23rd Feb 2026 09:51
(Alliance News) - Caledonia Mining Corp PLC on Monday said it expects to have an interim funding facility of up to USD150 million in place by mid-2026 to support development of its Bilboes gold project in Zimbabwe.
The Jersey-registered operator of Blanket gold mine in Zimbabwe said it has appointed Stanbic Bank Zimbabwe, a member of Standard Bank Group Ltd, and CBZ Bank Ltd as co-lead arrangers for the proposed facility.
Caledonia launched the process in November 2025 to secure up to USD150 million from a consortium of Zimbabwean and South African commercial banks as part of a broader funding strategy announced in January 2026.
Following what it described as encouraging engagement with participating banks, the company said management and its advisers have reviewed all submissions and selected Stanbic and CBZ to lead the arrangement of the facility.
The interim funding facility is intended to support the development of the Bilboes gold project. Caledonia said it expects the facility to be in place by mid-2026, subject to customary lender processes and approvals.
Chief Executive Officer Mark Learmonth said: "The appointment of Stanbic and CBZ as co‑lead arrangers represents an important step in executing the funding strategy we set out in January.
"We believe this facility, together with our hedging programme, the proceeds from the convertible notes offering and internal cash generation from Blanket mine will provide additional financial flexibility as we continue to advance our growth plans."
Caledonia Mining shares were up 1.4% at 2,190.00 pence in London on Monday morning.
By Eva Castanedo, Alliance News reporter
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