CALEDONIA Mining Corporation (Caledonia) has warned that increased operating costs for 2023 and several significant one-off, non-operating costs in the final quarter of 2023 will see a reduction in profit for the full year.
The Victoria Falls Stock Exchange-listed miner said the increase in operating costs comprises higher-than-expected overtime payments and power costs at Blanket Mine.
The gold miner said about non-operating costs, general and administrative costs rose with global inflation and these also included higher than expected staff termination costs.
Caledonia said it now expects to report an adjusted profit before tax for the year ended December 31, 2023, materially below market expectations.
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