Caledonia Lines Up $150 Million To Build Zimbabwe’s Biggest Gold Mine - Finimize

AI desk brief

Caledonia Mining secured a $150 million, three-year bridge facility from eight Zimbabwean banks for its $584 million Bilboes gold project, with a one-year extension option. Early works are underway; first production is expected in October 2028, with output projected to reach 200,000 ounces annually from 2029. The facility complements a $150 million seven-year convertible bond raised in January 2026, against stated peak funding needs of $484 million. Longer-term financing remains necessary, leaving refinancing timing and terms central to execution; any additional gold supply would depend on successful funding and construction, with no material near-term bullion effect established.