Chronicle Editor
Sikhulekelani Moyo, Business Reporter
CALEDONIA Mining Corporation, which owns Blanket Gold Mine in Matabeleland South, has signed a US$53,2 million agreement to buy Bilboes Gold Limited as part of its expansion drive.
Bilboes Gold is a gold mining entity that owns three major gold mines in Matabeleland North, 75km north of Bulawayo and was once ranked among the country’s 10 biggest gold producers.
Caledonia announced the acquisition on its official Twitter account.
“Caledonia announces that it has signed an agreement to purchase Bilboes Gold Ltd in Zimbabwe for $53,28million,” reads a statement from the company.
“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.”
Bilboes is a high-grade gold deposit previously owned by Anglo American.
Recently, Caledonia said it will focus on becoming a multi-asset gold producer and will continue to evaluate investment opportunities in Zimbabwe and elsewhere.
The firm’s former chief executive officer, Mr Steve Curtis, is on record saying his organisation has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.
During the 2022 first quarter, Caledonia announced quarterly production of 20,091oz, a record for any quarter.
Caledonia became the third company to list on the Victoria Falls Stock Exchange (VFEX) .–@SikhulekelaniM1
Online Reporter