Staff Reporter
Caledonia Mining Corporation has announced an additional US$41.8 million investment into its operations this year, following the achievement of production targets at the Blanket Mine in 2024.
In a statement, Caledonia Mining CEO, Mark Learmonth, praised the company’s achievements and reiterated its commitment to Zimbabwe.
“The achievement of our 2024 production targets underscores the exceptional performance of the Blanket Mine. This additional investment will not only enhance production capacity but also solidify our long-term commitment to Zimbabwe,” he said.
Learmonth added that the new investment aligns with the company’s strategic vision for growth.
“This injection of capital is not just about expansion; it’s about ensuring that we maintain the highest standards of efficiency and sustainability. We remain dedicated to playing our part in Zimbabwe’s economic transformation,” he noted.
The Blanket Mine, located in Gwanda, Matabeleland South, is one of Zimbabwe’s flagship gold mining operations. Last year, the mine achieved a record production of 80,000 ounces of gold, showcasing its operational success and resource potential.
Mining analyst Dr. Farai Moyo applauded Caledonia’s decision, emphasizing its potential to drive sectorial growth.
“An investment of this magnitude is a testament to the company’s confidence in Zimbabwe’s mining potential. It will lead to increased production, more jobs, and a significant boost to foreign currency earnings,” he said.
The additional funds are set to enhance underground operations, modernize processing facilities, and upgrade mining equipment. These improvements are expected to increase Blanket Mine’s annual production to approximately 90,000 ounces by 2026.
Economist Rudo Chikwenya highlighted the economic benefits of the move. “This investment demonstrates how stability and favorable policies can attract reinvestment. Beyond mining, it will have positive ripple effects on local communities and related industries,” she remarked.
Zimbabwe’s mining sector, which contributes over 60% of export earnings, is central to the Government’s target of a US$12 billion mining industry by 2025. Investments like Caledonia’s are seen as critical to achieving this vision.
As Caledonia Mining advances its expansion plans, stakeholders are optimistic about the company’s role in bolstering Zimbabwe’s mining sector and driving economic growth.
