Zimbabwe’s mining sector is set for a defining moment as the Bilboes gold project prepares for launch. Years of exploration, ownership changes, and shifting market conditions have led to this point. Caledonia Mining has confirmed it will proceed with what is expected to become the country’s largest gold mine. With the feasibility study now public, Bilboes is no longer a concept; it is a fully supported, decade-long project backed by data and global investors.
The project has strong fundamentals. It holds 1.75 million ounces of proven and probable reserves, nearly 1.5 million ounces of additional measured, indicated, and inferred resources, and a projected total production of 1.55 million ounces over almost 11 years. Full production is expected by 2029 at around 200,000 ounces annually, with an all-in-sustaining cost of $1,061 per ounce. Peak funding is estimated at $484 million, with total capital costs of $584 million. One of the key advantages is the use of Metso’s BIOX® technology, which improves recovery rates for refractory ore to nearly 89%, putting Bilboes on par with advanced mines in West Africa and Australia. For Zimbabwe, the project raises the bar for modern, efficient mining, offering investors a long-term growth opportunity and showing Africa’s growing role in complex gold production.
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Zimbabwe’s gold industry is expanding quickly, with production rising 40% year-on-year in the first seven months of 2025 and global prices near $3,500 per ounce. Policies such as 100% USD payments for small-scale miners have increased deliveries, while investor interest and exploration are surging. Yet the sector faces real challenges: power shortages force reliance on expensive diesel, volatile currency policies create planning uncertainty, laboratories and transport infrastructure are stretched, and rising costs make long-term forecasting difficult. Bilboes demonstrates confidence in Zimbabwe’s geological potential and signals that large-scale, technologically advanced projects can succeed despite these constraints.
The project promises broader benefits for Zimbabwe. At full production, Bilboes could generate 6–8 tonnes of gold annually, adding over $700 million in export revenue each year and contributing to foreign currency stability. BIOX® technology will build technical capacity, creating skilled engineering and metallurgical roles beyond artisanal jobs. The significant investment will also support infrastructure, including roads, power, water, and local supply chains, while sending a message to global markets that Zimbabwe can attract and manage large-scale, high-quality projects.
Within Africa, Bilboes strengthens Zimbabwe’s position among gold-producing countries. While Ghana dominates production and West African nations are growing fast, Zimbabwe’s output of over 40 tonnes currently places it in the top 10. Bilboes could push it higher, especially as South African output declines. The project leverages Zimbabwe’s advantages: high-grade deposits, low geological risk, an established refinery, and formalisation of small-scale mining. Policy uncertainty, energy shortages, and financing costs remain, but Bilboes shows that large, technologically advanced mines are possible in Zimbabwe.
African mining is evolving as local companies raise their own capital, implement modern processing methods, and expand influence in global markets. Bilboe positions Zimbabwe as an active contributor to global gold supply, especially as prices rise, reserves tighten, and traditional producers see declining output. The project highlights how African assets can shape global demand, not simply respond to it.
Zimbabwe’s gold history has long been significant, though affected by power shortages, policy shifts, and economic volatility. Production has grown from 30.1 tonnes in 2023 to over 36 tonnes in 2024, with projections of up to 52 tonnes in 2025. Small-scale miners currently dominate, but large-scale operations like Bilboes are essential for stabilising supply, attracting institutional investment, and creating a foundation for consistent, long-term production.
The road ahead remains challenging. Bilboes requires over $584 million in capital, must navigate policy unpredictability, operational risks, and pressures from the artisanal mining sector. But opportunities are emerging: renewable energy solutions, new institutional investments, mid-tier mining expansion, and strengthened gold-backed financial instruments. If executed well, Bilboes could become a transformative project for Zimbabwe, boosting the economy, building investor confidence, and shaping the country’s mining sector for the decades to come.
