About
Our strategic focus
Caledonia’s immediate strategic focus is to:
- Maintain the higher production, lower cost per ounce and increase cash generation at Blanket
- Complete the feasibility study at the newly acquired Bilboes sulphides project
- Balance returning money to shareholders and investing in the Company’s growth
- Become a multi-asset gold producer in Zimbabwe
Caledonia shares are listed on the NYSE American LLC (“NYSE American”) and depositary interests in the shares are traded on the AIM of the London Stock Exchange plc (symbol: CMCL). Caledonia listed depositary receipts on the Victoria Falls Stock Exchange (“VFEX”), a subsidiary of the Zimbabwe Stock Exchange, on December 2, 2021.
Caledonia owns 64% in Blanket, which is located in the south-west of Zimbabwe approximately 15km west of Gwanda.
In 2015, Caledonia embarked on an investment plan at Blanket that entailed sinking the Central Shaft to a depth of over 1,200 metres, upgrading the metallurgical plant and performing substantial underground development. The investment plan achieved its goal of producing 80,000 ounces in 2022 and plans to maintain production in the range of 75,000 and 80,000 ounces in 2023 and onwards over the Blanket life of mine.
On January 6, 2023 Caledonia acquired Bilboes for 5,123,044 shares and a 1 % net smelter royalty. Bilboes is a large, high-grade gold (sulphide and oxide) deposit located approximately 75km north of Bulawayo, Zimbabwe. Bilboes has Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”) compliant measured and indicated mineral resources of 2.56 million ounces of gold in 35.18 million tonnes at a grade of 2.26g/t and inferred mineral resources of 577,000 ounces of gold in 9.48 million tonnes at a grade of 1.89g/t. The NI 43-101 had proven and probable mineral reserves of 1.96 million ounces of gold in 26.64 million tonnes at a grade of 2.29g/t.
The main objective at Bilboes is to construct a large, open-pit operation to extract sulphide mineralisation. In addition to the vendor feasibility study performed, Caledonia has commissioned its own feasibility study that is planned for completion in 2023. The new feasibility study will update the vendor feasibility study for prevailing economic environment and to identify the most judicious way to commercialise the project in terms of maximising the increase in value for Caledonia shareholders.
The exploration programme at Motapa is aimed to commence later in 2023 as well as further exploration to continue at Blanket mine.
As operators in Zimbabwe, which we regard as exciting both in terms of geological and human potential, we have long recognised that operating in responsible manner is not only a moral obligation it is also a business imperative. See more on our approach to ESG here.
Caledonia has a strong, experienced management team and board of directors with diverse expertise in gold production, exploration, mine development, finance and marketing. The group’s management team is based in Johannesburg, South Africa, London, United Kingdom and Jersey, Channel Islands.
