Caledonia Mining CEO Mark Learmonth said on Wednesday that its successful international capital raising for its flagship Bilboes gold mine highlighted Zimbabwe’s renewed potential as an investment destination.
Caledonia raised $150 million last month through a seven-year convertible bond to fund the Bilboes project which, once operational, will be the largest gold mine in Zimbabwe. It already operates Zimbabwe’s 80,000-ounce-per-year Blanket mine.
“It’s not just a game changer for us, it’s a game changer for Zimbabwe,” Learmonth told Reuters on the sidelines of a mining conference in Cape Town.
“For a project of that size and that quality, people can’t continue to believe that Zimbabwe is uninvestable,” he added.
Caledonia’s bond issue was part of a broader strategy it is pursuing to fund Bilboes, which is expected to start production in late 2028. The mine is forecast to reach annual output of 200,000 ounces from 2029 for an initial period of 10 years.
The Bilboes project requires an estimated total capital of $584 million, with peak funding requirements at $484 million.
US institutional investor demand exceeded $600 million for the bond, which marked the largest international capital raise for Zimbabwe in more than a decade, attracting renewed attention to the country after years of economic and policy instability.
“People are beginning to remind themselves that risk is endemic all over the world,” Learmonth said.
“Zimbabwe actually is becoming, relatively speaking, less risky, but the quality of the asset is just outstanding. So it’s a combination of risk and reward.”
Spurred by bullion’s historic price rally, Zimbabwe’s gold production hit an all-time high of 47 metric tons in 2025 after recovering from a 2008 low of 3 metric tons during a period of economic and political turmoil.-monng\
