Caledonia Secures $150 Million Financing Package for Zimbabwe’s Largest Gold Mine
Caledonia Mining Raises $150 Million to Advance Zimbabwe’s Bilboes Gold Project
Caledonia Mining Corporation has secured a US$150 million interim financing facility to support the development of the Bilboes Gold Project, a large-scale investment expected to become Zimbabwe’s biggest gold mine once production begins.
The financing package was arranged through a consortium of eight Zimbabwean banks and represents a significant milestone in the development of the project, which is poised to strengthen Zimbabwe’s position as one of Africa’s leading gold-producing nations.
The three-year facility comprises a US$50 million revolving credit line and a US$100 million term loan, with an option to increase the latter by an additional US$50 million. The agreement also includes the possibility of extending the financing period by a further 12 months if required.
Bilboes is one of the most ambitious gold mining projects currently under development in Zimbabwe. Initial site work has already commenced, with commercial production targeted for October 2028. Once fully operational, the mine is expected to produce approximately 200,000 ounces of gold annually, making it the country’s largest gold-producing operation.
The project carries an estimated development cost of US$584 million, while peak funding requirements are projected at around US$484 million. The newly secured facility forms part of a broader financing strategy designed to fund construction and bring the operation into production.
Caledonia Chief Executive Officer Mark Learmonth said the strong support received from Zimbabwean financial institutions and international investors reflects growing confidence in both the Bilboes project and the long-term prospects of Zimbabwe’s gold mining sector.
The latest funding follows Caledonia’s successful US$150 million convertible bond raise earlier this year and demonstrates the company’s ability to access multiple sources of capital as it advances one of Africa’s most significant emerging gold developments.
The Bilboes project comes at a time when Zimbabwe’s gold industry is experiencing robust growth. The country recorded record gold production in 2025, underscoring renewed investor interest in the sector and strengthening its reputation as an important destination for mining investment.
If successfully developed, Bilboes is expected to boost national gold output, generate employment opportunities and contribute meaningful export revenues to Zimbabwe’s economy, reinforcing the country’s ambitions to expand its mining industry and attract further international investment.
