Laboratory Technician (Harare)

Caledonia Mining Corporation, a cash-generative gold producer, has completed the acquisition of Bilboes Gold Limited in Zimbabwe for US$65.6 million.
Bilboes is a large, high-grade gold deposit located approximately 75 km north of Bulawayo, Zimbabwe’s second-largest city.
Caledonia CEO Mr Mark Learmonth told <a href="https://www.sundaymail.co.zw/new-caledonia-completes-acquisition-of-the-bilboes-gold-project-in-zim">The Sunday Mail</a> that they expert ore production at Bilboes to start next month. He is cited as saying:
<blockquote>
Completion of the transaction is the cornerstone in Caledonia’s strategy to create a mid-tier, multi-asset gold producer focused on Zimbabwe.
In the short term, I expect ore production from the Bilboes oxides will commence in early February and we anticipate beginning to recover gold from the heap leach from March.
</blockquote>
Caledonia announced in July 2022 that it had agreed on a deal <a href="https://news.pindula.co.zw/2022/07/21/caledonia-agrees-to-buy-bilboes-gold-mine/">to take over Bilboes for US$53.3 million</a> in Caledonia stock plus a royalty on revenues. 
Estimates show Bilboes could produce an average of 168 000 ounces of gold per year over a 10-year life of mine.
Back then, <a href="https://news.pindula.co.zw/2022/07/31/caledonia-mining-says-it-plans-to-invest-us250-million-to-develop-bilboes-mine/">Caledonia Mining said it plans to invest US$250 million over three years</a> to develop Bilboes Mine, once it completes the takeover of one of Zimbabwe’s most prized mining assets.
Caledonia’s primary asset is the Blanket Mine in Zimbabwe, located in Gwanda, which was acquired on April 1, 2006, from Kinross.
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Caledonia Mining Completes Acquisition Of Bilboes Gold Ltd For US$65.6 million

Caledonia Mining says it plans to invest US$250 million over three years to develop Bilboes Mine, once it completes the takeover of one of Zimbabwe’s most prized mining assets.
Last week, Caledonia announced it had agreed on a deal <a href="https://news.pindula.co.zw/2022/07/21/caledonia-agrees-to-buy-bilboes-gold-mine/">to take over Bilboes for US$53.3 million</a> in Caledonia stock plus a royalty on revenues. Estimates show Bilboes could produce an average of 168,000 ounces of gold per year over a 10-year life of mine.
<a href="https://newzwire.live/caledonia-plans-us250m-investment-to-develop-new-gold-mine/">newZWire</a> quotes Caledonia CEO Mark Learmonth as saying:
<blockquote>
The cost of building a 170,000 ounce a year mine will be about US$250 million, spread over three years, some very substantial investment opportunity.
We are engaged with international debt providers to provide as much debt as possible. The balance of that will come from equity. If none of those add up to US$250 million, we will then fall back on a two-phased project, which would see a first initial phase of 60,000 ounces, then move on to the second phase.
So, even if equity markets aren’t amenable – and the environment is not great right now – we will still continue to do the project with just using our own internal cashflows.
</blockquote>
Caledonia has so far used internally generated resources to expand Blanket Mine.
Bilboes shareholder Victor Gapare says his company had considered several options, including selling the asset or listing Bilboes directly. They settled on the Caledonia deal as it presents the best chance to develop the operation.
The transaction will only go through if Bilboes gets guarantees from the government that it will be able to sell its own gold and retain all its earnings. 
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Laboratory Technician (Harare)