Harare, Zimbabwe — Caledonia Mining Corporation will inject US$132 million next year to develop a site expected to become Zimbabwe’s largest gold mine, according to official statements released on Tuesday.
The Toronto — listed company said the 2026 outlay will fund underground development, processing-plant upgrades and supporting infrastructure at its Bilboes project in Matabeleland North province. Zimbabwe’s mines ministry confirmed the investment timeline in a brief communiqué, noting that the project forms part of a broader push to raise annual bullion production to 50 tonnes by 2027.
Caledonia has already secured the required mining and environmental permits, regional officials added.
Local sources report that construction crews have begun upgrading access roads and that earth — moving equipment reached the site last month.
The company has not released an estimated start — up date for commercial production, and employment figures for the construction phase remain unavailable. Officials say expanded output from Bilboes could ease pressure on the country’s dwindling foreign-exchange reserves and support the local currency, which has lost roughly 20 percent of its value against the U.
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Dollar since October. Residents near the project area told local media they expect formal consultations on resettlement and environmental safeguards, but no public meetings have been scheduled.
The ministry stated that compensation guidelines for affected households “will be published in due course,” without providing a timeline. Caledonia already operates the Blanket mine in southern Zimbabwe, which produced roughly 67,000 ounces of gold last year.
The new venture nearly triples the firm’s footprint in the country, consolidating its position as one of the sector’s dominant foreign investors, industry observers say.
Further details on engineering contractors, power — supply arrangements and projected cash costs were not immediately available. Officials indicated that updated technical reports will be released once financing agreements with local banks are finalized.
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Source: Africa.
