Caledonia Mining greenlights development of Bilboes gold project

Tue Nov 25 2025

Caledonia Mining Corporation PLC has announced it has now greenlit the development of the Bilboes gold project in Zimbabwe following completion of its feasibility study.

The company, via the completed study, reported proven and probable mineral reserves of 1.75 million ounces at 2.26 g/t and confirmed a single-phase development approach as the most economic option.

The study outlines a life-of-mine production plan of 1.55 million ounces over 10.8 years with a first full production year of about 200,000 ounces in 2029.

“This feasibility study confirms that the project has robust economics, delivering 1.55 Moz over 10.8 years with first production expected in late 2028,” chief executive Mark Learmonth said.

Caledonia selected BIOX technology for processing refractory ore.

The project requires peak funding of $484 million, with an additional $150 million estimated for interest, working capital and overrun facilities.

The company plans to secure a majority of funding from non-recourse senior debt, supplemented by equity from Blanket Mine and flexible instruments such as royalties, streams and mezzanine funding.

Source: https://www.proactiveinvestors.co.uk/