Caledonia Mining Completes Acquisition Of Bilboes Gold Ltd For US$65.6 million
Caledonia Mining Corporation, a cash-generative gold producer, has completed the acquisition of Bilboes Gold Limited in Zimbabwe for US$65.6 million.
Bilboes is a large, high-grade gold deposit located approximately 75 km north of Bulawayo, Zimbabwe’s second-largest city.
Caledonia CEO Mr Mark Learmonth told The Sunday Mail that they expert ore production at Bilboes to start next month. He is cited as saying:
Completion of the transaction is the cornerstone in Caledonia’s strategy to create a mid-tier, multi-asset gold producer focused on Zimbabwe.
In the short term, I expect ore production from the Bilboes oxides will commence in early February and we anticipate beginning to recover gold from the heap leach from March.
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Caledonia announced in July 2022 that it had agreed on a deal to take over Bilboes for US$53.3 million in Caledonia stock plus a royalty on revenues.
Estimates show Bilboes could produce an average of 168 000 ounces of gold per year over a 10-year life of mine.
Back then, Caledonia Mining said it plans to invest US$250 million over three years to develop Bilboes Mine, once it completes the takeover of one of Zimbabwe’s most prized mining assets.
Caledonia’s primary asset is the Blanket Mine in Zimbabwe, located in Gwanda, which was acquired on April 1, 2006, from Kinross.
