Caledonia Targets US$309 Million Bilboes Project to Chart Growth by 2025
Victoria Falls Stock Exchange-listed gold miner Caledonia Mining Corporation is advancing its US$309 million Bilboes gold project in Matabeleland, aiming to finalize a comprehensive feasibility study by early 2025, Mining Zimbabwe can report.
By Rudairo Mapuranga
The Bilboes project marks a major step in Caledonia’s growth strategy, which will see the company transform from a single-asset operator to a multi-asset gold producer.
Caledonia CEO Mark Learmonth, in an interview during the Gold Forum Americas held in Colorado Springs, emphasized the significance of the Bilboes project, which the company acquired in early 2023 after a seven-year pursuit.
The project has the potential to yield up to 1.5 million ounces of gold over a ten-year-period, with peak production expected to reach 150,000 ounces annually.
“Bilboes will be the catalyst for our evolution. We aim to maximize net present value per share and drive our share price higher,” said Learmonth.
According to Learmonth, funding for the project is expected to come primarily from development finance institutions, with a portion supplemented by equity.
He highlighted Caledonia’s ability to raise capital in Zimbabwe, noting that the company has secured more funding locally than in any other market.
“We are confident in our ability to finance this project effectively, especially given the strong local support,” he said.
Addressing concerns about operating in Zimbabwe, Learmonth downplayed worries over the business environment, citing the country’s educated and motivated workforce as a key asset.
“We have found the unions to be cooperative, not militant,” he noted, adding that operational challenges, while present, are manageable.
With the Bilboes project set to redefine Caledonia’s production capabilities, the company is positioning itself for substantial growth in the Zimbabwean mining sector.