) Balance at December 31, 2017 31,052 *The shares held by BETS are effectively treated as treasury shares (see above). The BETS facilitation loan earnings are accounted for under IAS19 Employee Benefits . # Facilitation loans are accounted for as equity instruments and are accordingly not Advance dividends In anticipation of completion of the underlying subscription agreements, Blanket Mine agreed to an advance dividend arrangements with NIEEF and the Community Trust as follows: Advances made to the Community Trust against their right to receive dividends declared by Blanket Mine on their shareholding as follows: · a $2 September 30, 2012; · a $1 February 28, 2013; · a $1 April 30, 2013. These advance payments were debited to a loan account bearing interest at a rate at the 7.25% The loan is repayable by way of set off of future dividends on the Blanket Mine shares owed by the Community Trust. Advances made to NIEEF as an advanced dividend loan before 2013 2014. The advance dividend payments were recognised as distributions to shareholders and they are classified as equity instruments. The loans arising are not The movement in the advance dividend loan to the Community trust is reconciled as follows: Total Balance at January 1, 2016 3,237 Interest accrued 133 Dividends used to repay advance dividends (370 ) Balance at December 31, 2016 3,000 Interest accrued 104 Dividends used to repay advance dividends (500 ) Balance at December 31, 2017 2,604

Note 6 - Financial Risk Managem

Note 6 - Financial Risk Management	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of financial risk management [text block]	6 Financial risk management Overview The Group has exposure to the following risks from its use of financial instruments: · Currency risk (refer note 27 · Interest rate risk (refer note 27 · Credit risk (refer note 27 · Liquidity risk (refer note 27 · Market risk (refer note 27 This note and note 27 (a) Currency risk The Group is exposed to currency risk on sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities. The Group does not (b) Interest rate risk The Group is exposed to interest rate risk arising from its cash and cash equivalents invested with financial institutions as well as its overdraft facility and term loan. Management’s policy is to invest cash in financial institutions with an investment grade credit-rating. The Group has not (c) Credit risk Credit risk includes the risk of a financial loss to the Group if a gold sales customer fails to meet its contractual obligation. Gold sales were made to Fidelity Printers and Refiners in Zimbabwe during the year. The payment terms stipulated in the service delivery contract were adhered to in all circumstances. (d) Liquidity risk Liquidity risk is the risk that the Group will not (e) Market risk Market risk is the risk that changes in the gold price will affect the group’s profitability. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising returns.

Note 7 - Capital Management

Note 7 - Capital Management	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of objectives, policies and processes for managing capital [text block]	7 Capital Management The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to pursue the mining operations and exploration potential of the mineral properties. The Group’s capital includes shareholders’ equity, comprising issued share capital, reserves, accumulated other comprehensive income, accumulated deficit, bank loans and non-controlling interests. 2017 2016 Total equity 69,211 59,317 The Group’s primary objective with respect to its capital management is to ensure that it has sufficient cash resources to maintain its on-going operations, to provide returns for shareholders and accommodate any rehabilitation provisions and to pursue growth opportunities. As at December 31, 2017, not 15 24 no

Note 8 - Production Costs

Note 8 - Production Costs	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of cost of sales [text block]	8 Production costs 2017 2016 2015 Salaries and wages 13,440 12,206 11,908 Cash-settled share-based payments (note 23.2) 311 - - Consumable materials 18,617 16,291 14,479 Site restoration 58 32 - Pre-feasibility exploration cost 410 408 380 Safety 323 221 551 On mine administration 3,004 2,898 2,701 Other production cost 17 30 - Total 36,180 32,086 30,019

Note 9 - Other Income

Note 9 - Other Income	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of other operating income [text block]	9 Other income 2017 2016 2015 Government grant – Gold sale export incentive 2,446 1,104 - Other 148 226 110 Total 2,594 1,330 110 Government grant – Gold sale export incentive From May, 2016 2017, 3.5% 2.5%

Note 10 - Other Expenses

Note 10 - Other Expenses	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of other operating expense [text block]	10 Other expenses 2017 2016 2015 Impairment provision - 2016 royalty rebate (note 17) 181 - - Other 14 55 - Total 195 55 -

Note 11 - Sale of Blanket Mine

Note 11 - Sale of Blanket Mine Treasury Bills	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of disposal of financial instruments [text block]	11 Sale of Blanket Mine treasury bills On May 16, 2016 $3,202. 2015 2009 2008 nil

Note 12 - Administrative expens

Note 12 - Administrative expense	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of general and administrative expense [text block]	12 Administrative expense 2017 2016 2015 Investor relations 541 543 513 Audit fee 231 267 240 Advisory services fee 684 2,266 1,251 Listing fees 402 328 206 Directors fees company 247 211 191 Directors fees Blanket 40 48 60 Employee costs 2,781 2,803 3,106 Office costs - Zambia - 17 716 Unrecoverable VAT expenses - - 298 Donation to community - - 58 Other office administration costs 444 185 547 Travel costs 399 484 325 Eersteling Gold Mine administration costs 142 111 111 Total 5,911 7,263 7,622

Note 13 - Finance Income and Fi

Note 13 - Finance Income and Finance Costs	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of finance income (cost) [text block]	13 Finance income and finance costs Finance income 2017 2016 2015 Interest received – Bank 38 16 1 Finance cost Interest paid – Term loan 155 103 - Interest paid – Capitalised to Property, plant and equipment (note 15) (155 ) (103 ) - Interest paid - Bank - - 49 Interest paid – South African Revenue Service - - 344 Unwinding of rehabilitation provision 25 25 43 Finance charges – Overdraft 44 167 100 69 192 536

Note 14 - Tax Expense

Note 14 - Tax Expense	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of income tax [text block]	14 Tax expense 2017 2016 2015 Tax recognised in profit or loss Current tax 4,995 3,106 (197 ) Income tax– current year 3,702 2,414 506 Income tax – Prior year under provision 71 49 (1,636 ) Withholding tax expense 1,222 643 933 Deferred tax expense 3,696 4,611 2,567 Origination and reversal of temporary differences 3,696 4,611 2,567 Tax expense – recognised in profit or loss 8,691 7,717 2,370 Tax recognised in other comprehensive income Income tax - current year - - (199 ) Tax expense 8,691 7,717 2,171 Unrecognised deferred tax assets 2017 2016 Tax losses carried forward 5,105 4,989 Taxable losses do not not not Reconciliation of tax rate 2017 2016 2015 Profit for the year 11,896 11,085 5,590 Total tax expense 8,691 7,717 2,370 Profit before tax 20,587 18,802 7,960 Income tax at Company's domestic tax rate (1) - - 2,109 Tax rate differences in foreign jurisdictions 6,546 6,293 (63 ) Foreign currency difference - - (12 ) Deemed interest on loans - - 31 Management fee – non-deductible withholding tax portion 427 427 317 Management fee – Withholding tax on deemed dividend portion (2) 538 - - Management fee – non-deductible income tax portion (2) 925 - - Withholding tax on intercompany dividend 90 49 - Non-deductible royalty expenses 901 753 632 Other non-deductible expenditure 107 64 442 Export incentive income credit 2016 (3) (284 ) - - Export incentive income exemption 2017 (3) (630 ) - - Change in tax estimate (45 ) 49 (1,636 ) Change in unrecognized deferred tax assets 116 82 550 Tax expense - recognised in profit or loss 8,691 7,717 2,370 ( 1 0% 2016:0% 26.5% 0% 2016. ( 2 2017 15% not January 1, 2017. ( 3 March 23, 2017, 2018 June 1, 2016. 2017 2016. Tax paid 2017 2016 2015 Net income tax (payable)/receivable at January 1 (345 ) 344 (1,617 ) Current tax (expense)/tax credit (4,995 ) (3,106 ) 197 Income tax recognised through other comprehensive income 199 Foreign currency movement (17 ) (49 ) 103 Tax paid 4,212 2,466 1,462 Net income tax payable at December 31 (1,145 ) (345 ) 344 Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2017 2016 2017 2016 * 2017 *2016 Property, plant and equipment - - (20,985 ) (17,092 ) (20,985 ) (17,092 ) Allowance for obsolete stock 35 12 - - 35 12 Prepayments - - (4 ) (3 ) (4 ) (3 ) Unrealised foreign exchange 97 - - - 97 - Share based payments 12 - - - 12 - Provisions 1,290 1,218 - - 1,290 1,218 Tax assets/ (liabilities) 1,434 1,230 (20,989 ) (17,095 ) (19,555 ) (15,865 ) * $65 2016: $44 $19,620 2016: $15,909 Movement in recognised deferred tax assets and liabilities Balance January 1, 2017 Recognised in profit or loss Foreign exchange movement Balance December 31, 2017 Property, plant and equipment (17,092 ) (3,893 ) - (20,985 ) Allowance for obsolete stock 12 23 - 35 Prepayments (3 ) (1 ) - (4 ) Unrealised foreign exchange - 97 - 97 Share based payments - 12 - 12 Provisions 1,218 66 6 1,290 Total (15,865 ) (3,696 ) 6 (19,555 ) Balance January 1, 2016 Recognised in profit or loss Foreign exchange movement Balance December 31, 2016 Property, plant and equipment (12,988 ) (4,104 ) - (17,092 ) Allowance for obsolete stock - 12 - 12 Prepayments (3 ) 2 (2 ) (3 ) Provisions 733 477 8 1,218 Assessed loss recognised 998 (998 ) - - Total (11,260 ) (4,611 ) 6 (15,865 )

Note 15 - Property, Plant, and

Note 15 - Property, Plant, and Equipment	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of property, plant and equipment [text block]	15 Property, plant and equipment Cost Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Balance at January 1, 2016 7,989 31,158 6,224 20,626 1,277 2,069 69,343 Additions ** - *17,545 739 572 73 230 19,159 Disposals and scrappings - - - - (502 ) (55 ) (557 ) Reallocations between asset classes 361 (3,699 ) - 3,338 - - - Foreign exchange movement 17 74 4 - 28 11 134 Balance at December 31, 2016 8,367 45,078 6,967 24,536 876 2,255 88,079 Balance at January 1, 2017 8,367 45,078 6,967 24,536 876 2,255 88,079 Additions ** - *17,464 - 3,377 36 72 20,949 Impairments - - - (12 ) - - (12 ) Disposals and scrappings - - - - - (2 ) (2 ) Reallocations between asset classes 1,051 (1,051 ) - (20 ) 20 - - Foreign exchange movement 16 7 - - 11 4 38 Balance at December 31, 2017 9,434 61,498 6,967 27,881 943 2,329 109,052 There are commitments to purchase plant and equipment totalling $2,125 2016: $2,122 * Included in additions to mine development, infrastructure and other assets is an amount of $218 2016: $557 22. ** Included in additions is an amount of $19,556 2016: $17,731 $155 2016:$103 $48,943 2016: $34,086 Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Accumulated depreciation and Impairment losses Balance at January 1, 2016 2,321 3,781 - 11,524 996 1,503 20,125 Disposals and scrappings - - - - (502 ) (8 ) (510 ) Impairments - - - - 20 - 20 Depreciation for the year 629 699 - 1,705 106 352 3,491 Foreign exchange movement - 61 - - 22 (3 ) 80 Balance at December 31, 2016 2,950 4,541 - 13,229 642 1,844 23,206 Balance at January 1, 2017 2,950 4,541 - 13,229 642 1,844 23,206 Depreciation for the year 686 631 - 2,153 115 178 3,763 Foreign exchange movement - - - - 4 1 5 Balance at December 31, 2017 3,636 5,172 - 15,382 761 2,023 26,974 Carrying amounts At December 31, 2016 5,417 40,537 6,967 11,307 234 411 64,873 At December 31, 2017 5,798 56,326 6,967 12,499 182 306 82,078 Economic recovery Items of Property, plant and equipment depreciated over the LoMP are depreciated inclusive of inferred resources included in the LoMP. These inferred resources are included in the calculation when the economic recovery thereof is demonstrated by the achieved recovered grade relative to the mine’s pay limit for the period 2006 2016. 2.3 2008 1.9 2017 4.0 3.42 * * All-in sustaining cost (“AISC”) per ounce plus

Note 16 - Inventories

Note 16 - Inventories	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of inventories [text block]	16 Inventories 2017 2016 Consumable stores 8,776 6,884 Gold in process 399 338 9,175 7,222 Consumables stores are disclosed net of any write downs or provisions for obsolete items, which amounted to $894 2016: $862

Note 17 - Trade and Other Recei

Note 17 - Trade and Other Receivables	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of trade and other receivables [text block]	17 Trade and other receivables 2017 2016 Bullion revenue receivable 1,386 1,059 VAT receivables 2,947 1,901 Deposits for stores and equipment and other receivables 629 465 Total 4,962 3,425 The Group's exposure to credit and currency risks, and impairment losses related to trade and other receivables is disclosed in notes 6 27. During 2016 $181 2016. 2016 December 31, 2017 $181 2016: Nil

Note 18 - Cash and Cash Equival

Note 18 - Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of cash and cash equivalents [text block]	18 Cash and cash equivalents 2017 2016 Bank balances 13,067 14,335 Cash and cash equivalents in the statement of financial position 13,067 14,335 Bank overdrafts used for cash management purposes (311 ) - Net cash and cash equivalents at year end 12,756 14,335 The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities is disclosed in note 27. Blanket Mine arranged an unsecured bank overdraft facility of $4,000 $311 2016; Nil December 31, 2017. 6.5% 4.65%

Note 19 - Share Capital

Note 19 - Share Capital	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of share capital, reserves and other equity interest [text block]	19 Share capital Authorised Unlimited number of ordinary shares of no Unlimited number of preference shares of no Number of fully paid shares * Amount Issued ordinary shares January 1, 2015 10,518,032 54,569 Cancelled ** (7,800 ) - December 31, 2015 10,510,232 54,569 Issued during the year 141,704 433 December 31, 2016 10,651,936 55,002 Share repurchased (118,063 ) (146 ) Issued during the year 69,280 246 December 31, 2017 10,603,153 55,102 * Amounts stated after the 1:5 ** 7,800 2015. Share consolidation and repurchase At the Company’s annual general meeting of shareholders held on June 19, 2017 (a) authorised the consolidation of the Company’s share capital on the basis of 1 100 (b) approved the repurchase of fractions of shares created by the consolidation which were held by shareholders with fewer than 100 CAD1.664 ; (c) authorised the division of the consolidated shares immediately following the steps above on the basis of 20 1 (d) approved the repurchase of fractions of shares remaining following the steps above at the same price as at (b) payments made for repurchases pursuant to (b) and (d) were subject to a minimum with the Company being entitled to retain amounts of GBP5 The combined effect of the above steps which was effected on June 26, 2017 1 5 100 1 100 20 1 118,063 shares at a cost of $146 42,135,492 The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one no

Note 20 - Reserves

Note 20 - Reserves	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of reserves [text block]	20 Reserves Foreign currency translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations with functional currencies that differ from the presentation currency. Share-based payment reserve The share-based payment reserve comprises the fair value of equity instruments granted to employees, directors and service providers under share option plans and equity instruments issued to Blanket’s indigenisation shareholders under Blanket’s Indigenisation Transaction (refer Note 5 Contributed surplus The contributed surplus reserve comprises the reduction in stated capital as approved by shareholders at the special general meeting on January 24, 2013 Reserves 2017 2016 2015 Foreign currency translation reserve (5,885 ) (6,258 ) (6,520 ) Equity-settled share-based payment reserve (Note 23.1) 16,746 16,041 15,871 Contributed surplus 132,591 132,591 132,591 Total 143,452 142,374 141,942

Note 21 - Earnings Per Share

Note 21 - Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of earnings per share [text block]	21 Earnings per share Basic earnings per share The calculation of basic earnings per share for the year ended December 31, 2017 $9,174 2016: $8,288; 2015: $4,679 10,607,882 2016: 10,457,242; 2015: 10,419,017 Weighted average number of shares (In number of shares) Note 2017 2016 2015 Issued shares at beginning of year 19 52,787,428 52,078,908 52,117,908 Share consolidation (note 19) (42,135,492 ) (41,663,126 ) (41,694,326 ) Issued shares post consolidation 10,651,936 10,415,782 10,423,582 Weighted average shares repurchased (60,978 ) - - Weighted average cancellation during the year - - (4,565 ) Weighted average shares issued 16,924 41,460 - Weighted average number of shares at December 31 10,607,882 10,457,242 10,419,017 2017 2016 2015 Profit attributable to shareholders 9,384 8,526 4,779 Blanket Mine Employee Trust Adjustment (210 ) (238 ) (100 ) Adjusted profit attributable to shareholders 9,174 8,288 4,679 Basic earnings per share - $ 0.86 0.79 0.45 · Basic earnings are adjusted for the amounts that accrue to other equity holders of subsidiaries upon the full distribution of post-acquisition earnings to shareholders. · Diluted earnings is calculated on the basis that the unpaid ownership interests of Blanket Mine’s Indigenisation shareholders are effectively treated as options whereby the weighted average fair value for the period of the Blanket Mine shares issued to Indigenous Zimbabweans and which are subject to settlement of the loan accounts is compared to the balance of the loan accounts and any excess portion is regarded as dilutive. The difference between the number of Blanket Mine shares subject to the settlement of the loan accounts and the number of Blanket Mine shares that would have been issued at the average fair value is treated as the issue of shares for no The interest of NIEEF and Fremiro shareholding were anti-dilutive in the current and prior year (i.e. the value of the options was less than the outstanding loan balance) and accordingly there was no The calculation of diluted earnings per share at December 31, 2017 $9,174 2016: $8,288; 2015: $4,679 10,617,504 2016: 10,480,691; 2015: 10,440,651 Weighted average number of shares (In number of shares) 2017 2016 2015 Weighted average shares at December 31 10,607,882 10,457,242 10,419,017 Effect of dilutive options 9,622 23,449 21,634 Weighted average number of shares (diluted) at December 31 10,617,504 10,480,691 10,440,651 Diluted earnings per share - $ 0.86 0.79 0.45 The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. Options of 18,378 2016: 68,795; 2015: 426,550 5,000 2016: 18,000; 2015: 386,184

Note 22 - Provisions

Note 22 - Provisions	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of provisions [text block]	22 Provisions Site restoration Site restoration relates to the estimated cost of closing down the mines and represents the site and environmental restoration costs, estimated to be paid throughout the period up until closure due to areas of environmental disturbance present at the reporting date as a result of mining activities. In the case of Blanket Mine the costs of site restoration are discounted based on the estimated life of mine. not Site restoration costs at Blanket mine are capitalised to mineral properties depreciated at initial recognition and amortised systematically over the estimated life of the mine for costs relating to the decommissioning of property, plant and equipment. Reconciliation of site restoration provision 2017 2016 Balance at January 1 3,456 2,762 Foreign exchange movement 62 80 Unwinding of discount 25 25 Rehabilitation performed (22 ) - Change in estimate during the year - adjusted through profit or loss 58 32 - adjustment capitalised in Property, plant and equipment 218 557 Balance at December 31 3,797 3,456 The discount rates currently applied in the calculation of the net present value of the Blanket mine provision is 0.64% 2016: 0.86% 0% 2016: 0% $3,354 2016: $3,159; 2015: $3,006 $669 2016: $571

Note 23 - Equity-settled Share-

Note 23 - Equity-settled Share-based Expense	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of share-based payment arrangements [text block]	23.1 Equity-settled share-based expense The Group has expensed the following Equity-settled share-based payment arrangements for the year ended December 31 Note 2017 2016 2015 Share option programmes 23.1(a) 29 170 24 Facilitation and advanced dividend loan modification 23.1(b) 806 - - 835 170 24 (a) Share option programmes The Omnibus Equity Incentive Compensation Plan (“OEICP”) was established for grants after May 2015. May 2015 Rolling Stock Option Plan (“RSOP”), which was superseded by the OEICP In accordance with the OEICP, options are granted at an exercise price equal to five vest according to dates set at the discretion of the Compensation Committee of the Board of Directors at the date of grant. All outstanding option awards that have been granted, pursuant to the plan, vest immediately. Terms and conditions of share option programmes The maximum term of the options under the OEICP is 10 5 may not 10% At December 31, 2017, Number of Options Exercise Price Expiry Date Canadian $ 5,000 4.00 Oct 8, 2020 18,000 11.50 Oct 13, 2021 5,000 8.10 May 30, 2022 28,000 The continuity of the options granted, exercised, cancelled and expired under the Plan were as follows: Number of Options * Weighted Avg. Exercise Price Canadian $ * Options outstanding and exercisable at January 1, 2015 513,184 5.55 Expired or forfeited (88,000 ) 5.55 Granted 23,000 3.65 Options outstanding and exercisable at December 31, 2015 448,184 5.40 Expired or forfeited (232,200 ) 6.50 Granted 18,000 11.50 Exercised (141,704 ) 4.15 Options outstanding and exercisable at December 31, 2016 92,280 5.85 Granted 5,000 8.10 Exercised (69,280 ) 4.50 Options outstanding and exercisable at December 31, 2017 28,000 9.55 * Amounts stated after the 1:5 19. The weighted average remaining contractual life of the outstanding options is 3.72 2016: 3.08 2015: 2.46 Inputs for measurement of grant date fair values The fair value of share-based payments noted above was estimated using the Black-Scholes Option Pricing Model as the fair value of the services could not not 2017 2016 2015 2015 Options granted *5,000 *18,000 90,000 25,000 Grant date May 30, 2017 October 13, 2016 December 21, 2015 October 7, 2015 Risk-free interest rate 2.40% 0.53% 0.53% 0.53% Expected stock price volatility (based on historical volatility) 118% 119% 41,2% 39,6% Expected option life in years 3 5 5 5 Exercise price * CAD 8.10 * CAD 11.50 CAD 0.74 CAD 0.80 Share price at grant date * CAD8.10 * CAD 11.50 CAD 0.74 CAD 0.79 Fair value at grant date * USD 5.81 * USD 9.45 USD 0.27 USD 0.27 On May 30, 2017 5,000 $29. * Amounts stated after the 1:5 19. (b) Facilitation and advance dividend loan modification On June 23, 2017, 12 10% 7.25% 80% $806. The following assumptions were used in determining modification of the expense: Modification date June 23, 2017 Blanket Mine dividend yield 23.70% - 89.88% Risk free interest rate USD swap curve Group market capitalisation at grant date ($’000) USD 68,436 23.2 Cash-settled share-based expense The Group has expensed the following Cash-settled share-based payment arrangements for the year ended December 31 Note 2017 2016 2015 Restricted Share units and Performance Share Units 23.2(a) 853 618 - Caledonia Mining South Africa employee incentive scheme 23.2(b) 123 - - 976 618 - (a) Restricted Share units and Performance Share Units Certain key management members were granted Restricted Share units (“RSU’s”) and Performance Share Units (” PSU’s”) pursuant to provisions of the 2015 The RSU’s will vest three The PSU’s have a service condition and a performance period of three RSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional RSU’s at the then applicable share price calculated at the average Bank of Canada noon rate immediately preceding the dividend payment. PSU’s have rights to dividends only after they have vested. The fair value of the RSU’s, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PSU’s, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. At the reporting date it was assumed that there is a 94% 94% December 31, 2017 $1,782 2016:$618 December 31, 2017 $311 2016:Nil; 2015: Nil 8. The following assumptions were used in estimating the fair value of the cash settled share-based payment liability on December 31: *2017 *2016 RSUs PSUs RSUs PSUs Fair value (USD) $ 7.37 $ 7.17 $ 5.50 $ 5.25 Share price (USD) $ 7.37 $ 7.37 $ 5.50 $ 5.50 Performance multiplier percentage - 94 % - 100 % Share units granted: RSUs PSUs RSUs PSUs Grant - January 11, 2016 60,645 242,579 60,645 242,579 Grant - March 23, 2016 10,965 43,871 10,967 43,871 Grant - June 8, 2016 5,117 20,470 5,117 20,470 Grant - January 19, 2017 4,443 17,774 - - RSU dividend reinvestments 7,324 - 3,505 - Total awards at December 31 88,494 324,694 80,234 306,920 * Amounts are presented after the 1:5 June 26, 2017. 2016 not 2015. (b) Caledonia Mining South Africa employee incentive scheme In July, 2017 37,330 3 November 30, 2017, 2018 2019 £5.10 $44 2016:Nil; 2015:Nil $123 2016:Nil; 2015:Nil December 31, 2017. 12,447 November 30, 2017 $79

Note 24 - Loans and Borrowings

Note 24 - Loans and Borrowings	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of borrowings [text block]	24 Loans and borrowings 2017 2016 Non-current portion of term loan facility - 1,577 Current portion of term loan facility 1,486 1,410 Total 1,486 2,987 On October 19, 2016 $3 7.25% $73. 8 $375 January 19, 2017. $3,000. At the inception of the loan the liability was recognised at its fair value plus transaction cost. The imputed finance costs on the liability was determined at an incremental borrowing rate of 7.25%. 13

Note 25 - Trade and Other Payab

Note 25 - Trade and Other Payables	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of trade and other payables [text block]	25 Trade and other payables 2017 2016 Trade payables 2,939 2,851 Electricity accrual 5,827 1,685 Audit fee 231 173 Other payables 584 343 Financial liabilities 9,581 5,052 VAT payable and other taxes - 242 Production and management bonus accrual – Blanket Mine 789 1,156 Other employee benefits 552 123 Leave pay 1,738 1,504 Non-financial liabilities 3,079 3,025 Total 12,660 8,077 The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 6 27.

Note 26 - Cash Flow Information

Note 26 - Cash Flow Information	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of cash flow statement [text block]	26 Cash flow information Non-cash items and information presented separately on the cash flow statement: 2017 2016 2015 Profit for the year 11,896 11,085 5,590 Adjustments for: Tax expense 8,691 7,717 2,370 Net finance cost 31 176 535 Loss on sale of Property, plant and equipment 2 44 - Impairment of Property, plant and equipment 12 20 33 Foreign exchange gains on cash held 121 (105 ) (2,865 ) Site restoration 36 32 - Cash-settled share-based payment expense 1,208 788 - Equity-settled share-based payment expense 835 - 24 Depreciation 3,763 3,491 3,322 Allowance for obsolete stock 32 862 46 Provision for impairment - royalty rebate (note 17) 181 - - Cash generated by operations before working capital changes 26,808 24,110 9,055 Inventories (1,975 ) (1,990 ) 375 Prepayments 82 (99 ) (321 ) Trade and other receivables (1,437 ) 555 (1,472 ) Trade and other payables 5,407 3,095 1,186 Cash flows from operating activities 28,885 25,671 8,823

Note 27 - Financial Instruments

Note 27 - Financial Instruments	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of financial instruments [text block]	27 Financial instruments i) Credit risk Exposure to credit risk The carrying amount of financial assets as disclosed in the statements of financial position and related notes represents the maximum credit exposure. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was: Carrying amount December 31, 2017 December 31, 2016 Zimbabwe 2,015 1,523 Impairment losses None 2016 17 no ii) Liquidity risk The following are the contractual maturities of financial liabilities, including contractual interest payments and excluding the impact of netting agreements. Non-derivative financial liabilities December 31, 2017 Carrying amount 12 months or less 1-2 Years Trade and other payables 9,581 9,581 - Term loan facility 1,486 1,486 - Overdraft 311 311 - 11,378 11,378 - December 31, 2016 Carrying amount 12 months or less 1-2 Years Trade and other payables 5,052 5,052 - Term loan facility 2,987 1,410 1,577 8,039 6,462 1,577 iii) Currency risk The Group is exposed to currency risk to the extent that there is a mismatch between the currency that it transacts in and the functional currency. The results of the Group’s operations are subject to currency transaction risk and currency translation risk. The operating results and financial position of the Group are reported in US dollar in the Group’s consolidated financial statements. The fluctuation of the US dollar in relation to other currencies that entities, within the Group, may may not Sensitivity analysis As a result of the Group’s monetary assets and liabilities denominated in foreign currencies which is different to the functional currency of the underlying entities, the profit or loss and equity in the underlying entities could be affected by movements between the functional currency and the foreign currency. The table below indicates net monetary assets/(liabilities) in the group that have a different functional currency and foreign currency. 2017 2016 Functional currency Functional currency ZAR USD ZAR USD Cash and cash equivalents 57 601 457 265 Trade and other payables - - - 43 57 601 457 308 A reasonably possible strengthening or weakening of 5% 2017 2016 Functional currency Functional currency ZAR USD ZAR USD Cash and cash equivalents 3 30 23 13 Trade and other payables - - - 2 iv) Interest rate risk The group's interest rate risk arises from Loans and borrowings, overdraft facility and cash held. The Loans and borrowings, overdraft facility and cash held have variable interest rate borrowings. Variable rate borrowings expose the group to cash flow interest rate risk. The group has not The Group’s assets and liabilities exposed to interest rate fluctuations as at year end is summarized as follows: 2017 2016 Term loan 1,486 2,987 Net cash and cash equivalents 12,756 14,335 Interest rate risk arising is offset by available net cash and cash equivalents. The table below summarises the effect of a change in finance cost on the Group’s profit or loss and equity, had the rates charged differed. Sensitivity analysis – Term loan 2017 2016 Increase by 100 basis points (15 ) (30 ) Decrease by 100 basis points 15 30 Sensitivity analysis – Net cash and cash equivalents 2017 2016 Increase by 100 basis points 128 143 Decrease by 100 basis points (128 ) (143 ) v) Market risk - Gold price In February 2016, 15,000 6 $1,050 $1,079 not The derivative contract resulted in a loss of $435 $435 1.25%. As at December 31, 2017 no

Note 28 - Dividends

Note 28 - Dividends	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of dividends [text block]	28 Dividends 2017 2016 2015 Dividends paid to owners of the Company (Excluding NCI) 2,904 2,639 2,504 The quarterly dividend of 6,875

Note 29 - Contingencies

Note 29 - Contingencies	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of contingent liabilities [text block]	29 Contingencies The Group may no

Note 30 - Related Parties

Note 30 - Related Parties	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of transactions between related parties [text block]	30 Related parties Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. Directors of the company, as well as certain mine managers are considered key management. Employee contracts between Caledonia Mining South Africa Proprietary Limited, the Company and key management, include an option for respective key management to terminate such employee contract in the event of a change in control of the Company and to receive a severance payment equal to two December 31, 2017 $5,015 2016: $4,646; 2015: $3,578 · the acquisition of more than 50% · the acquisition of right to exercise the majority of the voting rights of shares; or · the acquisition of the right to appoint the majority of the board of directors; or · the acquisition of more than 50% Key management personnel and director transactions: A number of related parties transacted with the Group in the reporting period. The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: 2017 2016 2015 Key management salaries and bonuses 2,041 2,033 2,452 Cash-settled share-based expense * 1,164 788 24 Total 3,205 2,821 2,476 Employees, officers, directors, consultants and other service providers also participate in the Group's share option program (see note 23 31. Refer to note 5 33 Refer to note 32 1983 * $311

Note 31 - Group Entities

Note 31 - Group Entities	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of subsidiaries [text block]	31 Group entities Functional currency Country of incorporation Legal shareholding Intercompany balances with Holding company 2017 2016 2017 2016 Subsidiaries of the Company % % Caledonia Holdings Zimbabwe (Private) Limited USD Zimbabwe 100 100 - - Caledonia Mining Services Limited USD Zimbabwe 100 100 - - Eersteling Gold Mining Company Limited ZAR South Africa 100 100 (12,956 ) (12,793 ) Fintona Investments Proprietary Limited ZAR South Africa 100 100 (14,859 ) (14,859 ) Caledonia Mining South Africa Proprietary Limited ZAR South Africa 100 100 (941 ) (87 ) Greenstone Management Services Holdings Limited USD United Kingdom 100 100 20,879 13,527 Caledonia Holdings (Africa) Limited USD Barbados 100 100 - - Blanket (Barbados) Holdings Limited USD Barbados 100 100 - - Blanket Mine (1983) (Private) Limited (3) USD Zimbabwe (2) (2) - - Blanket Employee Trust Services (Private) Limited (BETS) (1) USD Zimbabwe - - - - ( 1 ( 2 5, 16.2% ( 3 no

Note 32 - Operating Segments

Note 32 - Operating Segments	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of entity's operating segments [text block]	32 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 comprise Caledonia Holdings Zimbabwe Limited and subsidiaries. The South Africa geographical segment comprise a gold mine, that is on care and maintenance, as well as sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The holding company and Greenstone Management Services Holdings Limited (UK) 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. Corporate and other reconciling amounts do not Information about reportable segments 2017 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 69,762 - - - 69,762 Inter-segmental revenue - 15,247 (15,061 ) (186 ) - Royalties (3,498 ) - - - (3,498 ) Production costs (36,753 ) (14,751 ) 15,324 - (36,180 ) Depreciation (4,019 ) (53 ) 309 - (3,763 ) Management fee * (3,960 ) 3,960 - - - Other income 2,358 205 - 31 2,594 Other expenses - (195 ) - - (195 ) Administrative expenses (40 ) (2,258 ) - (3,613 ) (5,911 ) Cash settled share-based payment expense (581 ) - - (395 ) (976 ) Equity-settled share-based payment expense (806 ) - - (29 ) (835 ) Net Foreign exchange gain (375 ) 207 - (212 ) (380 ) Net finance cost (69 ) 10 - 28 (31 ) Profit before tax 22,019 2,372 572 (4,376 ) 20,587 Tax expense (7,587 ) (1,104 ) - - (8,691 ) Profit for the year 14,432 1,268 572 (4,376 ) 11,896 * Of the management fee $561 2016: $641; 2015: $280 Information about reportable segments 2017 Zimbabwe South Africa Inter-group elimination adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 20,368 2,766 (60 ) 4,839 27,913 Non-current (excluding intercompany) 82,798 381 (1,076 ) 40 82,143 Expenditure on property, plant and equipment 21,007 (7 ) (51 ) - 20,949 Intercompany balances - 8,021 (58,087 ) 50,066 - Geographic segment liabilities Current (excluding intercompany) (13,969 ) (1,276 ) - (357 ) (15,602 ) Non-current (excluding intercompany) (23,041 ) (714 ) 293 (1,781 ) (25,243 ) Intercompany balances (2,720 ) (32,724 ) 58,087 (22,643 ) - Information about reportable segments 2016 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 61,992 - - - 61,992 Inter-segmental revenue - 11,873 (11,348 ) (525 ) - Royalties (2,923 ) - - - (2,923 ) Production costs (33,081 ) (10,185 ) 11,180 - (32,086 ) Depreciation (3,733 ) (47 ) 289 - (3,491 ) Management fee (3,960 ) 3,960 - - - Other income 1,194 16 - 120 1,330 Other expenses (55 ) - - - (55 ) Administrative expenses (128 ) (3,119 ) 674 (4,690 ) (7,263 ) Share-based payment expenses (342 ) (106 ) - (340 ) (788 ) Net Foreign exchange gain 2 (529 ) - 22 (505 ) Margin call on hedge - - - (435 ) (435 ) Net finance cost (191 ) 15 - - (176 ) Sale of Blanket Mine treasury 3,202 - - - 3,202 Profit before tax 21,977 1,878 795 (5,848 ) 18,802 Tax expense (6,795 ) (922 ) - - (7,717 ) Profit for the year 15,182 956 795 (5,848 ) 11,085 Information about reportable segments 2016 Zimbabwe South Africa Intergroup elimination adjustment Corporate and other reconciling amounts Total Geographic segment assets: Current 19,501 1,616 (375 ) 5,050 25,792 Non-current (excluding intercompany) 65,824 388 (1,335 ) 40 64,917 Additions to property, plant and equipment 19,000 36 123 - 19,159 Intercompany balances - 7,080 (49,951 ) 42,871 - Geographic segment liabilities Current (8,801 ) (718 ) - (313 ) (9,832 ) Non-current (excluding intercompany) (21,043 ) (517 ) - - (21,560 ) Intercompany balances (2,184 ) (32,867 ) 49,951 (14,900 ) - Information about reportable segments 2015 Zimbabwe South Africa Zambia Inter-group eliminations adjustments Corporate and other reconciling Total Revenue 48,977 - - - - 48,977 Inter-segmental revenue - 17,017 - (26,514 ) 9,497 - Royalties (2,455 ) - - - - (2,455 ) Production costs (30,955 ) (12,174 ) - 13,110 - (30,019 ) Depreciation (3,559 ) (42 ) - 279 - (3,322 ) Other income 55 46 - - 9 110 Management fee (4,140 ) 4,140 - - - - Administrative expenses (118 ) (8,135 ) (750 ) 7,183 (5,802 ) (7,622 ) Equity-settled share-based payment expense - - - - (24 ) (24 ) Net foreign exchange gain - 2,419 - - 431 2,850 Finance income - 1 - - - 1 Finance expense (190 ) (2 ) - - (344 ) (536 ) Profit before income tax 7,615 3,270 (750 ) (5,942 ) 3,767 7,960 Tax expense (2,616 ) (276 ) - - 522 (2,370 ) Profit after income tax 4,999 2,994 (750 ) (5,942 ) 4,289 5,590 Major customer Revenues from Fidelity Printers in Zimbabwe amounted to approximately $69,762 2016: $61,992; 2015: $48,977

Note 33 - Non-controlling Inter

Note 33 - Non-controlling Interests	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of non-controlling interests [text block]	33 Non-controlling interests Blanket Mine ( 1983 16.2% 2017 2016 2015 Current assets 15,559 13,151 10,386 Non-current assets 82,798 65,823 50,613 Current liabilities (16,232 ) (8,698 ) (6,497 ) Non-current liabilities (23,041 ) (20,185 ) (13,621 ) Net assets 59,084 50,091 40,881 Carrying amount of NCI 5,944 3,708 1,504 Revenue 69,762 61,992 48,977 Profit 15,506 15,800 5,000 Total comprehensive income 15,506 15,800 5,000 Profit allocated to NCI 2,512 2,559 811 Dividend paid to NCI (406 ) (355 ) -

Note 34 - Defined Contribution

Note 34 - Defined Contribution Plan	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of employee benefits [text block]	34 Defined Contribution Plan Under the terms of the Mining Industry Pension Fund (“Fund”) in Zimbabwe, eligible employees contribute a fixed percentage of their eligible earnings to the Fund. Blanket Mine makes a matching contribution plus an inflation levy as a fixed percentage of eligible earnings of these employees. The total contribution by Blanket Mine for the year ended December 31, 2017 $583 2016: $567; 2015: $473

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Discloure of Significant Accounting Policies
Description of accounting policy for basis of consolidation [text block]	(a) Basis of consolidation i) Subsidiaries and structured entities Subsidiaries and certain structured entities are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variability in returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ii) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related Non-controlling interests (“NCI”) and other components of equity. Any gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. iii) Non-controlling interests NCI are measured at their proportionate share of the carrying amounts of the acquiree’s identifiable net assets at fair value at the acquisition date. Changes in the Group’s interest in a subsidiary that do not iv) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no
Description of accounting policy for functional currency [text block]	(b) Foreign currency i) Foreign operations As stated in note 2 · assets and liabilities are translated · income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in Other Comprehensive Income (“OCI”). If settlement is planned or likely in the foreseeable future, foreign exchange gains and losses are included in profit or loss. When settlement occurs, settlement will not not When the Group disposes of its entire interest in a foreign operation, or loses control over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are reclassified to profit or loss. If the Group disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are reattributed between controlling and non-controlling interests. All resulting translation differences are reported in OCI and accumulated in the foreign currency translation reserve. ii) Foreign currency translation In preparing the financial statements of the Group entities, transactions in currencies other than the functional currency (foreign currencies) of these Group entities are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities are translated using the current foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in profit or loss for the year.
Description of accounting policy for financial instruments [text block]	(c) Financial instruments i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that which they originate. All other financial assets are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not The Group has the following non-derivative financial assets: trade and other receivables that includes cash and cash equivalents. Loans and receivables Loans and receivables include trade and other receivables and cash and cash equivalents. Loans and receivables are financial assets with fixed or determinable payments that are not Cash and cash equivalents comprise cash balances and call deposits with original maturities of three ii) Non-derivative financial liabilities Financial liabilities are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities consist of bank overdrafts, loans and borrowings and trade and other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method. iii) Derivative financial instruments During 2016 not iv) Offsetting Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Description of accounting policy for issued capital [text block]	(d) Share capital Share capital is classified as equity. Incremental costs directly attributable to the issue, consolidation and repurchase of fractional items of shares and share options are recognised as a deduction from equity, net of any tax effects.
Description of accounting policy for property, plant and equipment [text block]	(e) Property, plant and equipment i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised in profit or loss. ii) Exploration and evaluation assets Exploration costs are capitalised as incurred, unless the exploration costs are related to speculative drilling on unestablished orebodies, general administrative or overhead costs associated with exploration drilling. The costs related to speculative drilling on unestablished orebodies, general administrative or overhead costs are expensed as incurred. Exploration and evaluation costs capitalised are disclosed under property, plant and equipment. Direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, direct administrative costs and depreciation on plant and equipment during the exploration phase. Costs not Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and moved to the mine development, infrastructure and other asset category within Property, plant and equipment. Capitalised direct costs related to the acquisition, exploration and development of mineral properties remain capitalized until the properties to which they relate are ready for their intended use, sold, abandoned or management has determined there to be impairment. Exploration and evaluation assets are tested for impairment before the assets are transferred to mine development, infrastructure and other assets. iii) Subsequent costs The cost of replacing a part of an item of Property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. iv) Depreciation Depreciation is calculated to write off the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. not not For other categories, depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Inferred resources are included in the LoMP to the extent that there is a successful history of upgrading inferred resources. Blanket reports its resources inclusive of reserves. As a result, resources included in the LoMP and hence in the calculation of depreciation include material from measured, indicated and inferred resource classes as detailed below under the following types of resources: · Measured resources – all proven reserve blocks plus 50% · Indicated resources – all probable reserves plus indicated resources which occur within the mine extent as defined by the LoMP infrastructure. · Inferred resources – inferred resources (discounted by approximately 30% In addition, inferred resources are included in the LoMP if it is expected that the inferred resources can be economically recovered in the future. Economic recovery is expected if a history can be proven that the recovered grade of the inferred resources exceeded the pay limit grade and when this trend can be expected in the future. Refer to note 15 Land is not The calculation of the units of production rate could be affected to the extent that actual production in the future is different from the current forecast production based on reserves and resources. This would generally result from the extent to which there are significant changes in any of the factors or assumptions used in estimating mineral reserves and resources. These factors include: · changes in mineral reserves and resources; · differences between actual commodity prices ad commodity price assumptions; · unforeseen operational issues at mine sites; and · changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Useful lives The estimated useful lives for the current and comparative periods are as follows: · buildings 10 15 2016: 10 15 · plant and equipment 10 2016: 10 · fixtures and fittings including computers 4 10 2016: 4 10 · motor vehicles 4 2016: 4 · mine development, infrastructure and other assets in production, units-of-production method. Depreciation methods, useful lives and residual values are reviewed each financial year and adjusted if appropriate. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
Description of accounting policy for measuring inventories [text block]	(f) Inventories Consumable stores are measured at the lower of cost and net realisable value. The cost of consumable stores is based on the weighted average cost principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Gold in process is measured at the lower of cost and net realisable value. The cost of gold in process includes an appropriate share of production overheads based on normal operating capacity and is valued on the weighted average cost principle. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
Description of accounting policy for impairment of assets [text block]	(g) Impairment i) Non-derivative financial assets (including receivables) A financial asset not not not not not ii) Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The Group’s corporate assets do not may An impairment loss is recognised if the carrying amount of a CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated to reduce the carrying amount of assets in the unit (group of units) on a pro rata no not no iii) Impairment of exploration and evaluation (“E&E”) assets The test for impairment of E&E assets not can combine several CGUs as long as the combination is not E&E assets are only assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may · The entity's right to explore in the specific area has expired or will expire in the near future and is not · Substantive expenditure on further E&E activities in the specific area is neither budgeted nor planned. · The entity has not · Even if development is likely to proceed, the entity has sufficient data indicating that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale.
Description of accounting policy for employee benefits [text block]	(h) Employee benefits i) Short-term employee benefits Short-term employee benefits are expensed when the related services are provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. ii) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no 12
Description of accounting policy for share-based payment transactions [text block]	(I) Share-based payment transactions i) Equity-settled share-based payments to employees and directors The grant date fair value of equity-settled share-based payment awards granted to employees and directors is recognised as an expense, with a corresponding increase in equity, over the vesting period of the award. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market vesting conditions at the vesting date. Where the terms and conditions of equity-settled share-based payments are modified, the increase in the fair value, measured immediately before and after the modification date, is charged to profit or loss over the remaining vesting period or immediately for vested awards. Similarly where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss. Additional information about significant estimates and the assumptions used in the quantifying of the equity-settled share-based payment transactions and modification are disclosed in note 23.1. ii) Cash-settled share-based payments to employees and directors The grant date fair value of cash-settled awards granted to employees and directors is recognised as an expense, with a corresponding increase in the liability, over the vesting period of the awards. At each reporting date the fair value of the awards are re-measured with a corresponding adjustment to profit or loss. The method of calculating the fair value of the cash-settled share-based payments changed during quarter 1 2017 not 23.2.
Description of accounting policy for provisions [text block]	(j) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability if the time value of money is considered significant. The unwinding of the discount is recognised as finance cost.
Description of accounting policy for decommissioning, restoration and rehabilitation provisions [text block]	(k) Site restoration The Group recognises liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of property, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of these assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to mineral properties along with a corresponding increase in the rehabilitation provision in the period incurred. Future rehabilitation costs are discounted using a pre-tax risk free rate that reflects the time-value of money. The Group’s estimates of rehabilitation costs, which are reviewed annually, could change as a result of changes in regulatory requirements, discount rates, effects of inflation and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mineral properties with a corresponding entry to the rehabilitation provision. Changes resulting from an increased footprint due to gold production are charged to profit or loss for the year. The cost of on-going current programs to prevent and control pollution is charged against profit or loss as incurred.
Description of accounting policy for recognition of revenue [text block]	(l) Revenue Revenue from the sale of precious metals is recognized when the metal is accepted at the refinery, risk and benefits of ownership are transferred and when the receipt of proceeds are substantially assured. Revenue is measured at the fair value of the receivable at the date of the transaction.
Description of accounting policy for government grants [text block]	(m) Government grants The Company recognises an unconditional government grant related to gold proceeds in profit or loss as other income when the grant becomes receivable. Government grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received.
Description of accounting policy for finance income and costs [text block]	(n) Finance income and finance costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Finance costs comprise interest expense on the rehabilitation provisions, interest on bank overdraft balances, effective interest on loans and borrowings and also include commitment costs on overdraft facilities.
Description of accounting policy for income tax [text block]	(o) Income tax Tax expense comprises current and deferred tax. Current tax and deferred tax expense are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. (p) Current tax Current tax is the tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date. Current tax also includes withholding tax on management fees and dividends paid between companies within the Group. (q) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not not not no
Description of accounting policy for earnings per share [text block]	(r) Earnings per share The Group presents basic and diluted earnings per share (“EPS”) data for its shares. Basic EPS is calculated by dividing the adjusted profit or loss attributable to shareholders of the Group (see note 21
Description of accounting policy for borrowing costs [text block]	(s) Borrowing cost General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and recognised as finance costs.
Description of accounting policy for accounting standards [text block]	(t) T he following standards, amendments to standards and interpretations to existing standards may Standard/Interpretation Effective date and expected adoption date* IFRS 15 In May 2014, 15 15” 15 11 18 13 15 18 31 January 1, 2018. The standard contains a single model that applies to contracts with customers and two five may 15 January 1, 2018 The Group has completed its assessment of the impact of IFRS 15 no January 1, 2018 IFRS 9 In July 2014, 9 9” 39 39” 9 January 1, 2018. 9 January 1, 2018 IFRS 9 9 9 39 The Group has performed a preliminary assessment and expects no January 1, 2018 Standard/Interpretation Effective date and expected adoption date* IFRS 16 In January 2016, 16 16” 17 January 1, 2019, 15 16. IFRS 16 The Group will adopt IFRS 16 January 1, 2019. no January 1, 2019 IFRIC 22 In December 2016, 22 22” 22 January 1, 2018, IFRIC 22 The Group will adopt IFRIC 22 January 1, 2018 The Group has completed its assessment of the impact of IFRIC 22 not January 1, 2018 * Annual periods ending on or after

Note 5 - Blanket Zimbabwe Ind41

Note 5 - Blanket Zimbabwe Indigenisation Transaction (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of indigenisation shareholder percentages and facilitation loan balances [text block]	Balance of facilitation loan # USD 000's Shareholding NCI Recognised NCI subject to facilitation loan Dec, 31, 2017 Dec, 31 2016 NIEEF 16 % 3.2 % 12.8 % 11,879 11,990 Fremiro 15 % 3.0 % 12.0 % 11,504 11,682 Community Trust 10 % 10.0 % - - - BETS 10 % - * - * 7,669 7,788 51 % 16.2 % 24.8 % 31,052 31,460
Disclosure of facilitation loans [text block]	Balance at January 1, 2016 31,336 Interest accrued 1,359 Dividends used to repay loans (1,235 ) Balance at December 31, 2016 31,460 Interest accrued 1,136 Dividends used to repay loans (1,544 ) Balance at December 31, 2017 31,052
Disclosure of movement in dividend loan [text block]	Total Balance at January 1, 2016 3,237 Interest accrued 133 Dividends used to repay advance dividends (370 ) Balance at December 31, 2016 3,000 Interest accrued 104 Dividends used to repay advance dividends (500 ) Balance at December 31, 2017 2,604

Note 7 - Capital Management (Ta

Note 7 - Capital Management (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of capital components [text block]	2017 2016 Total equity 69,211 59,317

Note 8 - Production Costs (Tabl

Note 8 - Production Costs (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of components for cost of sales [text block]	2017 2016 2015 Salaries and wages 13,440 12,206 11,908 Cash-settled share-based payments (note 23.2) 311 - - Consumable materials 18,617 16,291 14,479 Site restoration 58 32 - Pre-feasibility exploration cost 410 408 380 Safety 323 221 551 On mine administration 3,004 2,898 2,701 Other production cost 17 30 - Total 36,180 32,086 30,019

Note 9 - Other Income (Tables)

Note 9 - Other Income (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of other operating income components [text block]	2017 2016 2015 Government grant – Gold sale export incentive 2,446 1,104 - Other 148 226 110 Total 2,594 1,330 110

Note 10 - Other Expenses (Table

Note 10 - Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of components of other operating expense [text block]	2017 2016 2015 Impairment provision - 2016 royalty rebate (note 17) 181 - - Other 14 55 - Total 195 55 -

Note 12 - Administrative expe46

Note 12 - Administrative expense (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of the components of general and administrative expense [text block]	2017 2016 2015 Investor relations 541 543 513 Audit fee 231 267 240 Advisory services fee 684 2,266 1,251 Listing fees 402 328 206 Directors fees company 247 211 191 Directors fees Blanket 40 48 60 Employee costs 2,781 2,803 3,106 Office costs - Zambia - 17 716 Unrecoverable VAT expenses - - 298 Donation to community - - 58 Other office administration costs 444 185 547 Travel costs 399 484 325 Eersteling Gold Mine administration costs 142 111 111 Total 5,911 7,263 7,622

Note 13 - Finance Income and 47

Note 13 - Finance Income and Finance Costs (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of the components of finance income (cost) [text block]	Finance income 2017 2016 2015 Interest received – Bank 38 16 1 Finance cost Interest paid – Term loan 155 103 - Interest paid – Capitalised to Property, plant and equipment (note 15) (155 ) (103 ) - Interest paid - Bank - - 49 Interest paid – South African Revenue Service - - 344 Unwinding of rehabilitation provision 25 25 43 Finance charges – Overdraft 44 167 100 69 192 536

Note 14 - Tax Expense (Tables)

Note 14 - Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of the components of income tax [text block]	2017 2016 2015 Tax recognised in profit or loss Current tax 4,995 3,106 (197 ) Income tax– current year 3,702 2,414 506 Income tax – Prior year under provision 71 49 (1,636 ) Withholding tax expense 1,222 643 933 Deferred tax expense 3,696 4,611 2,567 Origination and reversal of temporary differences 3,696 4,611 2,567 Tax expense – recognised in profit or loss 8,691 7,717 2,370 Tax recognised in other comprehensive income Income tax - current year - - (199 ) Tax expense 8,691 7,717 2,171
Disclosure of unrecognized deferred tax assets [text block]	2017 2016 Tax losses carried forward 5,105 4,989
Disclosure of income tax reconciliation [text block]	2017 2016 2015 Profit for the year 11,896 11,085 5,590 Total tax expense 8,691 7,717 2,370 Profit before tax 20,587 18,802 7,960 Income tax at Company's domestic tax rate (1) - - 2,109 Tax rate differences in foreign jurisdictions 6,546 6,293 (63 ) Foreign currency difference - - (12 ) Deemed interest on loans - - 31 Management fee – non-deductible withholding tax portion 427 427 317 Management fee – Withholding tax on deemed dividend portion (2) 538 - - Management fee – non-deductible income tax portion (2) 925 - - Withholding tax on intercompany dividend 90 49 - Non-deductible royalty expenses 901 753 632 Other non-deductible expenditure 107 64 442 Export incentive income credit 2016 (3) (284 ) - - Export incentive income exemption 2017 (3) (630 ) - - Change in tax estimate (45 ) 49 (1,636 ) Change in unrecognized deferred tax assets 116 82 550 Tax expense - recognised in profit or loss 8,691 7,717 2,370
Disclosure of income taxes paid [text block]	Tax paid 2017 2016 2015 Net income tax (payable)/receivable at January 1 (345 ) 344 (1,617 ) Current tax (expense)/tax credit (4,995 ) (3,106 ) 197 Income tax recognised through other comprehensive income 199 Foreign currency movement (17 ) (49 ) 103 Tax paid 4,212 2,466 1,462 Net income tax payable at December 31 (1,145 ) (345 ) 344
Disclosure of temporary difference, unused tax losses and unused tax credits [text block]	Assets Liabilities Net 2017 2016 2017 2016 * 2017 *2016 Property, plant and equipment - - (20,985 ) (17,092 ) (20,985 ) (17,092 ) Allowance for obsolete stock 35 12 - - 35 12 Prepayments - - (4 ) (3 ) (4 ) (3 ) Unrealised foreign exchange 97 - - - 97 - Share based payments 12 - - - 12 - Provisions 1,290 1,218 - - 1,290 1,218 Tax assets/ (liabilities) 1,434 1,230 (20,989 ) (17,095 ) (19,555 ) (15,865 )
Disclosure of movement in recognized in deferred tax assets and liabilities [text block]	Balance January 1, 2017 Recognised in profit or loss Foreign exchange movement Balance December 31, 2017 Property, plant and equipment (17,092 ) (3,893 ) - (20,985 ) Allowance for obsolete stock 12 23 - 35 Prepayments (3 ) (1 ) - (4 ) Unrealised foreign exchange - 97 - 97 Share based payments - 12 - 12 Provisions 1,218 66 6 1,290 Total (15,865 ) (3,696 ) 6 (19,555 ) Balance January 1, 2016 Recognised in profit or loss Foreign exchange movement Balance December 31, 2016 Property, plant and equipment (12,988 ) (4,104 ) - (17,092 ) Allowance for obsolete stock - 12 - 12 Prepayments (3 ) 2 (2 ) (3 ) Provisions 733 477 8 1,218 Assessed loss recognised 998 (998 ) - - Total (11,260 ) (4,611 ) 6 (15,865 )

Note 15 - Property, Plant, an49

Note 15 - Property, Plant, and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of detailed information about property, plant and equipment [text block]	Cost Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Balance at January 1, 2016 7,989 31,158 6,224 20,626 1,277 2,069 69,343 Additions ** - *17,545 739 572 73 230 19,159 Disposals and scrappings - - - - (502 ) (55 ) (557 ) Reallocations between asset classes 361 (3,699 ) - 3,338 - - - Foreign exchange movement 17 74 4 - 28 11 134 Balance at December 31, 2016 8,367 45,078 6,967 24,536 876 2,255 88,079 Balance at January 1, 2017 8,367 45,078 6,967 24,536 876 2,255 88,079 Additions ** - *17,464 - 3,377 36 72 20,949 Impairments - - - (12 ) - - (12 ) Disposals and scrappings - - - - - (2 ) (2 ) Reallocations between asset classes 1,051 (1,051 ) - (20 ) 20 - - Foreign exchange movement 16 7 - - 11 4 38 Balance at December 31, 2017 9,434 61,498 6,967 27,881 943 2,329 109,052 Land and buildings Mine development, infrastructure and other Exploration and Evaluation assets Plant and equipment Fixtures and fittings Motor vehicles Total Accumulated depreciation and Impairment losses Balance at January 1, 2016 2,321 3,781 - 11,524 996 1,503 20,125 Disposals and scrappings - - - - (502 ) (8 ) (510 ) Impairments - - - - 20 - 20 Depreciation for the year 629 699 - 1,705 106 352 3,491 Foreign exchange movement - 61 - - 22 (3 ) 80 Balance at December 31, 2016 2,950 4,541 - 13,229 642 1,844 23,206 Balance at January 1, 2017 2,950 4,541 - 13,229 642 1,844 23,206 Depreciation for the year 686 631 - 2,153 115 178 3,763 Foreign exchange movement - - - - 4 1 5 Balance at December 31, 2017 3,636 5,172 - 15,382 761 2,023 26,974 Carrying amounts At December 31, 2016 5,417 40,537 6,967 11,307 234 411 64,873 At December 31, 2017 5,798 56,326 6,967 12,499 182 306 82,078

Note 16 - Inventories (Tables)

Note 16 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of components of inventories [text block]	2017 2016 Consumable stores 8,776 6,884 Gold in process 399 338 9,175 7,222

Note 17 - Trade and Other Rec51

Note 17 - Trade and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of the components and trade and other receivables [text block]	2017 2016 Bullion revenue receivable 1,386 1,059 VAT receivables 2,947 1,901 Deposits for stores and equipment and other receivables 629 465 Total 4,962 3,425

Note 18 - Cash and Cash Equiv52

Note 18 - Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of the components of cash and cash equivalents [text block]	2017 2016 Bank balances 13,067 14,335 Cash and cash equivalents in the statement of financial position 13,067 14,335 Bank overdrafts used for cash management purposes (311 ) - Net cash and cash equivalents at year end 12,756 14,335

Note 19 - Share Capital (Tables

Note 19 - Share Capital (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of classes of share capital [text block]	Number of fully paid shares * Amount Issued ordinary shares January 1, 2015 10,518,032 54,569 Cancelled ** (7,800 ) - December 31, 2015 10,510,232 54,569 Issued during the year 141,704 433 December 31, 2016 10,651,936 55,002 Share repurchased (118,063 ) (146 ) Issued during the year 69,280 246 December 31, 2017 10,603,153 55,102

Note 20 - Reserves (Tables)

Note 20 - Reserves (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of reserves within equity [text block]	2017 2016 2015 Foreign currency translation reserve (5,885 ) (6,258 ) (6,520 ) Equity-settled share-based payment reserve (Note 23.1) 16,746 16,041 15,871 Contributed surplus 132,591 132,591 132,591 Total 143,452 142,374 141,942

Note 21 - Earnings Per Share (T

Note 21 - Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Earnings per share [text block]	(In number of shares) Note 2017 2016 2015 Issued shares at beginning of year 19 52,787,428 52,078,908 52,117,908 Share consolidation (note 19) (42,135,492 ) (41,663,126 ) (41,694,326 ) Issued shares post consolidation 10,651,936 10,415,782 10,423,582 Weighted average shares repurchased (60,978 ) - - Weighted average cancellation during the year - - (4,565 ) Weighted average shares issued 16,924 41,460 - Weighted average number of shares at December 31 10,607,882 10,457,242 10,419,017 2017 2016 2015 Profit attributable to shareholders 9,384 8,526 4,779 Blanket Mine Employee Trust Adjustment (210 ) (238 ) (100 ) Adjusted profit attributable to shareholders 9,174 8,288 4,679 Basic earnings per share - $ 0.86 0.79 0.45 Weighted average number of shares (In number of shares) 2017 2016 2015 Weighted average shares at December 31 10,607,882 10,457,242 10,419,017 Effect of dilutive options 9,622 23,449 21,634 Weighted average number of shares (diluted) at December 31 10,617,504 10,480,691 10,440,651 Diluted earnings per share - $ 0.86 0.79 0.45

Note 22 - Provisions (Tables)

Note 22 - Provisions (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of other provisions [text block]	Reconciliation of site restoration provision 2017 2016 Balance at January 1 3,456 2,762 Foreign exchange movement 62 80 Unwinding of discount 25 25 Rehabilitation performed (22 ) - Change in estimate during the year - adjusted through profit or loss 58 32 - adjustment capitalised in Property, plant and equipment 218 557 Balance at December 31 3,797 3,456

Note 23 - Equity-settled Shar57

Note 23 - Equity-settled Share-based Expense (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Explanation of effect of share-based payments on entity's profit or loss [text block]	Note 2017 2016 2015 Share option programmes 23.1(a) 29 170 24 Facilitation and advanced dividend loan modification 23.1(b) 806 - - 835 170 24 Note 2017 2016 2015 Restricted Share units and Performance Share Units 23.2(a) 853 618 - Caledonia Mining South Africa employee incentive scheme 23.2(b) 123 - - 976 618 -
Disclosure of range of exercise prices of outstanding share options [text block]	Number of Options Exercise Price Expiry Date Canadian $ 5,000 4.00 Oct 8, 2020 18,000 11.50 Oct 13, 2021 5,000 8.10 May 30, 2022 28,000
Disclosure of number and weighted average exercise prices of share options [text block]	Number of Options * Weighted Avg. Exercise Price Canadian $ * Options outstanding and exercisable at January 1, 2015 513,184 5.55 Expired or forfeited (88,000 ) 5.55 Granted 23,000 3.65 Options outstanding and exercisable at December 31, 2015 448,184 5.40 Expired or forfeited (232,200 ) 6.50 Granted 18,000 11.50 Exercised (141,704 ) 4.15 Options outstanding and exercisable at December 31, 2016 92,280 5.85 Granted 5,000 8.10 Exercised (69,280 ) 4.50 Options outstanding and exercisable at December 31, 2017 28,000 9.55
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block]	2017 2016 2015 2015 Options granted *5,000 *18,000 90,000 25,000 Grant date May 30, 2017 October 13, 2016 December 21, 2015 October 7, 2015 Risk-free interest rate 2.40% 0.53% 0.53% 0.53% Expected stock price volatility (based on historical volatility) 118% 119% 41,2% 39,6% Expected option life in years 3 5 5 5 Exercise price * CAD 8.10 * CAD 11.50 CAD 0.74 CAD 0.80 Share price at grant date * CAD8.10 * CAD 11.50 CAD 0.74 CAD 0.79 Fair value at grant date * USD 5.81 * USD 9.45 USD 0.27 USD 0.27 *2017 *2016 RSUs PSUs RSUs PSUs Fair value (USD) $ 7.37 $ 7.17 $ 5.50 $ 5.25 Share price (USD) $ 7.37 $ 7.37 $ 5.50 $ 5.50 Performance multiplier percentage - 94 % - 100 %
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block]	RSUs PSUs RSUs PSUs Grant - January 11, 2016 60,645 242,579 60,645 242,579 Grant - March 23, 2016 10,965 43,871 10,967 43,871 Grant - June 8, 2016 5,117 20,470 5,117 20,470 Grant - January 19, 2017 4,443 17,774 - - RSU dividend reinvestments 7,324 - 3,505 - Total awards at December 31 88,494 324,694 80,234 306,920
Faciliation and advanced dividend loans [member]
Statement Line Items [Line Items]
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block]	Modification date June 23, 2017 Blanket Mine dividend yield 23.70% - 89.88% Risk free interest rate USD swap curve Group market capitalisation at grant date ($’000) USD 68,436

Note 24 - Loans and Borrowings

Note 24 - Loans and Borrowings (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of detailed information about borrowings [text block]	2017 2016 Non-current portion of term loan facility - 1,577 Current portion of term loan facility 1,486 1,410 Total 1,486 2,987

Note 25 - Trade and Other Pay59

Note 25 - Trade and Other Payables (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of detailed information about trade and other payables [text block]	2017 2016 Trade payables 2,939 2,851 Electricity accrual 5,827 1,685 Audit fee 231 173 Other payables 584 343 Financial liabilities 9,581 5,052 VAT payable and other taxes - 242 Production and management bonus accrual – Blanket Mine 789 1,156 Other employee benefits 552 123 Leave pay 1,738 1,504 Non-financial liabilities 3,079 3,025 Total 12,660 8,077

Note 26 - Cash Flow Informati60

Note 26 - Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of detailed information of the cash flow statement [text block]	2017 2016 2015 Profit for the year 11,896 11,085 5,590 Adjustments for: Tax expense 8,691 7,717 2,370 Net finance cost 31 176 535 Loss on sale of Property, plant and equipment 2 44 - Impairment of Property, plant and equipment 12 20 33 Foreign exchange gains on cash held 121 (105 ) (2,865 ) Site restoration 36 32 - Cash-settled share-based payment expense 1,208 788 - Equity-settled share-based payment expense 835 - 24 Depreciation 3,763 3,491 3,322 Allowance for obsolete stock 32 862 46 Provision for impairment - royalty rebate (note 17) 181 - - Cash generated by operations before working capital changes 26,808 24,110 9,055 Inventories (1,975 ) (1,990 ) 375 Prepayments 82 (99 ) (321 ) Trade and other receivables (1,437 ) 555 (1,472 ) Trade and other payables 5,407 3,095 1,186 Cash flows from operating activities 28,885 25,671 8,823

Note 27 - Financial Instrumen61

Note 27 - Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of credit risk exposure [text block]	Carrying amount December 31, 2017 December 31, 2016 Zimbabwe 2,015 1,523
Disclosure of maturity analysis for non-derivative financial liabilities [text block]	December 31, 2017 Carrying amount 12 months or less 1-2 Years Trade and other payables 9,581 9,581 - Term loan facility 1,486 1,486 - Overdraft 311 311 - 11,378 11,378 - December 31, 2016 Carrying amount 12 months or less 1-2 Years Trade and other payables 5,052 5,052 - Term loan facility 2,987 1,410 1,577 8,039 6,462 1,577
Sensitivity analysis for types of market risk [text block]	2017 2016 Functional currency Functional currency ZAR USD ZAR USD Cash and cash equivalents 57 601 457 265 Trade and other payables - - - 43 57 601 457 308 2017 2016 Functional currency Functional currency ZAR USD ZAR USD Cash and cash equivalents 3 30 23 13 Trade and other payables - - - 2 2017 2016 Term loan 1,486 2,987 Net cash and cash equivalents 12,756 14,335 2017 2016 Increase by 100 basis points (15 ) (30 ) Decrease by 100 basis points 15 30 Sensitivity analysis – Net cash and cash equivalents 2017 2016 Increase by 100 basis points 128 143 Decrease by 100 basis points (128 ) (143 )

Note 28 - Dividends (Tables)

Note 28 - Dividends (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of dividends paid [text block]	2017 2016 2015 Dividends paid to owners of the Company (Excluding NCI) 2,904 2,639 2,504

Note 30 - Related Parties (Tabl

Note 30 - Related Parties (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of information about key management personnel [text block]	2017 2016 2015 Key management salaries and bonuses 2,041 2,033 2,452 Cash-settled share-based expense * 1,164 788 24 Total 3,205 2,821 2,476

Note 31 - Group Entities (Table

Note 31 - Group Entities (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of interests in subsidiaries [text block]	Functional currency Country of incorporation Legal shareholding Intercompany balances with Holding company 2017 2016 2017 2016 Subsidiaries of the Company % % Caledonia Holdings Zimbabwe (Private) Limited USD Zimbabwe 100 100 - - Caledonia Mining Services Limited USD Zimbabwe 100 100 - - Eersteling Gold Mining Company Limited ZAR South Africa 100 100 (12,956 ) (12,793 ) Fintona Investments Proprietary Limited ZAR South Africa 100 100 (14,859 ) (14,859 ) Caledonia Mining South Africa Proprietary Limited ZAR South Africa 100 100 (941 ) (87 ) Greenstone Management Services Holdings Limited USD United Kingdom 100 100 20,879 13,527 Caledonia Holdings (Africa) Limited USD Barbados 100 100 - - Blanket (Barbados) Holdings Limited USD Barbados 100 100 - - Blanket Mine (1983) (Private) Limited (3) USD Zimbabwe (2) (2) - - Blanket Employee Trust Services (Private) Limited (BETS) (1) USD Zimbabwe - - - -

Note 32 - Operating Segments (T

Note 32 - Operating Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of operating segments [text block]	Information about reportable segments 2017 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 69,762 - - - 69,762 Inter-segmental revenue - 15,247 (15,061 ) (186 ) - Royalties (3,498 ) - - - (3,498 ) Production costs (36,753 ) (14,751 ) 15,324 - (36,180 ) Depreciation (4,019 ) (53 ) 309 - (3,763 ) Management fee * (3,960 ) 3,960 - - - Other income 2,358 205 - 31 2,594 Other expenses - (195 ) - - (195 ) Administrative expenses (40 ) (2,258 ) - (3,613 ) (5,911 ) Cash settled share-based payment expense (581 ) - - (395 ) (976 ) Equity-settled share-based payment expense (806 ) - - (29 ) (835 ) Net Foreign exchange gain (375 ) 207 - (212 ) (380 ) Net finance cost (69 ) 10 - 28 (31 ) Profit before tax 22,019 2,372 572 (4,376 ) 20,587 Tax expense (7,587 ) (1,104 ) - - (8,691 ) Profit for the year 14,432 1,268 572 (4,376 ) 11,896 Information about reportable segments 2017 Zimbabwe South Africa Inter-group elimination adjustments Corporate and other reconciling amounts Total Geographic segment assets: Current (excluding intercompany) 20,368 2,766 (60 ) 4,839 27,913 Non-current (excluding intercompany) 82,798 381 (1,076 ) 40 82,143 Expenditure on property, plant and equipment 21,007 (7 ) (51 ) - 20,949 Intercompany balances - 8,021 (58,087 ) 50,066 - Geographic segment liabilities Current (excluding intercompany) (13,969 ) (1,276 ) - (357 ) (15,602 ) Non-current (excluding intercompany) (23,041 ) (714 ) 293 (1,781 ) (25,243 ) Intercompany balances (2,720 ) (32,724 ) 58,087 (22,643 ) - Information about reportable segments 2016 Zimbabwe South Africa Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 61,992 - - - 61,992 Inter-segmental revenue - 11,873 (11,348 ) (525 ) - Royalties (2,923 ) - - - (2,923 ) Production costs (33,081 ) (10,185 ) 11,180 - (32,086 ) Depreciation (3,733 ) (47 ) 289 - (3,491 ) Management fee (3,960 ) 3,960 - - - Other income 1,194 16 - 120 1,330 Other expenses (55 ) - - - (55 ) Administrative expenses (128 ) (3,119 ) 674 (4,690 ) (7,263 ) Share-based payment expenses (342 ) (106 ) - (340 ) (788 ) Net Foreign exchange gain 2 (529 ) - 22 (505 ) Margin call on hedge - - - (435 ) (435 ) Net finance cost (191 ) 15 - - (176 ) Sale of Blanket Mine treasury 3,202 - - - 3,202 Profit before tax 21,977 1,878 795 (5,848 ) 18,802 Tax expense (6,795 ) (922 ) - - (7,717 ) Profit for the year 15,182 956 795 (5,848 ) 11,085 Information about reportable segments 2016 Zimbabwe South Africa Intergroup elimination adjustment Corporate and other reconciling amounts Total Geographic segment assets: Current 19,501 1,616 (375 ) 5,050 25,792 Non-current (excluding intercompany) 65,824 388 (1,335 ) 40 64,917 Additions to property, plant and equipment 19,000 36 123 - 19,159 Intercompany balances - 7,080 (49,951 ) 42,871 - Geographic segment liabilities Current (8,801 ) (718 ) - (313 ) (9,832 ) Non-current (excluding intercompany) (21,043 ) (517 ) - - (21,560 ) Intercompany balances (2,184 ) (32,867 ) 49,951 (14,900 ) - Information about reportable segments 2015 Zimbabwe South Africa Zambia Inter-group eliminations adjustments Corporate and other reconciling Total Revenue 48,977 - - - - 48,977 Inter-segmental revenue - 17,017 - (26,514 ) 9,497 - Royalties (2,455 ) - - - - (2,455 ) Production costs (30,955 ) (12,174 ) - 13,110 - (30,019 ) Depreciation (3,559 ) (42 ) - 279 - (3,322 ) Other income 55 46 - - 9 110 Management fee (4,140 ) 4,140 - - - - Administrative expenses (118 ) (8,135 ) (750 ) 7,183 (5,802 ) (7,622 ) Equity-settled share-based payment expense - - - - (24 ) (24 ) Net foreign exchange gain - 2,419 - - 431 2,850 Finance income - 1 - - - 1 Finance expense (190 ) (2 ) - - (344 ) (536 ) Profit before income tax 7,615 3,270 (750 ) (5,942 ) 3,767 7,960 Tax expense (2,616 ) (276 ) - - 522 (2,370 ) Profit after income tax 4,999 2,994 (750 ) (5,942 ) 4,289 5,590

Note 33 - Non-controlling Int66

Note 33 - Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2017
Statement Line Items [Line Items]
Disclosure of detailed information in non-controlling interests [text block]	2017 2016 2015 Current assets 15,559 13,151 10,386 Non-current assets 82,798 65,823 50,613 Current liabilities (16,232 ) (8,698 ) (6,497 ) Non-current liabilities (23,041 ) (20,185 ) (13,621 ) Net assets 59,084 50,091 40,881 Carrying amount of NCI 5,944 3,708 1,504 Revenue 69,762 61,992 48,977 Profit 15,506 15,800 5,000 Total comprehensive income 15,506 15,800 5,000 Profit allocated to NCI 2,512 2,559 811 Dividend paid to NCI (406 ) (355 ) -

Note 4 - Significant Accounti67

Note 4 - Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Buildings [member] | Bottom of range [member]
Statement Line Items [Line Items]
Property, plant, and equipment, useful life	10 years	10 years
Buildings [member] | Top of range [member]
Statement Line Items [Line Items]
Property, plant, and equipment, useful life	15 years	15 years
Machinery [member]
Statement Line Items [Line Items]
Property, plant, and equipment, useful life	10 years	10 years
Fixtures and fittings [member] | Bottom of range [member]
Statement Line Items [Line Items]
Property, plant, and equipment, useful life	4 years	4 years
Fixtures and fittings [member] | Top of range [member]
Statement Line Items [Line Items]
Property, plant, and equipment, useful life	10 years	10 years
Motor vehicles [member]
Statement Line Items [Line Items]
Property, plant, and equipment, useful life	4 years	4 years

Note 5 - Blanket Zimbabwe Ind68

Note 5 - Blanket Zimbabwe Indigenisation Transaction (Details Textual) - USD ($) $ in Thousands	Jun. 23, 2017	Feb. 20, 2012	Apr. 30, 2013	Feb. 28, 2013	Sep. 30, 2012	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 31, 2016	Jun. 22, 2017	Oct. 19, 2016
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests		51.00%				51.00%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent		$ 30,090
Non-controlling interest, non-refundable donation		$ 1,000
Dividend loans, Percentage of dividend as payment of interest	80.00%	80.00%
Proportion of dividends declared accruing unconditionally		20.00%
Percentage of net assets recognised as NCI		16.20%
Borrowings, adjustment to interest rate basis										10.00%
Borrowings, interest rate	7.25%										7.25%
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets	$ 806					$ 835	$ 170	$ 24
Dividends received									$ 0
Cash advances on dividend loans			$ 1,000	$ 1,000	$ 2,000
NIEEF [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests		16.00%				16.00%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent		$ 11,740
Proportion of ownership interest sold		16.00%
Non-controlling interests recognised, dividends declared accruing unconditionally		20.00%
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans		80.00%
Fremiro [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests		15.00%				15.00%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent		$ 11,010
Proportion of ownership interest sold		15.00%
Non-controlling interests recognised, dividends declared accruing unconditionally		20.00%
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans		80.00%
BETS [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests						10.00%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent		$ 7,340
Proportion of ownership interest sold		10.00%
Community Trust [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests		10.00%				10.00%
Proportion of ownership interest sold		10.00%
Non-controlling interests recognised, dividends declared accruing unconditionally		100.00%
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans		80.00%
Non-controlling interests recognised, dividends declared accruing unconditionally employee participation		20.00%

Note 5 - Blanket Zimbabwe Ind69

Note 5 - Blanket Zimbabwe Indigenisation Transaction - Shareholder Percentages and Facilitation Loan Balances (Details) - USD ($) $ in Thousands	Feb. 20, 2012	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Shareholding	51.00%	51.00%
NCI Recognized		16.20%
NCI subject to facilitation loans		24.80%
Faciliation loans		$ 31,052	$ 31,460
NIEEF [member]
Statement Line Items [Line Items]
Shareholding	16.00%	16.00%
NCI Recognized		3.20%
NCI subject to facilitation loans		12.80%
Faciliation loans		$ 11,879	11,990
Fremiro [member]
Statement Line Items [Line Items]
Shareholding	15.00%	15.00%
NCI Recognized		3.00%
NCI subject to facilitation loans		12.00%
Faciliation loans		$ 11,504	11,682
Community Trust [member]
Statement Line Items [Line Items]
Shareholding	10.00%	10.00%
NCI Recognized		10.00%
Faciliation loans
BETS [member]
Statement Line Items [Line Items]
Shareholding		10.00%
Faciliation loans		$ 7,669	$ 7,788

Note 5 - Blanket Zimbabwe Ind70

Note 5 - Blanket Zimbabwe Indigenisation Transaction - Facilitation Loans (Details) - USD ($) $ in Thousands	12 Months Ended		19 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jul. 31, 2016
Statement Line Items [Line Items]
Balance at January 1, 2016	$ 31,460
Dividends used to repay loans			$ 0
Balance at December 31, 2016	31,052	$ 31,460
Reserve of share-based payments [member] | Facilitation loans [member]
Statement Line Items [Line Items]
Balance at January 1, 2016	31,460	31,336
Interest accrued	1,136	1,359
Dividends used to repay loans	(1,544)	(1,235)
Balance at December 31, 2016	$ 31,052	$ 31,460

Note 5 - Blanket Zimbabwe Ind71

Note 5 - Blanket Zimbabwe Indigenisation Transaction - Movement in Advance Dividend Loan (Details) - USD ($) $ in Thousands	12 Months Ended		19 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jul. 31, 2016
Statement Line Items [Line Items]
Dividends used to repay loans			$ 0
Reserve of share-based payments [member] | Advanced dividend loans [member]
Statement Line Items [Line Items]
Balance at January 1, 2016	$ 3,000	$ 3,237
Interest accrued	104	133
Dividends used to repay loans	(500)	(370)
Balance at December 31, 2016	$ 2,604	$ 3,000

Note 7 - Capital Management - C

Note 7 - Capital Management - Components of Capital (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Line Items [Line Items]
Total equity	$ 69,211	$ 59,317	$ 50,361	$ 50,343

Note 8 - Production Costs - Com

Note 8 - Production Costs - Components of Production Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Salaries and wages	$ 13,440	$ 12,206	$ 11,908
Expense from cash-settled share-based payment transactions included in production costs	311
Consumable materials	18,617	16,291	14,479
Site restoration	58	32
Pre-feasibility exploration cost	410	408	380
Safety	323	221	551
On mine administration	3,004	2,898	2,701
Other production cost	17	30
Total	$ 36,180	$ 32,086	$ 30,019

Note 9 - Other Income (Details

Note 9 - Other Income (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Government grants, export incentive on gold	3.50%	2.50%

Note 9 - Other Income - Compone

Note 9 - Other Income - Components of Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Government grant – Gold sale export incentive	$ 2,446	$ 1,104
Other	148	226	110
Total	$ 2,594	$ 1,330	$ 110

Note 10 - Other Expenses - Comp

Note 10 - Other Expenses - Components of Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Impairment provision - 2016 royalty rebate (note 17)	$ 181	$ 0	$ 0
Other	14	55	0
Total	$ 195	$ 55

Note 11 - Sale of Blanket Min77

Note 11 - Sale of Blanket Mine Treasury Bills (Details Textual) - USD ($) $ in Thousands	May 16, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Net gains (losses) on disposals of investments	$ 3,202		$ 3,202

Note 12 - Administrative Expe78

Note 12 - Administrative Expense - Components of Administrative Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Investor relations	$ 541	$ 543	$ 513
Audit fee	231	267	240
Advisory services fee	684	2,266	1,251
Listing fees	402	328	206
Directors fees company	247	211	191
Directors fees Blanket	40	48	60
Employee costs	2,781	2,803	3,106
Office costs - Zambia		17	716
Unrecoverable VAT expenses			298
Donation to community			58
Other office administration costs	444	185	547
Travel costs	399	484	325
Eersteling Gold Mine administration costs	142	111	111
Total	$ 5,911	$ 7,263	$ 7,622

Note 13 - Finance Income and 79

Note 13 - Finance Income and Finance Costs - Components of Finance Income and Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Interest received – Bank	$ 38	$ 16	$ 1
Finance cost
Interest paid – Term loan	155	103
Interest paid – Capitalised to Property, plant and equipment (note 15)	(155)	(103)
Interest paid - Bank			49
Interest paid – South African Revenue Service			344
Unwinding of rehabilitation provision	25	25	43
Finance charges – Overdraft	44	167	100
Finance cost	$ 69	$ 192	$ 536

Note 14 - Tax Expense (Details

Note 14 - Tax Expense (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Applicable tax rate	0.00%	0.00%	26.50%
Tax rate effect of expense not deductible in determining taxable profit (tax loss)	15.00%
Net deferred tax assets	$ 65	$ 44
Net deferred tax liabilities	19,620	15,909
South African operations [member]
Statement Line Items [Line Items]
Net deferred tax assets	65	44
Zimbabwean operations [member]
Statement Line Items [Line Items]
Net deferred tax liabilities	$ 19,620	$ 15,909

Note 14 - Tax Expense - Income

Note 14 - Tax Expense - Income Tax Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Tax recognised in profit or loss
Current tax	$ 4,995	$ 3,106	$ (197)
Income tax– current year	3,702	2,414	506
Income tax – Prior year under provision	71	49	(1,636)
Withholding tax expense	1,222	643	933
Deferred tax expense	3,696	4,611	2,567
Origination and reversal of temporary differences	3,696	4,611	2,567
Tax expense – recognised in profit or loss	8,691	7,717	2,370
Tax recognised in other comprehensive income
Income tax - current year			(199)
Tax expense	$ 8,691	$ 7,717	$ 2,171

Note 14 - Tax Expense - Unrecgo

Note 14 - Tax Expense - Unrecgonized Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Unused tax losses [member]
Statement Line Items [Line Items]
Tax losses carried forward	$ 5,105	$ 4,989

Note 14 - Tax Expense - Reconci

Note 14 - Tax Expense - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Profit for the year		$ 11,896	$ 11,085	$ 5,590
Total tax expense		8,691	7,717	2,370
Profit before tax		20,587	18,802	7,960
Income tax at Company's domestic tax rate (1)	[1]			2,109
Tax rate differences in foreign jurisdictions		6,546	6,293	(63)
Foreign currency difference				(12)
Deemed interest on loans				31
Management fee – non-deductible withholding tax portion		427	427	317
Management fee – Withholding tax on deemed dividend portion (2)	[2]	538
Management fee – non-deductible income tax portion (2)	[2]	925
Withholding tax on intercompany dividend		90	49
Non-deductible royalty expenses		901	753	632
Other non-deductible expenditure		107	64	442
Export incentive income credit 2016 (3)	[3]	(284)
Export incentive income exemption 2017 (3)	[3]	(630)
Change in tax estimate		(45)	49	(1,636)
Change in unrecognized deferred tax assets		116	82	550
Tax expense – recognised in profit or loss		$ 8,691	$ 7,717	$ 2,370
[1]	Enacted tax rate in Jersey, Channel Islands is 0% (2016:0%). The domestic income tax rate of the Company changed from 26.5% to 0% after it re-domiciled from Canada to Jersey Channel Islands during 2016.
[2]	Zimbabwean tax legislation changed during 2017 that gave rise to an additional 15% withholding tax on a portion of the intercompany management fee considered to be a deemed dividend. The new legislation resulted in this portion of the management fee being not deductible for income tax purposes in Zimbabwe from January 1, 2017.
[3]	On March 23, 2017, the Zimbabwean revenue authority enacted a new finance act that provided for the export incentive income to be tax exempt. The 2018 finance bill indicated that the export incentive income will be tax exempt from June 1, 2016. The new finance bill resulted in an income tax credit being applied in the 2017 income tax calculation giving rise to a credit for the export incentive income of 2016.

Note 14 - Tax Expense - Taxes P

Note 14 - Tax Expense - Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Net income tax (payable)/receivable at January 1	$ (345)	$ 344	$ (1,617)
Current tax (expense)/tax credit	(4,995)	(3,106)	197
Income tax recognised through other comprehensive income			199
Foreign currency movement	(17)	(49)	103
Tax paid	4,212	2,466	1,462
Net income tax payable at December 31	$ (1,145)	$ (345)	$ 344

Note 14 - Tax Expense - Recogni

Note 14 - Tax Expense - Recognised Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Statement Line Items [Line Items]
Deferred tax asset		$ 1,434		$ 1,230
Deferred tax liability		(20,989)		(17,095)
Net deferred tax asset (liability)		(19,555)	[1]	(15,865)	[1]	$ (11,260)
Property, plant, and equipment deferred tax liability [member]
Statement Line Items [Line Items]
Deferred tax asset
Deferred tax liability		(20,985)		(17,092)
Net deferred tax asset (liability)		(20,985)	[1]	(17,092)	[1]	(12,988)
Allowance for obsolete stock deferred tax asset [member]
Statement Line Items [Line Items]
Deferred tax asset		35		12
Deferred tax liability
Net deferred tax asset (liability)		35	[1]	12	[1]
Prepayments deferred tax liability [member]
Statement Line Items [Line Items]
Deferred tax asset
Deferred tax liability		(4)		(3)
Net deferred tax asset (liability)		(4)	[1]	(3)	[1]	(3)
Unrealised foreign exchange gains (losses) [member]
Statement Line Items [Line Items]
Deferred tax asset		97
Deferred tax liability
Net deferred tax asset (liability)	[1]	97
Share-based payments deferred tax assets [member]
Statement Line Items [Line Items]
Deferred tax asset		12
Deferred tax liability
Net deferred tax asset (liability)	[1]	12
Other temporary differences [member]
Statement Line Items [Line Items]
Deferred tax asset		1,290		1,218
Deferred tax liability
Net deferred tax asset (liability)		$ 1,290	[1]	$ 1,218	[1]	$ 733
[1]	The deferred tax liability consists of a deferred tax asset of $65 (2016: $44) from the South African operations and a deferred tax liability of $19,620 (2016: $15,909) due to the Zimbabwean operations. The amounts are in different tax jurisdictions and cannot offset. The amounts are presented as a Non-current asset and a Non-current liability in the Statement of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income.

Note 14 - Tax Expense - Movemen

Note 14 - Tax Expense - Movement in Recognized Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016
Statement Line Items [Line Items]
Deferred tax assets (liabilities)		$ (15,865)	[1]	$ (11,260)
Recognised in profit or loss		(3,696)		(4,611)
Foreign exchange movement		6		6
Deferred tax assets (liabilities)	[1]	(19,555)		(15,865)
Property, plant, and equipment deferred tax liability [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)		(17,092)	[1]	(12,988)
Recognised in profit or loss		(3,893)		(4,104)
Foreign exchange movement
Deferred tax assets (liabilities)	[1]	(20,985)		(17,092)
Allowance for obsolete stock deferred tax asset [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)		12	[1]
Recognised in profit or loss		23		12
Foreign exchange movement
Deferred tax assets (liabilities)	[1]	35		12
Prepayments deferred tax liability [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)		(3)	[1]	(3)
Recognised in profit or loss		(1)		2
Foreign exchange movement				(2)
Deferred tax assets (liabilities)	[1]	(4)		(3)
Unrealised foreign exchange gains (losses) [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)	[1]
Recognised in profit or loss		97
Foreign exchange movement
Deferred tax assets (liabilities)	[1]	97
Other temporary differences [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)		1,218	[1]	733
Recognised in profit or loss		66		477
Foreign exchange movement		6		8
Deferred tax assets (liabilities)	[1]	1,290		1,218
Share-based payments deferred tax assets [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)	[1]
Recognised in profit or loss		12
Foreign exchange movement
Deferred tax assets (liabilities)	[1]	12
Assessed tax losses deferred tax asset [member]
Statement Line Items [Line Items]
Deferred tax assets (liabilities)				998
Recognised in profit or loss				(998)
Foreign exchange movement
Deferred tax assets (liabilities)
[1]	The deferred tax liability consists of a deferred tax asset of $65 (2016: $44) from the South African operations and a deferred tax liability of $19,620 (2016: $15,909) due to the Zimbabwean operations. The amounts are in different tax jurisdictions and cannot offset. The amounts are presented as a Non-current asset and a Non-current liability in the Statement of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income.

Note 15 - Property, Plant, an87

Note 15 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Contractual commitments for acquisition of property, plant and equipment	$ 2,125	$ 2,122
Rehabilitation costs capitalised	218	557
Additions other than through business combinations, property, plant and equipment	20,949	19,159
Borrowing costs capitalised	155
Property, plant and equipment at end of period	82,078	64,873
Construction in progress [member]
Statement Line Items [Line Items]
Additions other than through business combinations, property, plant and equipment	19,556	17,731
Property, plant and equipment at end of period	$ 48,943	$ 34,086

Note 15 - Property, Plant, an88

Note 15 - Property, Plant, and Equipment - Reconciliation of Changes in Property, Plant, and Equipment (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Balance at beginning of period		$ 64,873
Additions**		20,949	$ 19,159
Balance at end of period		82,078	64,873
Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		88,079	69,343
Additions**	[1]	20,949	19,159
Disposals and scrappings		(2)	(557)
Reallocations between asset classes
Foreign exchange movement		38	134
Impairments		(12)
Balance at end of period		109,052	88,079
Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period		23,206	20,125
Disposals and scrappings			(510)
Foreign exchange movement		5	80
Impairments			20
Depreciation for the year		3,763	3,491
Balance at end of period		26,974	23,206
Land and buildings [member]
Statement Line Items [Line Items]
Balance at beginning of period		5,417
Balance at end of period		5,798	5,417
Land and buildings [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		8,367	7,989
Additions**	[1]
Disposals and scrappings
Reallocations between asset classes		1,051	361
Foreign exchange movement		16	17
Impairments
Balance at end of period		9,434	8,367
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period		2,950	2,321
Disposals and scrappings
Foreign exchange movement
Impairments
Depreciation for the year		686	629
Balance at end of period		3,636	2,950
Mining assets [member]
Statement Line Items [Line Items]
Balance at beginning of period		40,537
Balance at end of period		56,326	40,537
Mining assets [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		45,078	31,158
Additions**	[1],[2]	17,464	17,545
Disposals and scrappings
Reallocations between asset classes		(1,051)	(3,699)
Foreign exchange movement		7	74
Impairments
Balance at end of period		61,498	45,078
Mining assets [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period		4,541	3,781
Disposals and scrappings
Foreign exchange movement			61
Impairments
Depreciation for the year		631	699
Balance at end of period		5,172	4,541
Tangible exploration and evaluation assets [member]
Statement Line Items [Line Items]
Balance at beginning of period		6,967
Balance at end of period		6,967	6,967
Tangible exploration and evaluation assets [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		6,967	6,224
Additions**	[1]		739
Disposals and scrappings
Reallocations between asset classes
Foreign exchange movement			4
Impairments
Balance at end of period		6,967	6,967
Tangible exploration and evaluation assets [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period
Disposals and scrappings
Foreign exchange movement
Impairments
Depreciation for the year
Balance at end of period
Machinery [member]
Statement Line Items [Line Items]
Balance at beginning of period		11,307
Balance at end of period		12,499	11,307
Machinery [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		24,536	20,626
Additions**	[1]	3,377	572
Disposals and scrappings
Reallocations between asset classes		(20)	3,338
Foreign exchange movement
Impairments		(12)
Balance at end of period		27,881	24,536
Machinery [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period		13,229	11,524
Disposals and scrappings
Foreign exchange movement
Impairments
Depreciation for the year		2,153	1,705
Balance at end of period		15,382	13,229
Fixtures and fittings [member]
Statement Line Items [Line Items]
Balance at beginning of period		234
Balance at end of period		182	234
Fixtures and fittings [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		876	1,277
Additions**	[1]	36	73
Disposals and scrappings			(502)
Reallocations between asset classes		20
Foreign exchange movement		11	28
Impairments
Balance at end of period		943	876
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period		642	996
Disposals and scrappings			(502)
Foreign exchange movement		4	22
Impairments			20
Depreciation for the year		115	106
Balance at end of period		761	642
Motor vehicles [member]
Statement Line Items [Line Items]
Balance at beginning of period		411
Balance at end of period		306	411
Motor vehicles [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period		2,255	2,069
Additions**	[1]	72	230
Disposals and scrappings		(2)	(55)
Reallocations between asset classes
Foreign exchange movement		4	11
Impairments
Balance at end of period		2,329	2,255
Motor vehicles [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Balance at beginning of period		1,844	1,503
Disposals and scrappings			(8)
Foreign exchange movement		1	(3)
Impairments
Depreciation for the year		178	352
Balance at end of period		$ 2,023	$ 1,844
[1]	Included in additions is an amount of $19,556 (2016: $17,731) relating to capital work in progress ("CWIP") and contains $155 (2016:$ 103) of borrowing costs capitalized from the term loan. As at year end $48,943 of CWIP was included in the closing balance (2016: $34,086).
[2]	Included in additions to mine development, infrastructure and other assets is an amount of $218 (2016: $557) relating to rehabilitation asset capitalised refer note 22.

Note 16 - Inventories (Details

Note 16 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Inventory write-down	$ 894	$ 862

Note 16 - Inventories - Compone

Note 16 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Consumable stores	$ 8,776	$ 6,884
Gold in process	399	338
Inventories	$ 9,175	$ 7,222

Note 17 - Trade and Other Rec91

Note 17 - Trade and Other Receivables (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Current royalty receivable		$ 181
Impairment loss recognised in profit or loss, trade receivables	$ 181	$ 0	$ 0

Note 17 - Trade and Other Rec92

Note 17 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Bullion revenue receivable	$ 1,386	$ 1,059
VAT receivables	2,947	1,901
Deposits for stores and equipment and other receivables	629	465
Total	$ 4,962	$ 3,425

Note 18 - Cash and Cash Equiv93

Note 18 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 23, 2017	Jun. 22, 2017	Dec. 31, 2016	Oct. 19, 2016
Statement Line Items [Line Items]
Bank overdrafts	$ 311
Borrowings, interest rate		7.25%			7.25%
Borrowings, adjustment to interest rate basis			10.00%
Unsecured bank overdraft facility [member]
Statement Line Items [Line Items]
Maximum borrowing capacity	4,000
Bank overdrafts	$ 311			$ 0
Borrowings, interest rate	6.50%
Borrowings, adjustment to interest rate basis	4.65%

Note 18 - Cash and Cash Equiv94

Note 18 - Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Line Items [Line Items]
Bank balances	$ 13,067	$ 14,335
Cash and cash equivalents in the statement of financial position	13,067	14,335
Bank overdrafts used for cash management purposes	(311)
Net cash and cash equivalents at year end	$ 12,756	$ 14,335	$ 10,880	$ 23,082

Note 19 - Share Capital (Detail

Note 19 - Share Capital (Details Textual) $ / shares in Units, $ in Thousands	Jun. 26, 2017$ / sharesshares	Jun. 26, 2017USD ($)shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016
Statement Line Items [Line Items]
Share consolidation ratio		5	5	5
Cancelled treasury shares			7,800
Share consolidation, initial consolidation of shares		100
Share consolidation, threshold for shareholders to have shares repurchased		100
Share consolidation price per pre-consolidation share | $ / shares	$ 1.664
Share consolidation, division of consolidated shares		20
Shares repurchased during the period		118,063
Purchase of treasury shares | $		$ 146	$ 146
Reduction in number of shares issued		42,135,492
Preference shares [member]
Statement Line Items [Line Items]
Par value per share | $ / shares			$ 0
Total number of shares issued	0	0
Ordinary shares [member]
Statement Line Items [Line Items]
Par value per share | $ / shares			$ 0

Note 19 - Share Capital - Issue

Note 19 - Share Capital - Issued Ordinary Shares (Details) - USD ($) $ in Thousands		Jun. 26, 2017	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Issued ordinary shares
Issued amount, beginning of period			$ 59,317		$ 50,361		$ 50,343
Cancelled ** (in shares)			(7,800)
Number of fully paid shares issued, share repurchased (in shares)		(118,063)
Issued amount, end of period			$ 69,211		$ 59,317		$ 50,361
Issued capital [member]
Issued ordinary shares
Number of fully paid shares issued, beginning of period (in shares)			10,651,936	[1]	10,510,232	[1]	10,518,032
Issued amount, beginning of period			$ 55,002		$ 54,569		$ 54,569
Cancelled ** (in shares)	[2]						(7,800)
Cancelled, amount	[2]
Number of fully paid shares issued during the year (in shares)	[1]		69,280		141,704
Issued during the year, amount			$ 246		$ 433
Number of fully paid shares issued, share repurchased (in shares)	[1]		(118,063)
Share repurchased, amount			$ (146)
Number of fully paid shares issued, end of period (in shares)	[1]		10,603,153		10,651,936		10,510,232
Issued amount, end of period			$ 55,102		$ 55,002		$ 54,569
[1]	Amounts stated after the 1:5 share consolidation
[2]	7,800 treasury shares of the Company were cancelled during 2015.

Note 20 - Reserves - Reserves i

Note 20 - Reserves - Reserves in Equity (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Foreign currency translation reserve	$ (5,885)	$ (6,258)	$ (6,520)
Equity-settled share-based payment reserve (Note 23.1)	16,746	16,041	15,871
Contributed surplus	132,591	132,591	132,591
Total	$ 143,452	$ 142,374	$ 141,942

Note 21 - Earnings Per Share (D

Note 21 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Profit (loss), attributable to owners of parent after employee trust adjustment	$ 9,174	$ 8,288	$ 4,679
Weighted average number of ordinary shares outstanding	10,607,882	10,457,242	10,419,017
Adjusted weighted average number of ordinary shares outstanding	10,617,504	10,480,691	10,440,651
Antidilutive options excluded from computation of earnings per share, amount	18,378	68,795	426,550
Options out of the money [member]
Statement Line Items [Line Items]
Antidilutive options excluded from computation of earnings per share, amount	5,000	18,000	386,184

Note 21 - Earnings Per Share -

Note 21 - Earnings Per Share - Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Issued shares at beginning of year (in shares)	52,787,428	52,078,908	52,117,908
Share consolidation (note 19) (in shares)	(42,135,492)	(41,663,126)	(41,694,326)
Issued shares post consolidation (in shares)	10,651,936	10,415,782	10,423,582
Weighted average shares repurchased (in shares)	(60,978)
Weighted average cancellation during the year (in shares)			(4,565)
Weighted average shares issued (in shares)	16,924	41,460
Weighted average number of shares at December 31 (in shares)	10,607,882	10,457,242	10,419,017
Profit attributable to shareholders	$ 9,384	$ 8,526	$ 4,779
Blanket Mine Employee Trust Adjustment	(210)	(238)	(100)
Adjusted profit attributable to shareholders	$ 9,174	$ 8,288	$ 4,679
Basic earnings per share - $ (in dollars per share)	$ 0.86	$ 0.79	$ 0.45
Weighted average shares at December 31 (in shares)	10,607,882	10,457,242	10,419,017
Effect of dilutive options (in shares)	9,622	23,449	21,634
Weighted average number of shares (diluted) at December 31 (in shares)	10,617,504	10,480,691	10,440,651
Diluted earnings - per share ($) (in dollars per share)	$ 0.86	$ 0.79	$ 0.45

Note 22 - Provisions (Details T

Note 22 - Provisions (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Provision for decommissioning, restoration and rehabilitation costs for Blanket mine [member]
Statement Line Items [Line Items]
Major assumptions made concerning future events, other provisions, discount rate	0.64%	0.86%
Major assumptions made concerning future events, other Provisions, inflation rate	0.00%	0.00%
Other provisions, undiscounted cash flows	$ 3,354	$ 3,159	$ 3,006
Provision for decommissioning, restoration and rehabilitation costs for Eersteling mine [member]
Statement Line Items [Line Items]
Other provisions, undiscounted cash flows	$ 669	$ 571

Note 22 - Provisions - Reconcil

Note 22 - Provisions - Reconciliation of Site Restoration Provision (Details) - Provision for decommissioning, restoration and rehabilitation costs [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Balance at January 1	$ 3,456	$ 2,762
Foreign exchange movement	62	80
Unwinding of discount	25	25
Rehabilitation performed	(22)
- adjusted through profit or loss	58	32
- adjustment capitalised in Property, plant and equipment	218	557
Balance at December 31	$ 3,797	$ 3,456

Note 23 - Equity-settled Sha102

Note 23 - Equity-settled Share-based Expense (Details Textual)	Nov. 30, 2017USD ($)	Jun. 26, 2017	Jun. 23, 2017USD ($)	May 30, 2017USD ($)	Feb. 20, 2012	Jul. 31, 2017GBP (£)	Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)		Dec. 31, 2015USD ($)	Jun. 22, 2017	Oct. 19, 2016
Statement Line Items [Line Items]
Option life, share options granted							3		5
Share-based compensation arrangement, percentage of outstanding stock maximum							10.00%
Share consolidation ratio		5					5		5
Weighted average remaining contractual life of outstanding share options							3.72		3.08		2.46
Number of share options granted in share-based payment arrangement							5,000	[1]	18,000	[1]	23,000
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets			$ 806,000				$ 835,000		$ 170,000		$ 24,000
Borrowings, adjustment to interest rate basis												10.00%
Borrowings, interest rate			7.25%										7.25%
Dividend loans, Percentage of dividend as payment of interest			80.00%		80.00%
Liabilities from share-based payment transactions							1,826,000		618,000
Expense from cash-settled share-based payment transactions included in production costs							311,000
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets							$ 976,000		$ 618,000
Faciliation and advanced dividend loans [member]
Statement Line Items [Line Items]
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets			$ 806,000
Borrowings, interest rate			7.25%
Dividend loans, Percentage of dividend as payment of interest			80.00%
LIBOR [member] | Faciliation and advanced dividend loans [member]
Statement Line Items [Line Items]
Borrowings, adjustment to interest rate basis												10.00%
Mr. J Staiger [member]
Statement Line Items [Line Items]
Number of share options granted in share-based payment arrangement				5,000
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets				$ 29,000
Omnibus Equity Incetive Compensation Plan [member]
Statement Line Items [Line Items]
Option life, share options granted							10
Rolling Stock Option Plan [member]
Statement Line Items [Line Items]
Option life, share options granted							5
Restricted stock units (RSUs) [member]
Statement Line Items [Line Items]
Vesting period of other equity instruments							3
Number of other equity instruments granted in share-based payment arrangement							88,494		80,234
Weighted average fair value at measurement date, other equity instruments granted							$ 7.37		$ 5.50
Performance share units (PSUs) [member]
Statement Line Items [Line Items]
Vesting period of other equity instruments							3
Performance probability							94.00%
Performance multiplier							94.00%		100.00%
Liabilities from share-based payment transactions							$ 1,782,000		$ 618,000
Expense from cash-settled share-based payment transactions included in production costs							$ 311,000		$ 0		0
Number of other equity instruments granted in share-based payment arrangement							324,694		306,920
Weighted average fair value at measurement date, other equity instruments granted							$ 7.17		$ 5.25
Cash-settled awards [member]
Statement Line Items [Line Items]
Vesting period of other equity instruments						3
Liabilities from share-based payment transactions							44,000		0		0
Number of other equity instruments granted in share-based payment arrangement						37,330
Weighted average fair value at measurement date, other equity instruments granted | £						£ 5.10
Expense from cash-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets							$ 123,000		$ 0		$ 0
Number of other equity instruments exercised or vested in share-based payment arrangement	12,447
Payments to and on behalf of employees	$ 79,000
[1]	Amounts stated after the 1:5 share consolidation, refer note 19.

Note 23 - Equity-settled Sha103

Note 23 - Equity-settled Share-based Expense - Share-based Expense (Details) - USD ($) $ in Thousands	Jun. 23, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Equity-settled share-based payment expense	$ 806	$ 835	$ 170	$ 24
Cash-settled share-based payment expense		976	618
Share option programmes [member]
Statement Line Items [Line Items]
Equity-settled share-based payment expense		29	170	24
Restricted and performance share units [member]
Statement Line Items [Line Items]
Cash-settled share-based payment expense		853	618
Facilitation and advanced dividend loan modification [member]
Statement Line Items [Line Items]
Equity-settled share-based payment expense		806
Cash-settled awards [member]
Statement Line Items [Line Items]
Cash-settled share-based payment expense		$ 123	$ 0	$ 0

Note 23 - Equity-settled Sha104

Note 23 - Equity-settled Share-based Expense - Options Outstanding (Details)	Dec. 31, 2017CAD ($)
Statement Line Items [Line Items]
Number of options	28,000
Exercise price 1 [member]
Statement Line Items [Line Items]
Exercise price	$ 4
Number of options	5,000
Exercise price 2 [member]
Statement Line Items [Line Items]
Exercise price	$ 11.50
Number of options	18,000
Exercise price 3 [member]
Statement Line Items [Line Items]
Exercise price	$ 8.10
Number of options	5,000

Note 23 - Equity-settled Sha105

Note 23 - Equity-settled Share-based Expense - Option Activity (Details)	12 Months Ended
	Dec. 31, 2017CAD ($)		Dec. 31, 2016CAD ($)		Dec. 31, 2015CAD ($)
Statement Line Items [Line Items]
Number of options outstanding and exercisable	92,280		448,184		513,184
Weighted average exercise price, options outstanding and exercisable	$ 5.85		$ 5.40		$ 5.55
Number of options expired or forfeited			(232,200)		(88,000)
Weighted average exercise price, expired or forfeited			$ 6.50		$ 5.55
Options granted	5,000	[1]	18,000	[1]	23,000
Weighted average exercise price, granted	$ 8.10		$ 11.50		$ 3.65
Number of options exercised	(69,280)		(141,704)
Weighted average exercise price, exercised	$ 4.50		$ 4.15
Number of options outstanding and exercisable	28,000		92,280		448,184
Weighted average exercise price, options outstanding and exercisable	$ 9.55		$ 5.85		$ 5.40
[1]	Amounts stated after the 1:5 share consolidation, refer note 19.

Note 23 - Equity-settled Sha106

Note 23 - Equity-settled Share-based Expense - Inputs for Measurement of Grant Date Fair Values (Details)		12 Months Ended
		Dec. 31, 2017USD ($)		Dec. 31, 2017CAD ($)		Dec. 31, 2016USD ($)		Dec. 31, 2016CAD ($)		Dec. 31, 2015CAD ($)	Dec. 31, 2015USD ($)
Statement Line Items [Line Items]
Options granted		5,000	[1]	5,000	[1]	18,000	[1]	18,000	[1]	23,000
Risk-free interest rate		2.40%		2.40%		0.53%		0.53%
Expected stock price volatility (based on historical volatility)		118.00%		118.00%		119.00%		119.00%
Expected option life in years		3		3		5		5
Exercise price	[1]			$ 8.10				$ 11.50
Share price at grant date	[1]			$ 8.10				$ 11.50
Fair value at grant date	[1]	$ 5.81				$ 9.45
Options granted on December 21, 2015 [member]
Statement Line Items [Line Items]
Options granted	[1]									90,000
Risk-free interest rate										0.53%
Expected stock price volatility (based on historical volatility)										412.00%
Expected option life in years										5
Exercise price	[1]									$ 0.74
Share price at grant date	[1]									$ 0.74
Fair value at grant date	[1]										$ 0.27
Options granted on October 7, 2015 [member]
Statement Line Items [Line Items]
Options granted	[1]									25,000
Risk-free interest rate										0.53%
Expected stock price volatility (based on historical volatility)										396.00%
Expected option life in years										5
Exercise price	[1]									$ 0.80
Share price at grant date	[1]									$ 0.79
Fair value at grant date	[1]										$ 0.27
Restricted stock units (RSUs) [member]
Statement Line Items [Line Items]
Share price at grant date		7.37				5.50
Fair value (USD)		7.37				5.50
Performance share units (PSUs) [member]
Statement Line Items [Line Items]
Share price at grant date		7.37				5.50
Fair value (USD)		$ 7.17				$ 5.25
Performance multiplier percentage		94.00%		94.00%		100.00%		100.00%
[1]	Amounts stated after the 1:5 share consolidation, refer note 19.

Note 23 - Equity-settled Sha107

Note 23 - Equity-settled Share-based Expense - Facilitation and Advance Dividend Loan Modification (Details) - Faciliation and advanced dividend loans [member] $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Statement Line Items [Line Items]
Risk free interest rate	USD swap curve
Group market capitalisation at grant date ($’000)	$ 68,436
Bottom of range [member]
Statement Line Items [Line Items]
Blanket Mine dividend yield	23.70%
Top of range [member]
Statement Line Items [Line Items]
Blanket Mine dividend yield	89.88%

Note 23 - Equity-settled Sha108

Note 23 - Equity-settled Share-based Expense - Other Equity Share Units Granted (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Restricted stock units (RSUs) [member]
Statement Line Items [Line Items]
Grants	88,494	80,234
RSU dividend reinvestments	7,324	3,505
Restricted stock units (RSUs) [member] | January 11, 2016 [member]
Statement Line Items [Line Items]
Grants	60,645	60,645
Restricted stock units (RSUs) [member] | March 23, 2016 [member]
Statement Line Items [Line Items]
Grants	10,965	10,967
Restricted stock units (RSUs) [member] | June 8, 2016 [member]
Statement Line Items [Line Items]
Grants	5,117	5,117
Restricted stock units (RSUs) [member] | January 19, 2017 [member]
Statement Line Items [Line Items]
Grants	4,443
Performance share units (PSUs) [member]
Statement Line Items [Line Items]
Grants	324,694	306,920
Performance share units (PSUs) [member] | January 11, 2016 [member]
Statement Line Items [Line Items]
Grants	242,579	242,579
Performance share units (PSUs) [member] | March 23, 2016 [member]
Statement Line Items [Line Items]
Grants	43,871	43,871
Performance share units (PSUs) [member] | June 8, 2016 [member]
Statement Line Items [Line Items]
Grants	20,470	20,470
Performance share units (PSUs) [member] | January 19, 2017 [member]
Statement Line Items [Line Items]
Grants	17,774

Note 24 - Loans and Borrowin109

Note 24 - Loans and Borrowings (Details Textual) $ in Thousands	Oct. 19, 2016USD ($)	Jun. 23, 2017
Statement Line Items [Line Items]
Notional amount	$ 3,000
Borrowings, interest rate	7.25%	7.25%
Payments for debt issue costs	$ 73
Borrowings, number of quarterly installements	8
Borrowing, quarterly payment	$ 375
General notarial bond	$ 3,000

Note 24 - Loans and Borrowin110

Note 24 - Loans and Borrowings - Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Non-current portion of term loan facility		$ 1,577
Current portion of term loan facility	1,486	1,410
Total	$ 1,486	$ 2,987

Note 25 - Trade and Other Pa111

Note 25 - Trade and Other Payables - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Trade payables	$ 2,939	$ 2,851
Electricity accrual	5,827	1,685
Audit fee	231	173
Other payables	584	343
Financial liabilities	9,581	5,052
VAT payable and other taxes		242
Production and management bonus accrual – Blanket Mine	789	1,156
Other employee benefits	552	123
Leave pay	1,738	1,504
Non-financial liabilities	3,079	3,025
Total	$ 12,660	$ 8,077

Note 26 - Cash Flow Informat112

Note 26 - Cash Flow Information - Non-cash Items and Information (Details) - USD ($) $ in Thousands	Jun. 23, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Profit for the year		$ 11,896	$ 11,085	$ 5,590
Tax expense		8,691	7,717	2,370
Net finance cost		31	176	535
Loss on sale of Property, plant and equipment		2	44
Impairment of Property, plant and equipment		12	20	33
Foreign exchange gains on cash held		121	(105)	(2,865)
Site restoration		36	32
Cash-settled share-based payment expense		1,208	788
Equity-settled share-based payment expense	$ 806	835	170	24
Depreciation		3,763	3,491	3,322
Allowance for obsolete stock		32	862	46
Provision for impairment - royalty rebate (note 17)		181
Cash generated by operations before working capital changes		26,808	24,110	9,055
Inventories		(1,975)	(1,990)	375
Prepayments		82	(99)	(321)
Trade and other receivables		(1,437)	555	(1,472)
Trade and other payables		5,407	3,095	1,186
Cash flows from operating activities		$ 28,885	$ 25,671	$ 8,823

Note 27 - Financial Instrume113

Note 27 - Financial Instruments (Details Textual) $ in Thousands	Feb. 01, 2016	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Statement Line Items [Line Items]
Total trade and other current receivables		$ 4,962	$ 3,425
Hedging gains (losses) for hedge of group of items with offsetting risk positions			(435)
Financial instruments designated as hedging instruments, at fair value		$ 0
Derivative contract for 15,000 ounces of Gold [member] | Commodity price risk [member]
Statement Line Items [Line Items]
Derivative contract, number of ounces of gold hedged	15,000
Term of derivative contract	180 days
Average price of hedging instrument	1,050
Average price of hedging instrument, full participation	1,079
Hedging gains (losses) for hedge of group of items with offsetting risk positions			(435)
Hedge margin call deposit			$ 435
Derivative contract for 15,000 ounces of Gold [member] | Commodity price risk [member] | Fidelity Printers [member]
Statement Line Items [Line Items]
Average rate of hedging instrument		1.25%
Current [member]
Statement Line Items [Line Items]
Total trade and other current receivables		$ 0

Note 27 - Financial Instrume114

Note 27 - Financial Instruments - Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Zimbabwean operations [member]
Statement Line Items [Line Items]
Zimbabwe	$ 2,015	$ 1,523

Note 27 - Financial Instrume115

Note 27 - Financial Instruments - Non-derivative Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Trade and other payables	$ 9,581	$ 5,052
Term loan facility	1,486	2,987
Bank overdrafts	311
	11,378	8,039
Not later than one year [member]
Statement Line Items [Line Items]
Trade and other payables	9,581	5,052
Term loan facility	1,486	1,410
Bank overdrafts	311
	11,378	6,462
Later than one year and not later than three years [member]
Statement Line Items [Line Items]
Trade and other payables
Term loan facility		1,577
Bank overdrafts
		$ 1,577

Note 27 - Financial Instrume116

Note 27 - Financial Instruments - Exposure to Risk (Details) R in Thousands, $ in Thousands	Dec. 31, 2017ZAR (R)	Dec. 31, 2017USD ($)	Dec. 31, 2016ZAR (R)	Dec. 31, 2016USD ($)
Currency risk [member]
Statement Line Items [Line Items]
Net monetary assets/(liabilities) exposed	R 57	$ 601	R 457	$ 308
Currency risk [member] | Cash and cash equivalents [member]
Statement Line Items [Line Items]
Net monetary assets/(liabilities) exposed	57	601	457	265
Effect of possible strengthening or weakening	3	30	23	13
Currency risk [member] | Trade and other payables [member]
Statement Line Items [Line Items]
Net monetary assets/(liabilities) exposed				43
Effect of possible strengthening or weakening				2
Interest rate risk , increase by 100 basis points [member] | Cash and cash equivalents [member]
Statement Line Items [Line Items]
Effect of possible strengthening or weakening		128		143
Interest rate risk , increase by 100 basis points [member] | Term loan and bank overdraft [member]
Statement Line Items [Line Items]
Effect of possible strengthening or weakening		(15)		(30)
Interest rate risk, decrease by 100 basis points [member] | Cash and cash equivalents [member]
Statement Line Items [Line Items]
Effect of possible strengthening or weakening		(128)		(143)
Interest rate risk, decrease by 100 basis points [member] | Term loan and bank overdraft [member]
Statement Line Items [Line Items]
Effect of possible strengthening or weakening		15		30
Interest rate risk [member] | Cash and cash equivalents [member]
Statement Line Items [Line Items]
Net monetary assets/(liabilities) exposed		12,756		14,335
Interest rate risk [member] | Term loan facility [member]
Statement Line Items [Line Items]
Net monetary assets/(liabilities) exposed		$ 1,486		$ 2,987

Note 28 - Dividends (Details Te

Note 28 - Dividends (Details Textual)	12 Months Ended
	Dec. 31, 2017$ / shares
Statement Line Items [Line Items]
Dividends recognised as distributions to owners per share	$ 68.75

Note 28 - Dividends - Dividends

Note 28 - Dividends - Dividends Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Dividends paid to owners of the Company (Excluding NCI)	$ 2,904	$ 2,639	$ 2,504

Note 29 - Contingencies (Detail

Note 29 - Contingencies (Details Textual) $ in Thousands	Dec. 31, 2017USD ($)
Legal proceedings contingent liability [member]
Statement Line Items [Line Items]
Estimated financial effect of contingent liabilities	$ 0

Note 30 - Related Parties (Deta

Note 30 - Related Parties (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Statement Line Items [Line Items]
Estimated financial effect of contingent liabilities, determinate number of years for severance pay	2
Expense from cash-settled share-based payment transactions included in production costs	$ 311
Contingent liability arising from termination [member]
Statement Line Items [Line Items]
Estimated financial effect of contingent liabilities	$ 5,015	$ 4,646	$ 3,578

Note 30 - Related Parties - Key

Note 30 - Related Parties - Key Management Personnel and Entities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Key management salaries and bonuses		$ 2,041	$ 2,033	$ 2,452
Cash-settled share-based expense*	[1]	1,164	788	24
Total		$ 3,205	$ 2,821	$ 2,476
[1]	Amount inclusive of $311 of the cash settled share based payment that is classified as production costs.

Note 31 - Group Entities (Detai

Note 31 - Group Entities (Details Textual)	Feb. 20, 2012	Dec. 31, 2017
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests	51.00%	51.00%
Blanket Mine (1983) (Private) Limited [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests		16.20%

Note 31 - Group Entities - Subs

Note 31 - Group Entities - Subsidiaries of the Company (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Caledonia Holdings Zimbabwe (Private) Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Caledonia Holdings Zimbabwe (Private) Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets
Caledonia Mining Services Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Caledonia Mining Services Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets
Eersteling Gold Mining Company Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Eersteling Gold Mining Company Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets		$ (12,956)	$ (12,793)
Fintona Investments Proprietary Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Fintona Investments Proprietary Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets		$ (14,859)	$ (14,859)
Caledonia Mining South Africa Proprietary Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Caledonia Mining South Africa Proprietary Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets		$ (941)	$ (87)
Greenstone Management Services Holdings Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Greenstone Management Services Holdings Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets		$ 20,879	$ 13,527
Caledonia Holdings (Africa) Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Caledonia Holdings (Africa) Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets
Blanket (Barbados) Holdings Limited [member]
Statement Line Items [Line Items]
Percentage of ownership		100.00%	100.00%
Blanket (Barbados) Holdings Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets
Blanket Mine (1983) (Private) Limited [member]
Statement Line Items [Line Items]
Percentage of ownership	[1],[2]	49.00%	49.00%
Blanket Mine (1983) (Private) Limited [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets	[1]
Blanket Employee Trust Services (Private) Limited (BETS) [member]
Statement Line Items [Line Items]
Percentage of ownership	[3]
Blanket Employee Trust Services (Private) Limited (BETS) [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Net assets	[3]
[1]	Blanket has no subsidiary companies
[2]	Refer to Note 5, for the effective shareholding. NCI has a 16.2% interest in cash flows of Blanket only.
[3]	BETS and the Employee Trust are consolidated as structured entities.

Note 32 - Operating Segments (D

Note 32 - Operating Segments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Total revenue	$ 69,762	$ 61,992	$ 48,977
Fidelity Printers [member]
Statement Line Items [Line Items]
Total revenue	69,762	61,992	48,977
Key management personnel of entity or parent [member]
Statement Line Items [Line Items]
Amounts receivable, related party transactions	$ 561
Amounts payable, related party transactions		$ 641	$ 280

Note 32 - Operating Segments -

Note 32 - Operating Segments - Financial Statements (Details) - USD ($) $ in Thousands	Jun. 23, 2017	May 16, 2016	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Statement Line Items [Line Items]
Revenue			$ 69,762		$ 61,992		$ 48,977
Royalties			(3,498)		(2,923)		(2,455)
Production costs			(36,180)		(32,086)		(30,019)
Depreciation			(3,763)		(3,491)		(3,322)
Management fee*				[1]		[1]
Other income			2,594		1,330		110
Other expenses			(195)		(55)
Administrative expenses			(5,911)		(7,263)		(7,622)
Cash settled share-based payment expense			(976)		(618)
Equity-settled share-based payment expense	$ (806)		(835)		(170)		(24)
Net Foreign exchange gain			(380)		(505)		2,850
Net finance cost			(31)		(176)
Profit before tax			20,587		18,802		7,960
Tax expense			(8,691)		(7,717)		(2,370)
Profit for the year			11,896		11,085		5,590
Current (excluding intercompany)			27,913		25,792
Non-current (excluding intercompany)			82,143		64,917
Additions other than through business combinations, property, plant and equipment			20,949		19,159
Intercompany balances			110,056		90,709
Current (excluding intercompany)			(15,602)		(9,832)
Non-current (excluding intercompany)			(25,243)		(21,560)
Intercompany balances			(40,845)		(31,392)
Share-based payment expenses					(788)
Net Foreign exchange gain			(380)		(505)		2,850
Margin call on hedge					(435)
Sale of Blanket Mine treasury		$ 3,202			3,202
Finance income			38		16		1
Finance expense			(69)		(192)		(536)
Corporate and other reconciling amounts [member]
Statement Line Items [Line Items]
Revenue
Royalties
Production costs
Depreciation
Management fee*				[1]		[1]
Other income			31		120		9
Other expenses
Administrative expenses			(3,613)		(4,690)		(5,802)
Cash settled share-based payment expense			(395)
Equity-settled share-based payment expense			(29)				(24)
Net Foreign exchange gain			(212)		22		431
Net finance cost			28
Profit before tax			(4,376)		(5,848)		3,767
Tax expense							522
Profit for the year			(4,376)		(5,848)		4,289
Current (excluding intercompany)					5,050
Non-current (excluding intercompany)					40
Additions other than through business combinations, property, plant and equipment
Current (excluding intercompany)					(313)
Non-current (excluding intercompany)
Share-based payment expenses					(340)
Net Foreign exchange gain			(212)		22		431
Margin call on hedge					(435)
Sale of Blanket Mine treasury
Finance income
Finance expense							(344)
Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Revenue			(15,061)		(11,348)		(26,514)
Royalties
Production costs			15,324		11,180		13,110
Depreciation			309		289		279
Management fee*				[1]		[1]
Other income
Other expenses
Administrative expenses					674		7,183
Cash settled share-based payment expense
Equity-settled share-based payment expense
Net Foreign exchange gain
Net finance cost
Profit before tax			572		795		(5,942)
Tax expense
Profit for the year			572		795		(5,942)
Current (excluding intercompany)			(60)		(375)
Non-current (excluding intercompany)			(1,076)		(1,335)
Additions other than through business combinations, property, plant and equipment			(51)		123
Intercompany balances			(58,087)		(49,951)
Current (excluding intercompany)
Non-current (excluding intercompany)			293
Intercompany balances			58,087		49,951
Share-based payment expenses
Net Foreign exchange gain
Margin call on hedge
Sale of Blanket Mine treasury
Finance income
Finance expense
Corporate and other reconciling amounts, elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Revenue			(186)		(525)		9,497
Current (excluding intercompany)			4,839
Non-current (excluding intercompany)			40
Additions other than through business combinations, property, plant and equipment
Intercompany balances			50,066		42,871
Current (excluding intercompany)			(357)
Non-current (excluding intercompany)			(1,781)
Intercompany balances			(22,643)		(14,900)
Zimbabwean operations [member]
Statement Line Items [Line Items]
Revenue			69,762		61,992		48,977
Royalties			(3,498)		(2,923)		(2,455)
Production costs			(36,753)		(33,081)		(30,955)
Depreciation			(4,019)		(3,733)		(3,559)
Management fee*			(3,960)	[1]	(3,960)	[1]	(4,140)
Other income			2,358		1,194		55
Other expenses					(55)
Administrative expenses			(40)		(128)		(118)
Cash settled share-based payment expense			(581)
Equity-settled share-based payment expense			(806)
Net Foreign exchange gain			(375)		2
Net finance cost			(69)		(191)
Profit before tax			22,019		21,977		7,615
Tax expense			(7,587)		(6,795)		(2,616)
Profit for the year			14,432		15,182		4,999
Current (excluding intercompany)			20,368		19,501
Non-current (excluding intercompany)			82,798		65,824
Additions other than through business combinations, property, plant and equipment			21,007		19,000
Current (excluding intercompany)			(13,969)		(8,801)
Non-current (excluding intercompany)			(23,041)		(21,043)
Share-based payment expenses					(342)
Net Foreign exchange gain			(375)		2
Margin call on hedge
Sale of Blanket Mine treasury					3,202
Finance income
Finance expense							(190)
Zimbabwean operations [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Revenue
Intercompany balances
Intercompany balances			(2,720)		(2,184)
South African operations [member]
Statement Line Items [Line Items]
Revenue
Royalties
Production costs			(14,751)		(10,185)		(12,174)
Depreciation			(53)		(47)		(42)
Management fee*			3,960	[1]	3,960	[1]	4,140
Other income			205		16		46
Other expenses			(195)
Administrative expenses			(2,258)		(3,119)		(8,135)
Cash settled share-based payment expense
Equity-settled share-based payment expense
Net Foreign exchange gain			207		(529)		2,419
Net finance cost			10		15
Profit before tax			2,372		1,878		3,270
Tax expense			(1,104)		(922)		(276)
Profit for the year			1,268		956		2,994
Current (excluding intercompany)			2,766		1,616
Non-current (excluding intercompany)			381		388
Additions other than through business combinations, property, plant and equipment			(7)		36
Current (excluding intercompany)			(1,276)		(718)
Non-current (excluding intercompany)			(714)		(517)
Share-based payment expenses					(106)
Net Foreign exchange gain			207		(529)		2,419
Margin call on hedge
Sale of Blanket Mine treasury
Finance income							1
Finance expense							(2)
South African operations [member] | Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Revenue			15,247		11,873		17,017
Intercompany balances			8,021		7,080
Intercompany balances			$ (32,724)		$ (32,867)
Zambian operations [member]
Statement Line Items [Line Items]
Revenue
Royalties
Production costs
Depreciation
Management fee*
Other income
Administrative expenses							(750)
Equity-settled share-based payment expense
Net Foreign exchange gain
Profit before tax							(750)
Tax expense
Profit for the year							(750)
Net Foreign exchange gain
Finance income
Finance expense
[1]	Of the management fee $561 was receivable and payable at year end (2016: $641).

Note 33 - Non-controlling In126

Note 33 - Non-controlling Interests (Details Textual)	Feb. 20, 2012	Dec. 31, 2017
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests	51.00%	51.00%
Blanket Mine (1983) (Private) Limited [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests		16.20%

Note 33 - Non-controlling In127

Note 33 - Non-controlling Interests - Schedule of Non-controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Current assets	$ 27,913	$ 25,792
Non-current assets	82,143	64,917
Current liabilities	15,602	9,832
Non-current liabilities	25,243	21,560
Carrying amount of NCI	5,944	3,708
Revenue	69,762	61,992	$ 48,977
Profit for the year	11,896	11,085	5,590
Total comprehensive income	12,269	11,347	2,498
Profit allocated to NCI	2,512	2,559	811
Blanket Mine (1983) (Private) Limited [member]
Statement Line Items [Line Items]
Current assets	15,559	13,151	10,386
Non-current assets	82,798	65,823	50,613
Current liabilities	(16,232)	(8,698)	(6,497)
Non-current liabilities	(23,041)	(20,185)	(13,621)
Net assets	59,084	50,091	40,881
Carrying amount of NCI	5,944	3,708	1,504
Revenue	69,762	61,992	48,977
Profit for the year	15,506	15,800	5,000
Total comprehensive income	15,506	15,800	5,000
Profit allocated to NCI	2,512	2,559	811
Dividend paid to NCI	$ (406)	$ (355)

Note 34 - Defined Contributi128

Note 34 - Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Zimbabwean operations [member]
Statement Line Items [Line Items]
Post-employment benefit expense, defined contribution plans	$ 583	$ 567	$ 473