Caledonia Mining Corporation Plc (CMCL) Raises $150 Million for Zimbabwe's Gold Mine in a Rare International Capital Raise

Caledonia Mining Corporation Plc (NYSE:CMCL)  is among the 11 Best Gold Stocks to Buy for 2026.

Caledonia Mining Corporation Plc (NYSE:CMCL) reportedly obtained $150 million through a seven-year convertible bond sale to finance the construction of its Bilboes project, which is anticipated to grow into Zimbabwe’s largest gold mine, based on a January 21, 2026, Reuters story. After years of restricted access to foreign investors, the capital raise marks Zimbabwe’s largest overseas fundraising effort in almost ten years. The company reported that demand from institutional investors in the United States exceeded $600 million, showing a significant appetite for the issuance in the midst of record gold prices. On the day of the announcement, spot gold soared above $4,800 per ounce, indicating that gold miners should expect more production.

According to Caledonia Mining Corporation Plc (NYSE:CMCL), Bilboes is anticipated to begin production in late 2028 and produce 200,000 ounces annually for the first ten years starting in 2029. The project is anticipated to cost $584 million in total, with extra regional bank financing and a peak finance requirement of $484 million. Currently, the firm runs the 80,000-ounce-per-year Blanket mine in Zimbabwe.

The stock was up by 17.66% YTD as of January 27, 2026.

Caledonia Mining Corporation Plc (NYSE:CMCL) is engaged in the exploration, development, and production of gold and other precious metals from its mining holdings.

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Disclosure: None. This article is originally published at Insider Monkey.