CALEDONIA Mining Corporation will channel cash into expanding its Zimbabwe gold operations rather than repurchasing shares, said Bloomberg News citing the gold miner’s CEO Mark Learmonth.
The company is focusing on major investment projects that promise superior returns compared to buyback programmes, Learmonth was quoted as saying at the Mining Forum Americas 2025 conference in Colorado Springs.
“The return on those projects will be much higher than buying our shares back,” he said. “The idea is to use the cash that we’re generating to invest in further growth for our shareholders.”
Despite growing merger and acquisition momentum, Caledonia remained committed to organic growth within Zimbabwe’s borders.
Learmonth highlighted the African nation’s untapped potential, noting minimal exploration activity despite favourable geology for gold discovery.
“There’s been very little exploration activity in Zimbabwe, notwithstanding the fact that it is geologically highly prospective for gold,” he said.
He ruled out acquisitions elsewhere, saying the company lacks “aspirations to buy anything else, anywhere else” as it concentrates on optimising its existing African portfolio.
Caledonia’s strategy contrasts with broader industry consolidation trends, with the company preferring to develop its current assets rather than pursue external growth opportunities.
