In 2024, Caledonia saw gold production at Blanket Mine increase 1.64% from 75,416 ounces to 76,656 ounces (oz) whilst ore milled grew 3.51% to 797,479 tonnes.
In Zimbabwe, rapid informalization and currency woes were the main tenets of the period under review. This led to a tight monetary policy stance by authorities, resulting in a liquidity crisis and less transactions in the formal market.
The month of March saw market capitalisation on the Zimbabwe Stock Exchange grow 1.83% to ZiG63.13bn. In real terms, the exchange however retreated 3.44% to US$1.7bn from movements in currency. The top ten index was notably down 2% in the month to a level of 200.55.
The operating environment was characterised by inflationary pressures, complex regulatory developments, and acute power shortages impacting overall business sentiment.
Despite the challenging operating environment in 2024, the ZSE showed moderate recovery from its weak performance in the prior year in which the market retreated 32%.
During the period, Econet continued upgrades of its core network to increase network performance. The Group spent 26% of its revenue towards capex, largely channelled towards network infrastructure modernisation.
