Namib Minerals plans to invest $300 million to restart operations at two of its dormant gold mines in Zimbabwe, aiming to capitalize on firmer commodity prices and a more stable policy climate, CEO Ibrahima Tall said.
The Nasdaq-listed miner will use the capital to bring the Mazowe and Redwing mines back online. Production at both sites was suspended in 2018 and 2019 amid worsening economic conditions and regulatory volatility.
“We believe we can restart production within 18 to 24 months of securing financing,” Tall said in an interview. “Investor interest out of Nasdaq has been very good.”
https://www.metalloncorporate.com/Namib Minerals, which went public in June following a merger of Metallon Corporation’s gold assets with U.S.-based Red Rock Acquisition Corp., owns three gold mines in Zimbabwe. Only the How Mine near Bulawayo is currently operational, producing 37,000 ounces of gold in 2024, up 9% from the prior year.
Projected Gold Output vs Investment Timeline
| Mine | Est. Resource (oz) | Grade (g/t) | Restart Timeline |
|---|---|---|---|
| Mazowe | 1.2 million | 8.4 | 18–24 months |
| Redwing | 2.5 million | 3.07 | 18–24 months |
Mazowe, located north of Harare, contains an estimated 1.2 million ounces of gold at a grade of 8.4 grams per ton. Redwing, near the Mozambique border, holds around 2.5 million ounces at 3.07 grams per ton.
The planned investment comes amid renewed foreign interest in Zimbabwe’s gold sector, which has suffered for years from currency instability, power shortages, and shifting policy frameworks. Global gold prices recently hit record highs, and Zimbabwe has seen modest macroeconomic improvement since the 2023 elections.
Namib is exploring multiple funding options, including equity issuance and streaming deals. Tall declined to specify a timeline for finalizing the capital raise.
The company’s effort mirrors similar moves by peers. Caledonia Mining, owner of the Blanket Mine, is pursuing a $250 million raise to build what it calls Zimbabwe’s largest gold mine.
“Zimbabwe is reappearing on the radar,” said Rupert Allinson, Africa mining analyst at CRU Group. “But financing will remain contingent on investor confidence in repatriation rules and operational security.”
The Zimbabwean government has loosened enforcement of its 51% indigenization requirement for mining, though concerns persist over foreign exchange controls and regulatory shifts.
Namib executives say the company aims to modernize mine infrastructure and apply stricter ESG protocols at Mazowe and Redwing. “It’s not just a restart,” Tall said. “We’re aiming for long-term resilience.”
