25th Nov 2025 14:21
(Alliance News) - Caledonia Mining Corp PLC on Tuesday said it will go ahead with the Bilboes gold project following the completion and publication of its feasibility study.
The Zimbabwe-focused gold miner said the front-end engineering design phase will commence "immediately", with first production expected in late 2028. Steady-state production is expected in 2029.
Caledonia Mining said Bilboes' mineral reserves contain 1.7 million ounces of gold at 2.26 grams per tonne. Its mineral resources, excluding the mineral reserves, comprise 532,000 ounces of gold at 1.37 grams per tonne.
The company said single-phase development was confirmed as the "most economic development approach."
The plant throughput is 240 kilotonnes per month for the first six years of production, before falling to 180 kilotonnes per month for the remainder of the project. This brings the anticipated first full year of production in 2029 to approximately 200,000 ounces, the company said.
Caledonia Mining said it "will adopt a phased fund-raising approach to provide early liquidity so that the development timetable can be accelerated."
Caledonia Mining wholly owns Bilboes, which is situated 80 kilometres north of Bulawayo, Zimbabwe.
"The finalisation of the feasibility study and the decision to implement the project is a defining moment for Caledonia in our journey to become a mid-tier gold producer," said Chief Executive Mark Learmonth.
"We believe Bilboes will transform Caledonia and significantly change our production profile," Learmonth added.
Shares in Caledonia Mining rose 3.6% to 2,165.00 pence on Tuesday afternoon in London.
By Roya Shahidi, Alliance News reporter
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