Caledonia Mining secures up to USD 150 million in interim financing for Bilboes gold project
CMCL•Caledonia Mining secured interim financing of up to USD 150 million for construction of Zimbabwe’s Bilboes gold project. The package includes a USD 50 million revolving facility and a USD 100 million term facility, with an option to add another USD 50 million.
1. Financing terms and timeline
The financing includes a USD 50 million revolving credit facility priced at SOFR plus 8.1% annually and a USD 100 million term facility priced at SOFR plus 7.9%, with an accordion option for another USD 50 million. It matures in three years, with a one-year extension option, while discussions on long-term project financing remain ongoing. Initial ground works are underway, main construction is scheduled for 2027–2028, and first gold remains targeted for October 2028.
