Caledonia Mining Corporation wants to grow its gold business in Zimbabwe. To help fund this expansion, the company has struck a deal with Cantor Fitzgerald & Co. Caledonia can sell up to $50 million worth of its shares through Cantor.
The money will be used to develop the Bilboes gold project. Caledonia bought Bilboes last year for over $53 million. It's located in Bubi, part of Matabeleland North Province.
Studies show that Bilboes could become Zimbabwe's largest gold mine. It might produce as much as 150,000 ounces of gold each year. That would be a big boost for Caledonia.
Blanket Mine is currently Caledonia's main asset in Zimbabwe. Gold production there increased in the first nine months of last year compared to the same period in 2023. The company expects Blanket to produce between 74,000 and 78,000 ounces of gold this year.
Gold is very important for Zimbabwe's economy. It's the country's top export. Last year, gold output hit a record high of over 36 tonnes, a 21% jump from the previous year.
Small-scale and artisanal miners produced most of Zimbabwe's gold in 2024. But large mining companies like Caledonia also play a key role. With the Bilboes project, Caledonia hopes to become an even bigger player in Zimbabwe's gold industry.
The money will be used to develop the Bilboes gold project. Caledonia bought Bilboes last year for over $53 million. It's located in Bubi, part of Matabeleland North Province.
Studies show that Bilboes could become Zimbabwe's largest gold mine. It might produce as much as 150,000 ounces of gold each year. That would be a big boost for Caledonia.
Blanket Mine is currently Caledonia's main asset in Zimbabwe. Gold production there increased in the first nine months of last year compared to the same period in 2023. The company expects Blanket to produce between 74,000 and 78,000 ounces of gold this year.
Gold is very important for Zimbabwe's economy. It's the country's top export. Last year, gold output hit a record high of over 36 tonnes, a 21% jump from the previous year.
Small-scale and artisanal miners produced most of Zimbabwe's gold in 2024. But large mining companies like Caledonia also play a key role. With the Bilboes project, Caledonia hopes to become an even bigger player in Zimbabwe's gold industry.
