BlackRock Inc, the world’s largest asset manager with about US$14 trillion under management, has increased its stake in Caledonia Mining Corporation to 7,45%, deepening its exposure to Zimbabwe’s fast expanding gold sector, as the global bullion rally gathers pace.
The holding marks an increase from BlackRock’s previously disclosed 6,2% stake as at January 16, according to regulatory filings. Caledonia, which is listed on the Victoria Falls Stock Exchange, controls Blanket Mine in Zimbabwe’s Midlands Province — one of the country’s largest and most consistent gold producers.
Caledonia recently secured US$125 million through a convertible notes offering to accelerate the development of its billion -dollar interests in Zimbabwe. Its broader local portfolio includes the Bilboes, Maligreen and Motapa projects, all located within the same mineral-rich belt not far from Blanket.
With the revised holding, BlackRock has become Caledonia’s third-largest shareholder.
The move demonstrates growing institutional confidence in the miner’s long-term growth pipeline and balance sheet strategy.
According to a regulatory filing, BlackRock’s position comprises 6,51% held through ordinary shares and a further 0,93% through financial instruments, giving the asset manager total voting rights of 1 439 059 shares as at January 22. Caledonia said it received formal notification of the change on January 23.
“Caledonia Mining Corporation Plc announces that it received notification on January 23, 2026, from BlackRock Inc that on January 22, 2026, it had crossed a threshold for notification of a relevant change,” the company said.
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The disclosure briefly lifted Caledonia’s market capitalisation by US$47,29 million to US$609,45 million on Monday, before the valuation eased back to US$562,15 million on Tuesday amid broader market consolidation.
BlackRock’s increased exposure is linked to Caledonia’s inclusion in the Russell 3 000 Index.
That development has broadened the miner’s visibility among global institutional investors. The move also reflects intensifying appetite for gold producers as bullion prices surge to fresh highs.
Gold prices climbed to US$5 200 an ounce on Wednesday, dramatically improving the economics of large, long life assets. Against this backdrop, the implied value of Caledonia’s Bilboes Gold Project has risen to at least US$8,91 billion, up from about US$8 billion just nine days earlier. The asset hosts an estimated 1,749 million ounces of proven and probable gold reserves.
Last week, Caledonia disclosed that it had received more than US$600 million in investor demand during its most recent funding round for Bilboes, signalling strong institutional interest despite volatile global capital markets.
The miner plans to position Bilboes as its flagship operation within the next three years, eventually replacing Blanket Mine as its primary production asset. Once fully developed, Bilboes is expected to produce around five tonnes of gold annually, transforming Caledonia into a significantly larger mid-tier producer.
On January 21, the company said it had moved swiftly to implement a four-part funding strategy aimed at advancing the project, while maintaining capital discipline. The plan includes a gold price hedging programme, a convertible notes offering, an interim funding facility and longer-term project finance.
Bilboes is estimated to require development capital of about US$584 million, making funding structure and timing critical to preserving shareholder value.
The gold rally has also triggered bullish revisions from major investment banks. Goldman Sachs recently raised its December 2026 gold price forecast to US$5 400 per ounce from US$4 900 previously.
“We raise our December 2026 gold price forecast to US$5 400/toz because the key upside risk we have flagged — private sector diversification into gold — has started to realise,” Goldman Sachs said.
The bank noted that while central bank buying underpinned gains in 2023 and 2024, the rally has accelerated since 2025 as private investors increasingly compete for limited physical supply.
BlackRock manages roughly US$14 trillion in assets across equities, fixed income, alternatives and cash strategies, making it the most influential allocator of capital globally. Its iShares platform dominates the exchange-traded fund market, while its Aladdin risk-management system is used by institutions overseeing more than US$20 trillion in assets worldwide.
The firm typically builds exposure to mining companies through index inclusion, thematic allocations and long-term structural bets rather than short-term speculation. Its increased stake in Caledonia signals confidence not only in the miner’s asset quality, but also in jurisdictional stability, project execution capacity and long-term gold fundamentals.
For Caledonia, BlackRock’s deeper involvement enhances credibility with lenders and co-investors at a critical stage of the Bilboes development cycle.
More broadly, it sends a powerful signal to global capital markets that Zimbabwe’s top-tier gold assets — when structured transparently and backed by scale — can attract patient, world-class institutional capital even amid elevated sovereign risk perceptions.
