• Caledonia aims to launch Bilboes gold mine in Zimbabwe by 2028
  

• Multiple firms plan new gold projects amid 60% surge in gold prices
  

• Zimbabwe gold output hits 38.4 tons in 2024, mostly from small-scale miners

Caledonia Mining plans to bring a second gold mine, the Bilboes project, online at its Zimbabwe operations by the end of 2028, the company said last week. A feasibility study projects the mine will produce 1.55 million ounces over 10.8 years, including about 200,000 ounces in its first full year in 2029.

The announcement comes amid a broader wave of new industrial gold projects in Zimbabwe. On Nov. 24, Namib Minerals said it had begun preparatory work to restart the Redwing and Mazowe mines, which have been on care and maintenance since 2019. The company, which operates the How mine, estimates the restart will cost between 300 million and 400 million dollars. It aims to build a multi-asset portfolio capable of producing 300,000 ounces of gold per year.

Separately, Britain’s Ariana Resources is developing its planned Dokwe mine. A 2022 pre-feasibility study estimated the project could produce 65,000 ounces of gold annually for 13 years, with an investment of 82 million dollars. These estimates are being updated as part of a definitive feasibility study launched this year.

These developments come during a strong bull market for gold, with prices up about 60 percent this year, according to Trading Economics. Zimbabwe is already one of Africa’s leading gold producers. Official data shows national output reached 38,454 kilograms (38.4 tons) in 2024, largely driven by artisanal and small-scale miners. Industry estimates suggest these miners account for about 65 percent of total production.

The government has set a target of 12 billion dollars in mining revenues since 2023. In 2024, Zimbabwe’s mining exports generated 5.56 billion dollars, slightly up from 5.4 billion in 2023. This figure includes revenues from other minerals such as platinum, lithium and diamonds.

Several steps remain before these projects can move forward, starting with securing financing. Caledonia Mining is seeking 484 million dollars to advance Bilboes. Namib Minerals said it is in discussions with funders for the Redwing and Mazowe restart. Ariana Resources has also highlighted its financing needs, including a September listing on the Australian ASX exchange.

Another key issue is maintaining an investment-friendly business environment. A new mining code is scheduled to be enacted in 2026, but few details indicate how companies might react. Similar reforms elsewhere in Africa, such as in Mali, have caused tensions in the past. Zimbabwe’s Chamber of Mines expects gold production to rise to 42 tons in 2025.

Aurel Sèdjro Houenou