Caledonia appoints arrangers for interim funding facility
London-listed Caledonia Mining has appointed Standard Bank Group member Stanbic Bank Zimbabwe and CBZ Bank as co‑lead arrangers for an interim funding facility.
The facility forms part of the funding strategy announced last month.
As previously disclosed, in November last year, Caledonia launched a process to arrange an interim funding facility of up to $150-million with a consortium of Zimbabwean and South African commercial banks to support the development of the Bilboes gold project in Zimbabwe.
“Following encouraging engagement with participating banks, management, together with its advisers, has now carefully reviewed all submissions received and evaluated the alternatives proposed,” Caledonia highlights, noting that it has appointed the arrangers after this assessment.
The company expects the interim funding facility to be in place by mid‑2026, subject to customary lender processes and approvals.
“The appointment of Stanbic and CBZ as co‑lead arrangers represents an important step in executing the funding strategy we set out in January. We believe this facility, together with our hedging programme, the proceeds from the convertible notes offering and internal cash generation from the Blanket mine will provide additional financial flexibility as we continue to advance our growth plans,” says Caledonia CEO Mark Learmonth.
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