HARARE, Jan 21 – Caledonia Mining Corporation has secured $150 million in international financing to advance development of its Bilboes gold project, a deal that stands out as Zimbabwe’s largest foreign capital raise in more than ten years.
The funds were raised through a seven year convertible bond offering aimed at financing construction of the Bilboes mine, which is expected to become the country’s largest gold operation once production begins later in the decade.
Caledonia said demand for the bond exceeded $600 million, with strong participation from United States institutional investors. The company described the response as a vote of confidence in its assets, strategy, and operating record in Zimbabwe.
The Bilboes project is expected to begin production in late 2028 and reach annual output of about 200,000 ounces from 2029 for an initial ten year period. Caledonia currently operates the Blanket mine, which produces about 80,000 ounces of gold annually.
The company said the bond issue forms part of a broader financing plan. It is also arranging a separate $150 million facility with a consortium of Zimbabwean and South African banks and plans to engage additional regional and international lenders.
Total development costs for Bilboes are estimated at $584 million, with peak funding requirements of about $484 million.
The capital raise comes as Zimbabwe’s gold sector benefits from record bullion prices and a recovery in output. National gold production reached a record 47 metric tons in 2025, more than double levels seen a decade ago, after collapsing during the country’s economic crisis in 2008.
