Caledonia Mining Corporation plans to spend $132 million this year to launch what would become Zimbabwe’s largest gold mine.
Caledonia, backed by investors including Allan Gray and BlackRock, is tapping into gold prices’ record run. The firm already operates the Blanket gold mine in Zimbabwe, and plans to develop the new Bilboes mine in the southwest of the county, with production expected to begin in late 2028.
Rising gold prices have triggered increasing tensions between industrial and informal miners in some parts of the continent where unofficial mining operations provide critical income for millions of people. In the three Sahel states of Burkina Faso, Mali, and Niger — which combined produce more gold than any other single country in Africa — jihadist groups and junta-ruled governments are competing for control over many small-scale gold mines.