NAMIB Minerals is set to invest US$300 million in capital expenditure over the next three years, as the mining firm ramps up operations at its Redwing Gold Mine and Mazowe Gold Mine, according to CEO Ibrahima Tall.
Namib, a partnership between Metallon Corporation and American special purpose acquisition company, Hennessy Capital Investment Corp. VI, owns three mines in Zimbabwe — RGM, How Gold Mine and Redwing.
Namib controls the three mines through its local subsidiary, Bulawayo Mining Company Limited.
How Gold is Namib’s flagship mine in which the firm is planning to increase milling capacity by nearly 36% to 55 kilotonnes per month by the third quarter.
“We are committed to ensuring the successful redevelopment of the Mazowe and Redwing mines, with a targeted capital raise of US$300 million, we project a capital expenditure of US$300 million over the next three years (2025 to 2027),” Tall said in an interview filed at the US Securities and Exchange Commission on February 11, 2025.
“The planned allocation of this capital is US$200 million for the Redwing mine and US$100 million for the Mazowe mine. These funds will be primarily directed toward critical activities, including environmental rehabilitation, dewatering, exploration drilling, infrastructure development, and plant construction.”
He said to finance the redevelopment; Namib would leverage private investment in public equity (PIPE) funding as an initial source of capital.
“This will allow us to finance the early stages of the project, such as the scoping studies and environmental preparation,” Tall explained.
- Namib to invest US$300m in gold mines
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“Additionally, we plan to raise additional funds through a public listing, which will complement the PIPE funding and provide a long-term solution to our capital needs. We are actively engaged in the capital markets to secure the necessary funds for both projects.”
Mazowe Mine and Redwing Mine are currently under care and maintenance since 2019.
“We have detailed plans to restart commercial production at these sites within the next two to three years, leveraging modern mining techniques to enhance efficiency and output.”
He said the restart of these mines was a carefully-planned and phased process.
“We are working towards a staged reopening, with an emphasis on comprehensive evaluations, environmental rehabilitation, and technical studies. We expect to recommence production within the next 36 months,” Tall said.
“We have already initiated the gap analysis and scoping study, which began in Q4 (third quarter) of 2024. The completion of this study is expected by the end of Q1 (first quarter) 2025, and it will guide the next phases of development.”
He said environmental rehabilitation was planned for this quarter.
“The EIA (environmental impact assessment) for exploration will start at the end of Q1 2025, with exploration drilling to follow in Q2 (second quarter) 2025,” Tall continued.
He said feasibility studies were scheduled for the fourth quarter of 2025, which would validate Namib’s internal assessments.
“Once the feasibility studies are completed and funding is secured, we will begin plant construction, mining infrastructure installation, and the development of other mine facilities. The goal is to commence production by Q3 of 2027.”
