Caledonia to spend $132M on Zimbabwe’s largest gold mine

Caledonia Mining Corporation plans to invest $132 million in 2026 to develop Zimbabwe’s largest gold mine, the company announced Wednesday. The spending is part of a $162.5 million capital program, subject to board approval and funding availability.

The Bilboes mine, projected to cost $584 million in total, is expected to start production in late 2028, with annual output reaching 200,000 ounces from 2029 for at least 10 years. Caledonia already operates the 80,000-ounce-per-year Blanket mine in Zimbabwe, News.Az reports, citing Reuters.

To fund the project, the company announced a $125 million private placement of convertible bonds for institutional investors, alongside non-recourse debt and contributions from existing operations.

 

News.Az