On 21 January 2026, Caledonia Mining Corporation announced a $150 million seven-year convertible bond to fund its Bilboes project, set to become Zimbabwe’s largest gold mine.
Demand from North American institutional investors exceeded $600 million, reflecting confidence in Caledonia’s assets and strategy. Bilboes, scheduled to start production in late 2028, aims for 200,000 ounces annually from 2029.
Total project cost is $584 million, illustrating Zimbabwe’s gold recovery, with production reaching 47 metric tons in 2025, up from 3 tons in 2008.
