• Caledonia seeks $125 million to finance gold operations in Zimbabwe
• Funds will support Bilboes development and ongoing Blanket production
• Company plans up to $162.5 million in gold investments in 2026

Caledonia Mining is seeking to raise $125 million to fund the expansion of its gold operations in Zimbabwe, the New York Stock Exchange-listed miner said on Thursday, January 15, as it detailed its investment plans for 2026.

The company plans to invest $162.5 million in Zimbabwe’s gold sector this year. Most of the spending, $132 million, will go toward developing the Bilboes project, while the remainder will be used to sustain production at the Blanket mine and advance exploration at Motapa. The fundraising plan clarifies how Caledonia intends to finance that investment program.

The capital raising will be carried out through a bond issue, which is expected to close on January 20. Caledonia also retains the option to raise up to an additional $25 million, potentially increasing the total amount secured for its Zimbabwe operations.

At Bilboes, the group is planning its second gold mine in the country, with expected cumulative production of about 1.55 million ounces over a projected mine life of 10.8 years. Alongside this development, Caledonia aims to keep output steady at Blanket while continuing exploration work at Motapa, which it views as a key asset for future growth in Zimbabwe.

The fundraising comes at a time of strong market conditions for gold producers. Gold prices have continued to set new records, rising above $4,600 an ounce for the first time this week, a backdrop that could support investor interest in Caledonia’s bond offering.

Aurel Sèdjro Houenou