Taking advantage of the soaring gold price, London-listed Caledonia Mining Corporation is investing US$132 million in 2026 to kick off development of Zimbabwe’s largest gold mine.

With a total capex set at US$584 million, the Bilboes mine, spanning more than 2 731 ha in Matabeleland North, is expected to come on stream in 2028, according to Mining.com.

The company expects the mine will produce 200 000 ounces a year for 10 years.

It plans to finance the mine through non-recourse senior debt, output from its other operations and specialised financing mechanisms such as streaming, where investors stump up the cash in return for future gold supply.

Caledonia also owns the Blanket mine in Zimbabwe, which produces 80 000 ounces a year.

20 January 2026
Image: Caledonia Mining Corporation