Caledonia goes for mixed funding approach to develop Bilboes

Caledonia Mining is considering various options to secure $250m (£206.06m) in necessary funding to support the development of the Bilboes gold mine in Zimbabwe, according to Reuters.

Caledonia corporate development vice-president Maurice Mason told Reuters that the company is looking at securing financing via a combination of debt, its own cash reserves and equity.

Mason said Bilboes which could be Zimbabwe’s biggest gold mine has the potential to produce 170,000oz of gold annually which will boost the total bullion output of the company to around 250,000oz.

Bilboes which is located 75km north of Bulawayo has high-grade gold deposit was subject to a limited amount of open-pit mining. - Reuters