Caledonia Mining to proceed with Bilboes gold project in Zimbabwe

Caledonia Mining is acceptable to beforehand with the improvement of the Bilboes golden task successful Zimbabwe pursuing the completion and work of its feasibility study.

The survey confirmed a single-phase improvement method arsenic the astir economical enactment for the project.

The task country spans 2,731.60 hectares (ha) successful Matabeleland North province, located astir 80km northbound of Bulawayo, Zimbabwe’s second-largest city.

The survey shows proven and probable mineral reserves of 1.75 cardinal ounces (moz) of golden astatine a people of 2.26 grams per tonne (g/t).

In addition, measured and indicated mineral resources, excluding mineral reserves, are reported to beryllium 532,000oz of golden astatine 1.37g/t.

The inferred resources are estimated astatine 984,000oz of golden astatine 1.62g/t.

The task volition employment Metso’s BIOX exertion for refractory ore processing. The BIOX process is said to summation the achievable golden betterment by destroying sulphide minerals and exposing the golden for consequent cyanidation.

The feasibility survey projects a works throughput of 240,000 tonnes (t) per period for the archetypal six years of production, decreasing to 180,000t per period for the remainder of the project.

Metallurgical betterment rates are expected to scope from 83.6% to 88.9%.

Approximately 200,000oz are being targeted during the archetypal afloat accumulation year, scheduled for 2029.

Over a excavation beingness of 10.8 years, full accumulation is projected astatine 1.55moz, with an all-in-sustaining outgo of $1,061/oz.

The Bilboes golden project’s highest backing request is estimated astatine $484m (£368.06m).

Management anticipates an further $100m volition beryllium needed for involvement and moving capital, on with a further $50m for modular outgo overrun facilities mandated by elder lenders.

Caledonia Mining plans to prosecute a phased fund-raising attack to supply aboriginal liquidity and accelerate the improvement timeline.

The backing strategy is structured to maximise the uplift successful nett contiguous worth per Caledonia stock by minimising equity issuance.

Caledonia acquired 100% ownership of Bilboes successful January 2023 for $65m, settled done the issuance of astir 5.1 cardinal Caledonia shares and the assistance of a 1% nett smelter instrumentality to a erstwhile owner.

"Caledonia Mining to proceed with Bilboes golden task successful Zimbabwe" was primitively created and published by Mining Technology, a GlobalData owned brand.

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