Harare (Diplomat.so) - US-based mining firm Caledonia Mining Corporation has secured $150 million through a seven-year bond issue to finance the development of its Bilboes gold project, which is expected to become Zimbabwe's largest gold mine once operational.
The company said investor demand for the bond exceeded $600 million, highlighting strong market interest as global gold prices climbed above $4,800 per ounce. The transaction is being described as Zimbabwe’s largest international capital raise in more than a decade, a development analysts say could signal renewed confidence in the country’s mining sector.
The Bilboes project is scheduled to begin production in 2028, with annual output forecast at approximately 6.2 metric tons of gold from 2029. Once in operation, the mine is expected to make a significant contribution to national gold output and export earnings.
Zimbabwe’s gold industry has shown a strong recovery in recent years, with production rising from 3 metric tons in 2008 to a record 47 metric tons in 2025, according to official figures. Industry observers note that sustained investment in large-scale projects like Bilboes could further strengthen the sector’s long-term growth prospects.
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