Caledonia Mining Corporation Plc announced the successful completion of the sale of its Zimbabwean subsidiary, Caledonia Mining Services (Private) Limited (CMS), to CrossBoundary Energy Holdings (CBE) for a pre-tax cash consideration of $22.35 million. CMS owned and operated the 12.2MWac solar plant that supplies power to Blanket Mine.
The sale allows Caledonia to realize a profit on the $14.3 million construction cost of the plant and redeploy capital towards its core gold mining and expansion operations. Importantly, Blanket Mine will continue to receive power from the solar plant under an exclusive power purchase agreement.
Following the receipt of the cash consideration on April 10, 2025, Caledonia's pro forma consolidated net cash balance improved to $18.6 million, a significant increase from its net debt of $3.8 million on April 9, 2025, and $8.7 million on December 31, 2024. This transaction strengthens the company's financial flexibility for future growth initiatives.
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