Caledonia Mining Corporation
Caledonia Mining Corporation Plc is a Jersey-domiciled, Zimbabwe-focused gold producer operating the 64%-owned Blanket Mine and developing the 100%-owned Bilboes sulphide project, selling gold at spot prices to refiners while paying a quarterly dividend to investors on NYSE American, AIM, and VFEX.
- Company typePublic
- Founded1992
- HeadquartersSt. Helier
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Caledonia Mining Corporation does
Caledonia Mining Corporation Plc is a Jersey-domiciled, Zimbabwe-focused gold producer listed on NYSE American, AIM, and the Victoria Falls Stock Exchange (symbol: CMCL). It operates the Blanket Gold Mine in the Gwanda region under a 64% controlling interest, which produced approximately 76,213 ounces in FY2025 and is guided to 72,000–76,500 ounces for FY2026. Caledonia also owns 100% of the Bilboes sulphide gold project, which is expected to add 200,000 ounces of annual production by late 2028, plus the Motapa and Maligreen exploration properties on the Bubi Greenstone Belt. The company sells gold directly to refiners and traders at market prices (Q1 2026 average realized price US$4,816/oz) and uses a hedging programme to floor 3,000 oz monthly at US$3,500 through December 2028.
Revenue is generated entirely from gold sales with no product diversification: FY2025 revenue reached US$267.7M (+46% YoY), driving a US$67.5M profit after tax (+193%) and US$62.1M of free cash flow. Caledonia transitioned from US$8.7M of net debt to a US$23.8M net cash position, maintains a quarterly dividend of US$0.14/share (held since October 2021), and is funding a US$584M Bilboes buildout via a four-part plan including a US$150M convertible note (Jan 2026) and a US$150M interim bank facility arranged by Stanbic Bank Zimbabwe and CBZ Bank. Operational infrastructure at Blanket includes a 12.2 MWac solar plant (now off-take) supplying ~20% of power, and the company's GTM is investor-relations-led (regulatory filings, earnings webcasts, ESG reporting) targeting gold-commodity investors across three exchanges. Material near-term risks include a proposed Zimbabwe royalty increase from 5% to 10% on gold above US$2,000–2,500/oz thresholds and a Pomerantz Law Firm investor investigation following the royalty disclosure.
Caledonia Mining Corporation firmographics
Firmographics- Name
- Caledonia Mining Corporation
- Legal name
- Caledonia Mining Corporation Plc
- Website
- https://caledoniamining.com
- Company type
- Public
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Caledonia Mining Corporation Plc is a Jersey-domiciled, Zimbabwe-focused gold producer operating the 64%-owned Blanket Mine and developing the 100%-owned Bilboes sulphide project, selling gold at spot prices to refiners while paying a quarterly dividend to investors on NYSE American, AIM, and VFEX.
- Ownership category
- akta.pro rank
Caledonia Mining Corporation industry classification
Industry- Product category
- Gold Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230)
- SIC
- Metal Mining (1000), Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
Keywords
Where Caledonia Mining Corporation is headquartered
LocationHeadquarters
- HQ city
- St. Helier
Offices3 records
Markets served
Caledonia Mining Corporation business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Others
Revenue model
- Gold Sales: Primary revenue stream from the sale of gold produced at Blanket Mine in Zimbabwe. The company sells gold at market prices, with Q1 2026 average realized gold price of US$4,816 per ounce. FY2025 revenue was US$267.7 million driven by higher gold prices.
- Dividend Payments: The company pays quarterly dividends of $0.14 per share to shareholders. Dividend has remained at this level since October 2021, representing a 104% increase from October 2019 levels.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Gold commodity pricing based on market rates |
| Subscription | Quarterly | Quarterly dividend of $0.14 per share |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
Caledonia Mining Corporation product offering
Product offeringCore offering
Caledonia Mining Corporation is a Zimbabwe-focused gold mining, exploration, and development company. It operates the producing Blanket Mine (64% owned), which targets 75,000-80,000 ounces of gold annually, and is advancing the Bilboes Sulphide Gold Project (100% owned) toward 200,000 ounces per year production by late 2028. The company also holds 100% interests in the Motapa and Maligreen exploration properties.
Product overview
Caledonia Mining Corporation is a Zimbabwe-focused gold mining company operating a portfolio of assets at various stages. The core product is the Blanket Mine (64% owned), a producing gold operation targeting 75,000-80,000 oz annually. The flagship development project is Bilboes (100% owned), a large sulphide gold project targeting 200,000 oz/year production by 2028. Supporting these are exploration assets Motapa and Maligreen (both 100% owned), which may share infrastructure with Bilboes. A 12.2 MWac solar installation at Blanket Mine provides renewable energy for operations. The company is transitioning from a single-asset producer to a multi-asset gold producer.
Differentiator
Problem solved
Functional benefit
Products and services
- Blanket Gold Mine
- Bilboes Gold Project
- Motapa Gold Project
- Maligreen Gold Project
- Blanket Mine Solar Power Installation
Quantifiable outcome
- FY2025 profit increased 193% to US$67.5 million from US$23.1 million in 2024
- +4 more outcomes
Companies that use Caledonia Mining Corporation
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Caledonia Mining Corporation technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Caledonia Mining Corporation partnerships and signals
Strategic signalScale indicators16 records
Recent moves10 records
Expansion highlights5 records
Caledonia Mining Corporation competitors and assessment
Company assessmentDirect peers
- Kinross Gold Corporation: Mid-tier global gold producer with operations across the Americas and West Africa. Comparable in market cap tier and multi-asset growth strategy, with overlapping emerging-market mining profile.
- IAMGOLD Corporation: Mid-tier gold producer with significant West African production (Essakane, Côté Lake) and a development/expansion pipeline. Closely comparable mid-cap gold peer with emerging-market exposure.
- Harmony Gold Mining Company Limited: Major South African gold producer with operations across southern Africa. Comparable as an African-focused gold miner with both underground production and growth projects.
- Endeavour Mining plc: Mid-tier gold producer focused on West Africa with a portfolio of producing mines and a development pipeline. Directly comparable in scale, multi-asset strategy, and emerging-market gold production profile.
- Pan African Resources plc: Small-mid cap African gold producer with multiple operating assets in Zimbabwe and South Africa. Comparable in scale (sub-200k oz), production profile, and African focus — the most direct mid-cap gold peer to Caledonia.
Broad incumbents
- Gold Fields Limited: Major South African-headquartered gold producer with a global asset portfolio. Comparable African gold exposure and operational experience, though substantially larger in scale.
- Newmont Corporation: World's largest gold miner with operations globally, including Africa (Ahafo, Akyem in Ghana). Provides a comparable large-cap reference for diversified gold producers with African exposure.
- Barrick Gold Corporation: One of the world's largest gold miners with extensive African operations. Serves as a benchmark incumbent for African gold production, capital allocation, and dividend policy in the sector.
- AngloGold Ashanti plc: Large-cap African gold major with producing assets across the continent (including West Africa, DRC, Tanzania, and previously Zimbabwe). Sets the benchmark for African gold producers though materially larger than Caledonia.
Emerging players
- Premier African Minerals Limited: Smaller Zimbabwe-focused mineral developer and explorer listed on AIM. Comparable as a Zimbabwean-listed emerging miner with development-stage assets, though diversified into lithium and tungsten in addition to gold.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Caledonia Mining Corporation social profiles
Digital presenceCaledonia Mining Corporation financial estimates
Financial estimateRevenue estimate
Valuation estimate
Caledonia Mining Corporation leadership team
Management profileNumber of profiles
Profiles7 records
Caledonia Mining Corporation subsidiaries and ownership
Company hierarchySubsidiaries12 records
Caledonia Mining Corporation funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Caledonia Mining Corporation M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Caledonia Mining Corporation
What does Caledonia Mining Corporation do?
Caledonia Mining Corporation is a Zimbabwe-focused gold mining, exploration, and development company. It operates the producing Blanket Mine (64% owned), which targets 75,000-80,000 ounces of gold annually, and is advancing the Bilboes Sulphide Gold Project (100% owned) toward 200,000 ounces per year production by late 2028. The company also holds 100% interests in the Motapa and Maligreen exploration properties.
Is Caledonia Mining Corporation a public or private company?
Caledonia Mining Corporation is a public company. It is classified as public and is currently operating.
When was Caledonia Mining Corporation founded?
Caledonia Mining Corporation was founded in 1992. It employs 501 to 1,000 people.
Where is Caledonia Mining Corporation based?
Caledonia Mining Corporation is headquartered in St. Helier.
How does Caledonia Mining Corporation make money?
Two revenue lines are on record. Gold Sales are the primary driver. The others are dividend Payments.
Who are Caledonia Mining Corporation's main competitors?
Direct peers on record are Kinross Gold Corporation, IAMGOLD Corporation, Harmony Gold Mining Company Limited, Endeavour Mining plc and Pan African Resources plc. Broad incumbents are Gold Fields Limited, Newmont Corporation, Barrick Gold Corporation and AngloGold Ashanti plc. Premier African Minerals Limited is listed as an emerging player.
Does Caledonia Mining Corporation have an API?
No public API is recorded for Caledonia Mining Corporation.
What industry is Caledonia Mining Corporation in?
Caledonia Mining Corporation's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAI, Precious Metals Exploration & Project Development. Its NAICS code is 212230 and its SIC code is 1000.