Caledonia Mining completed the acquisition of Bilboes Gold for $53m.

Caledonia Mining, a profitable cash generative gold producer, completed the acquisition of Bilboes Gold, a gold project, for $53m. “We are delighted to have signed an agreement for the purchase of Bilboes, the premier gold development project in Zimbabwe, and indeed one of the best gold development projects in Africa. This is a transformational asset for Caledonia, as we embark on the next step in our journey to become a multi-asset, mid-tier gold producer. Once in full production (which will be subject to financing of the capex) Caledonia’s management believes that Bilboes could produce three times our current 64 per cent attributable share of gold production from Blanket, resulting in production from the enlarged Caledonia group being potentially four times its current size," Mark Learmonth, Caledonia Mining CEO.