The operating environment remained challenging across all three markets. In Zimbabwe, key issues that arose include policies that disadvantaged modern trade.
The operating environment during the year under review was characterised by a slowdown in local GDP growth to approximately 2% and weakened capital flows.
The Victoria Falls Stock Exchange market capitalization was 3.62% ahead that of March at US$1.45bn, whilst the All-Share index gained by 3.94% for the month. Padenga was the best performer, rising 62% in March, on sentiment of rallying gold prices. On the other hand, FCB shed 18%, making it the worst performer of the month.
The financial year was characterised by a currency change, tight monetary policy and new tax regulations. The introduction of the Zimbabwe Gold (ZiG) currency in April brought about a predictable market environment in Q2, however this was arrested by a +40% devaluation in September.
The period under review was largely characterised by continued geopolitical tensions in Europe and the Middle East, coupled with inflation uncertainty which led multiple central banks to purchase large volumes of gold driving average prices up.
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.
