Victoria Falls Stock Exchange-listed Caledonia Mining Corporation has reaffirmed its pivotal role in Zimbabwe’s economy by contributing US$23.745 million to the national fiscus in 2024 through various tax payments.
By Ryan Chigoche
The disclosure was made in the company’s latest Environmental, Social, and Governance (ESG) Report, covering the full year from January 1 to December 31, 2024.
The ESG report highlights Caledonia’s commitment to operating sustainably and responsibly, while also fulfilling its fiscal obligations. The company’s payments to the Zimbabwean government encompassed a wide range of taxes, including income tax on profits from Blanket Mine, PAYE (Pay-As-You-Earn) tax on employee wages, a 5% gold royalty, withholding tax on cross-border transactions, dividends to the National Indigenisation and Economic Empowerment Fund (NIEEF), and customs duties.
Of the total amount, US$11.9 million was paid directly to the government, excluding gold royalties. The gold royalty component alone amounted to US$9.081 million, underscoring the significance of Blanket Mine’s contributions to Zimbabwe’s mining revenue.
Beyond financial contributions, Caledonia continues to deepen its engagement with local communities through a range of sustainability initiatives. In 2024, the company expanded efforts to support education, healthcare, and clean energy access in areas surrounding its operations. These included investments in schools and clinics, complemented by the installation of solar photovoltaic systems to provide reliable, renewable energy.
“We believe our success is intertwined with the well-being of our people, our communities, and the environment in which we operate,” said Chief Executive Officer Mark Learmonth. “As we look ahead, our focus remains on balancing responsible growth with lasting impact, ensuring that Caledonia is not only well-positioned for the future but is actively shaping it.”
Caledonia’s transparency in both financial and non-financial reporting aligns with recent regulatory changes in Zimbabwe. The government has made sustainability reporting mandatory for all companies listed on the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX), a move that brings the country in line with global best practices in corporate governance.
Through the publication of ESG reports, companies like Caledonia showcase their adherence to ethical practices, effective risk management, and long-term financial resilience.
Further underscoring its transparency, Caledonia’s financial disclosures also meet the requirements of the UK Reports on Payments to Governments Regulations, with payment details publicly accessible via UK Companies House and EDGAR in the USA. This approach reinforces the company’s role in promoting fiscal stability and supporting Zimbabwe’s broader economic development.
