Business
Namib Minerals to invest $400mn in reviving two mines in Zimbabwe
Namib Minerals to invest $400mn in reviving two mines in
About this update from Namib Minerals
Namib Minerals (Namib) plans to invest between $300mn and $400mn over the next five years to restart two gold mines in northern Zimbabwe , according to reports. Bloomberg cited the group's CEO Ibrahima Sory Tall on July 15 saying the company, which already operates How Mine south of the southern African nation, will revive Redwing and Mazowe mines which jointly hold 3.7mn ounces of gold. “The restarts mark the initial phase of a bold five-year investment plan, with Namib Minerals committing between $300mn and $400mn to its Zimbabwe operations over the next two to five years,” The Herald quoted a Namib statement as saying on July 16 . “With Zimbabwe positioned as a central pillar in its portfolio, Namib Minerals appears determined to translate its public listing momentum into tangible, near-term growth on the ground.” Redwing and Mazowe mines were under care and maintenance between 2019 and 2020. According to Bloomberg , Namib aims to reopen Mazowe first, because it is a high-grade asset which has lower capital requirements. Redwing, which is larger and requires more investment, will follow. Reuters wrote that the miner, whose shares have been trading on the Nasdaq since June 2025 , was created through the merger of assets previously owned by Metallon Corporation (Metallon) and U.S. firm Red Rock Acquisition Corporation , formerly known as Hennessy Capital Investment Corp. VI . Metallon was previously the sole owner of How, Redwing and Mazowe mines. Tall told Reuters that the company is exploring various options of raising the required capital. 'Interest from investors on Nasdaq has been very good,' he said. © 2025 bne IntelliNews, source Magazine