Bongani Ndlovu
Judith Phiri, [email protected]
Caledonia Mining Corporation Plc has appointed Stanbic Bank Zimbabwe (a member of Standard Bank Group) and CBZ Bank Limited as co-lead arrangers for the interim funding facility.
The company revealed this in a statement providing a further update on the interim funding facility forming part of the funding strategy announced in January 2026.
“As previously disclosed, in November 2025 Caledonia launched a process to arrange an interim funding facility of up to US$150 million with a consortium of Zimbabwean and South African commercial banks (the Interim Funding Facility), intended to support the development of the Bilboes gold project in Zimbabwe,” said Caledonia Mining Corporation.
The company said following encouraging engagement with participating banks, management, together with its advisers, has now carefully reviewed all submissions received and evaluated the alternatives proposed, resulting in the appointment of Stanbic Bank Zimbabwe and CBZ Bank after the assessment.
Caledonia Mining Corporation said it expects the interim funding facility to be in place by mid-2026, subject to customary lender processes and approvals.
The company’s Chief Executive Officer (CEO), Mr Mark Learmonth, said: “The appointment of Stanbic and CBZ as co-lead arrangers represents an important step in executing the funding strategy we set out in January.
“We believe this facility, together with our hedging programme, the proceeds from the Convertible Notes Offering and internal cash generation from Blanket Mine will provide additional financial flexibility as we continue to advance our growth plans.”
Bilboes is a large, high-grade gold deposit located approximately 75 kilometres north of Bulawayo. Historically, it has been subject to a limited amount of open-pit mining.
derick.khumalo