Caledonia secures $150 million bridge facility for Zimbabwe’s biggest gold project
Reuters Caledonia Mining Corporation (NYSEAMERICAN: CMCL) said on Thursday it signed a $150 million bridge financing facility with a consortium of eight Zimbabwean banks to help fund its Bilboes project, which, once operational, will be the country’s biggest gold mine. Initial works at Bilboes have started and the mine is expected to start production in October 2028, reaching an annual output of 200,000 ounces from 2029. The project has an expected total cost of $584 million and peak funding requirements of $484 million. The three-year interim financing facility, with an option of a one-year extension, gives Caledonia additional funding flexibility as it advances discussions on long-term project finance. Caledonia raised $150 million in January 2026 through an oversubscribed seven-year co…